Zurich Financial Services has unveiled its second product update for 2010, with the release of a raft of product enhancements taking effect from this week.
Zurich’s General Manager – Life Risk Australia, Colin Morgan, said the nature of the product changes are focused on customer needs: “…people now more than ever need to feel secure and our upgrades directly reflect customer needs,” he said.
Effective from 27 September 2010, the SPDS carries changes for both lump sum and income protection products, the highlights including:
- Enhanced health and financial requirements intended to streamline the ‘underwriting experience’
- Increasing maximum TPD sum insured to $5 million for both business and personal cover (previously only $3 million was available for personal cover)
- Linking related policy covers inside and outside of super
Another element in this upgrade focuses on key income protection markets. According to National Manager – Sales Strategies and Research, Marc Fabris, Zurich will now be more refined in its positioning for Income replacement, with its key focus being on the 45 to 55 age band for professional and senior white collar and managerial occupations, particularly for sums insured of $7,500 and above:
“The changes in this update – particularly in respect of pricing, new occupations and underwriting levels, reinforces this focus,” said Mr Fabris.
The insurer says it has also addressed issues for clients who suffer from cancer, and will now pay based on the diagnosis that major interventionist therapy is required, regardless of whether or not the life insured actually undergoes the therapy.
Advisers can click here to visit Zurich’s update microsite, which outlines the changes and enhancements in more detail, and can access a copy of the newly-released SPDS from our Resource Centre.
Advisers can also click here to view a supplementary insert Zurich has released for its 2010 Underwriting Guide.
