Zurich Income Protection
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About Zurich Income Protection
Founded in 1872, the Zurich Insurance Group is one of the biggest providers in the insurance sector. It has 55,000 employees in 170 countries and is the largest mutual, life, investments and pension provider in the UK. In the UK, Zurich Assurance Ltd (ZAL) operates as the insurance arm as part of the Zurich Insurance Group.
Is Zurich Financially Strong?
Zurich Assurance Ltd is a very strong and diverse company. 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.
Income Protection: Your Step by Step Guide
Zurich income protection cover is highly flexible, enabling you the policy holder to amend policy terms after cover has been taken out. For example, if your circumstance change you can amend your claim period, deferred period, or change the additional policy benefits.
Zurich Policy Types
There are two main types of cover provided for income protection:
- Zurich Income Protection
- Zurich Income Protection Select
Income Protection Select as suggested, offers additional benefits should you need to make a claim. You may even be able to lower your premiums if you’ve given up smoking – another good reason to stop.
Key Facts: Protection With Zurich.
Zurich uses the “own occupation” definition of incapacity, which is the most appropriate classification available. This means that you’ll be able to claim if illness or injury prevents you from doing what you do now, rather than any other work.
Monthly Benefit & Claim Duration
With Zurich, your monthly benefit will depend on how much you are earning before you become incapacitated. The maximum amount you can choose is the lower of £20,000 per month or 80% of your annual net earnings. You should be aware of this, should you start working part-time due to illness, for example.
You will be able to choose your claim duration. It can either be for the full term of your policy or you can limit it to two years for each claim. Otherwise, payments will stop when you no longer meet Zurich’s definition of incapacity, you no longer have any loss of earnings, or when you die. State benefits will not be taken into consideration. Nor any income you may be receiving via savings and investments.
However, continuing salary, bonuses, any profits you gain from your business as well as any other insurance policies on which you claim must be considered. Should you return to work with a lower salary, Zurich offers a return to work package to top up your earnings by the percentage by which they have decreased.
Zurich Income Protection Select Offers More
For a slight increase in cost, Zurich offers a number of additional benefits with their “Select” income protection policy. These include:
Family carer benefit. Subject to certain conditions, if you regularly care for your partner, Zurich will pay the lower of the monthly benefit or £1,500 per month for a maximum of 12 months.
Trauma benefit. Should you suddenly suffer blindness, deafness, your speech, lose a hand or a foot, as well as certain other traumatic conditions, you may be eligible for a one-off sum of an amount six times the monthly benefit or £50,000 Hospital Stay benefit. If you are in hospital for 7 consecutive nights, you could be eligible for a payment of £100 per night after the 7th night, up to a maximum of 90 days.
Needlestick benefit. If you develop one of a specified list of infections whilst performing your work duties, you could be eligible for a payment of £50,000, or the lower of six times your monthly benefit.
Funeral benefit. Should you die during the lifetimes of your policy. A payment of £10,000 or six times the monthly benefit will be paid to your family.
Multi-fracture cover. For an additional premium, Zurich will pay a lump sum of £2,000, £4,000 or £6,000 for a specified number of fractures, dislocations, tendon ruptures or ligament tears.
More About Zurich from Protect Income Insurance
At Protect Income Insurance, we help our customers make an informed decision on the income protection cover that’s best for them. The slight differences between policy options can be confusing. With our years of experience we will help you make the right choice for you and your family.
Income protection is a very important insurance product. It provides a monthly benefit that replaces some (or most) of your earnings. You can claim this amount if you’re injured or become ill. If you are self-employed and can’t work. Not being properly covered could be disastrous for your finances. Even if you have a full-time job, your company sick pay could be inadequate, or short term.
Why It’s Not Worth The Risk.
Taking advice from our specialist team at Protect Income Insurance will save you a great deal of time and stress. Because our team are highly experienced and fully qualified. We’ll only recommend the cover that’s right for you.
Zurich offers more to doctors and surgeons
Zurich offers a special package for doctors and surgeons. Instead of a minimum benefit guarantee, your policy promises a minimum income of £3,000 per month. If your monthly benefit is less than £3,000, the guarantee will be limited to your monthly benefit. Speak with one of our specialist team today to discuss the extra benefit.
Benefits Of A Deferment Period
With Zurich, you can have a single or dual deferred period, the length of time before your monthly benefit will start to pay out. Single deferred periods are measured in weeks. A dual deferred, also measured in weeks enables you to receive income after the first deferred period and then an additional amount after the second.
This is beneficial if you are entitled to company sick pay.
Zurich offers a guaranteed benefit that will never be less than £1,500 per month (or the amount stated in your plan). If you’ve had to reduce your working hours, you’ll probably be earning less. This is useful, because the benefit will still apply from the time you took out the policy until making the claim.
More Benefits With Zurich Income Protection
House benefit. If you are not earning when you become incapacitated. You could receive the lower of 80% of your income immediately before you stopped working. To claim, you must be unable to carry out a specified list of daily living activities.
Maternity, paternity and adoption benefit. Should you become incapacitated after going on the above leave, you will be able to claim based on the job you were doing before.
Waiver of premium. Zurich will stop collecting your premium payments 13 weeks from the date of incapacity or at the end of the deferred period, whichever is earlier.