Zurich Life Insurance
Zurich Insurance Company was founded in 1872 in Zurich, Switzerland. Nowadays it operates in 170 countries and is a financial services provider with its main focus on insurance. The company offers a complete range of general insurance and life insurance plans, but also provides other financial services such as pensions and banking. In terms of Zurich life Insurance, the following types of cover are available:
Level Protection Plan
The Level Protection Plan comprises of a number of different types of Zurich life insurance cover, which are:
- Life Cover – this provides a lump sum if the person insured dies or is diagnosed with a terminal illness during the life of the policy.
- Critical Illness Cover – this provides a lump sum if the policy holder develops a specific critical illness during the life of the policy.
- Life or Earlier Specified Critical Illness Cover – This covers both of the above and also allows the policy holder to increase the level of life cover or critical illness cover.
With the Zurich Level Protection Plan it is also possible to add Payment Protection Benefit, which provides a monthly payout if the policy holder is unable to work due to a long-term illness or injury. There is also the option of fixed payments or reviewable payments with some of these life cover plans. With fixed payments the premiums remain at the same level throughout the life of the policy, whereas with reviewable payments, they are reviewed at regular set periods.
Decreasing Mortgage Cover Plan
This type of life insurance cover has all the features of the level protection plan. It has options for life cover only, critical illness cover only, or life and critical illness cover together. It also has the option to include Payment Protection Benefit for payment of a regular income in cases of incapacity, and the option to select either guaranteed payments or reviewable payments. The difference between this type of cover and the Level Protection Plan is that the level of benefit decreases during the life of the policy. This type of life cover is usually taken out in conjunction with a repayment mortgage. It is intended to match the decreasing amount of mortgage outstanding as monthly repayments are made.
Adaptable Life Plans
The Zurich Adaptable Life Plan is a whole of life insurance policy, which means that a lump sum will be paid out whenever the policy holder dies rather than within a fixed term. This life insurance cover can be either guaranteed or reviewable; however, with a reviewable life insurance plan the rise in the cost of premiums is unlimited so it is best to be aware of this. The plan also covers early payment of benefits if the policy holder develops a terminal illness and is not expected to live for longer than a year.
Adaptable Term Plans
The aim of this type of life insurance cover is to protect the policy holder’s family, his business, or an interest only mortgage or loan by paying out a cash sum if the person insured dies. It also covers terminal illness if the person diagnosed is not expected to live for longer than a year. This type of life cover runs for a fixed term, but it has the advantage of being renewable when it reaches the end of the term. However, it is possible that the life insurance premiums could increase when the plan is renewed.
If you would like to buy life insurance through Zurich Life Insurance Company or one of the many other life insurance companies that we deal with, please start by filling in our online form. A member of our helpful team will then get back to you with some life insurance quotes.