Zurich Life Insurance

Zurich Life Insurance – Introduction

Founded in 1872, the Zurich Insurance Group is a major player in the insurance sector.  It has 60,000 employees in 170 countries and is the largest mutual, life, investments and pensions company in the UK.

In the UK, Zurich Assurance Ltd (ZAL) operates as the insurance arm as part of the Zurich Insurance Group.

In each of the three years to 2016, Zurich paid at least 98% of all life insurance claims. 

How Financially Strong is Zurich?

Zurich Assurance Ltd is strongly capitalised.

At 31 December 2018 ZAL had total assets under management (AuM) in excess of £46.6bn and 3.4m policyholders and scheme members. ZAL’s UK GAAP profit for the year before taxation was £190m.

Zurich Life Insurance. Your At-a-Glance and Comparison Guide

Did you know that your greatest asset is YOU?

If you’re the sole income earner, what would your family do if you died, or developed a serious illness?  Would they cope OK for money?

Life insurance is designed to protect your loved ones financially should you develop a serious illness or die.  Although no amount of money will reduce your family’s grief, we’re sure you’ll find it comforting that they will be taken care of from a financial point of view after your passing.

Taking out life insurance cover is an important step.  Ensuring that you’ve got the right cover is vital.  Talk to the experienced consultants at Black Lion Insurance.  In our opinion, we have all the expertise and experience you need.

Here the key things you need to know about Zurich life insurance:

Zurich’s life insurance policies offer you a range of options.

• Zurich offers guaranteed premiums, which means that they will remain constant unless you increase your cover, or the benefit has been indexed.
• Level Protection Plan. You’ll be able to convert some or all of your life insurance to whole of life cover at the of your policy term
• You can add critical illness cover, with an additional premium covering 43 critical illnesses, plus part payments for a further 12 illnesses. You may also add a payment protection benefit if you are unable to work.  You must be no older than 59.  There are a number of caveats regarding the end of benefits payments – please contact us for more information.
• The critical illness add-on also covers children.
• Convertible term. If your level life insurance policy is life cover only (without critical illness cover), you have the option to convert some or all of it to whole of life cover at the end of the plan.
• Renewable term. You may choose to renew your plan for the same term and amount of cover when the policy term ends.  You must be no older than 68.  If your policy includes critical illness you must be no older than 64.
• Zurich’s critical illness cover will protect you against 44 critical illnesses, with an additional 20 conditions supported by part pay outs.
• You can split a joint life insurance policy into two in the case of divorce, separation of the dissolution of a civil partnership.
• You will be able to get cover for total permanent disability if you have life insurance with critical illness cover.
• Zurich Support Scheme offers a health and wellbeing service, including up to six session of professional counselling.
• Free cover for house purchase. While you are completing on a new house purchase, you have free cover (where contracts have been exchanged but not completed). This will be for up to £500,000 or the lower figure applied for.

Overview of Key Policy Details – Zurich Life Insurance