Zurich Life Insurance Review
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- A major global organisation with a large presence in the UK life insurance market place
- At least 98% of all life claims paid out between 2013 and 2016
- Many add-on options for life insurance plans, making it easier to understand and purchase
About Zurich Life Insurance
Zurich Life Insurance (known as “Zurich Financial Services” prior to 2012) was founded in 1872. Today it is one of the world’s top 100 largest public companies and also one of the world’s largest insurance groups. It employs around 55,000 people in just over 170 different countries, including approximately 11,000 in the UK.
For your peace of mind, Zurich Life Insurance in the UK is regulated by the Financial Conduct Authority (FCA).
Zurich Life Insurance’s life insurance options
The company offers:
This offers a single cash payment of the sum assured.
It pays out the sum over the whole term of the policy, so the figure you receive in the event of your death would be the same in the first or last year. It is typically associated with protecting interest-only type mortgages or families who simply wish to know they will receive a predictable larger sum in the event a claim is made.
Under this plan, you also have options to convert all of the life cover under the plan to a new plan, which will provide cover for the rest of your life (lifetime protection). You can also, if you wish, include the option to renew the plan at the end of the term for a further term;
This provides a lump sum but one that reduces over the term of the policy.
This typically is associated with protecting a standard repayment mortgage which has a reducing debt balance over time. Typically, this type of cover will cost less than level cover, although payments do stay the same over the term of the policy;
- life or earlier critical illness cover.
This pays out a cash sum not only if you die within the plan’s term but also if you’re diagnosed with a terminal illness that is expected to lead to your death within 12 months or if you’re diagnosed with a critical illness (definitions, terms and conditions will apply),
for an additional premium, this will pay out a monthly amount if you’re unable to work due to sickness. Qualifying conditions, terms and limits will apply;
This (increasing the amount of cover in line with a variable such as price index) is available as an option.
Critcal Illness Cover
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- add this cover to the level life insurance plan and decreasing mortgage cover. It pays out a cash lump sum if you get one of a list of specified illnesses, covering 85 conditions such as cancer, heart attack and stroke;
- covers children between the ages of 3 months up until they are 18 (their 18th birthday). Up to a maximum of one claim per child can be made – this will not affect the benefit level as held by the policyholder.
Reasons why you may consider Zurich Life Insurance’s life insurance plans
The main attractions of these plans and ones which might make Zurich Life Insurance’s quotes interesting include:
- they are a very large global player in the insurance industry;
- in the period 2013-2016, Zurich paid out in at least 98% of life insurance claims;
- critical illness cover for children is included in appropriate plans;
- critical illness options are available as “bolt-ons” for specified life insurance plans;
- if you have added critical illness cover, options exist to include a payment protection benefit should you be unable to work due to illness or injury;
- 5-Star Defaqto rating (2018) for the level plan cover;
- Zurich Life Insurance does not offer a specific branded “Over-50s” life product but they do provide a “whole of life” product. Also, if your level life insurance provides life cover only, you can convert some or all of your cover to “Whole of Life Insurance” at the end of the plan. There’s no need to provide Zurich with further details about your health or activities;
- other additional and optional benefits can include waiver of premium, renewable and convertible term as well as an indexation option.
As with all life insurance reviews, qualifying conditions and terms may apply. These should always be noted carefully and complied with to ensure that cover remains fully in place.
How to get a Zurich Life Insurance life insurance plan quote
To compare life insurance quotes, you can use an online comparison service or find a local financial adviser, Unbiased.co.uk could help you find a suitable FCA regulated adviser.
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