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Zurich Life Insurance Review

Zurich Insurance is a long-established company whose reputation for providing financial solutions stretches back more than 140 years. A truly global business, the Zurich has a presence in over 170 countries. And whilst size is by no means the only indicator of reliable performance, statistics show the company paid out on 98% of all death claims in 2016.

Zurich Life Insurance products available

Zurich offer two forms of term life cover – i.e. cover for a fixed number of years. There is a Level Protection Plan with fixed premiums and life cover, and a Decreasing Mortgage Plan designed to offer protection as you pay down a mortgage.

For those looking to secure a more comprehensive ‘whole of life’ form of cover, Zurich’s Adaptable Life Plan offers a more traditional style of protection. And in addition, Zurich Life Insurance have two other types of financial protection policy which cover Critical Illness and Income Protection respectively.

All of the above insurance contracts are available to eligible people who are currently UK residents with no plans to move abroad.

Zurich’s Level Protection Plan

This flexible life insurance package can be put in place to provide protection for you and your family, to secure an interest-only type loan or mortgage, or perhaps to offer long-term support for a business. As a fixed-term insurance, the policy would pay a lump sum in the event the death of the policyholder, or if a terminal illness is diagnosed and your remaining life expectancy is less than one year.

Policies can be arranged for individuals, or in joint names, and in each case those applying for cover must fall within the 16-83 age range (or 16-69 if you choose to add in Critical Illness cover). Unless you take up any flexible options, you will pay the same premium and enjoy the same benefits right throughout the term of your policy. Your policy term must be at least one year, and cannot exceed a maximum of 50 years.

To suit a variety of needs, this life insurance contract can be arranged in three different ways:

1) As a ‘convertible term’ contract.

This provides a convenient way to change some (or all) of the term life insurance cover into a whole life cover – without the need to provide further health evidence.

2) As a ‘renewable term’ contract.

This option allows you to renew your policy each year and keep the same cover as before. Importantly, you will not be required to provide any further evidence about your health.

3) As an index-linked contract.

To provide cover which keeps pace with annual cost of living increases, you can choose to boost your policy cover in line with economic indicators of prices/wages. Updates would happen each time you renew your policy and increased cover would also mean an increase in your premium payments.

Zurich’s Decreasing Mortgage Cover Plan

Though many aspects of this policy are similar to a Level Protection Plan, the essential difference is that this policy represents an ideal way to provide protection for a standard repayment mortgage (or a loan). In such circumstances, your debt reduces year by year, so the policy is designed to yield a sum which is always enough to pay off your loan at any point.

Whilst the amount paid out will thus fall gradually – just like your outstanding loan balance – the premiums you pay will stay the same throughout the policy term.

Zurich’s Adaptable Life Plan 

This fixed-premium policy offers whole life cover and would pay an agreed lump sum in the event the death of the policyholder, or if a terminal illness is diagnosed and your remaining life expectancy is less than one year. Joint cover is available too, and can either be arranged to pay out upon the first death, or else after the second death occurs.

There are some further flexible benefits you can choose at the outset to best match your personal circumstances.

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