Minor wording and format changes will accompany the transfer of the three Macquarie Life product ranges to the Zurich brand from 1 October.
In the lead-up to the formal transfer of the Macquarie Life business to Zurich, research houses have been notified of the transfer details. Zurich confirms that the three Product Disclosure Statements for Macquarie FutureWise, Active and Sumo ‘… have been re-branded for Day 1 into the Zurich look and feel, without any significant changes to layout and ordering.’ The notice adds that the content within the Zurich-badged PDSs will generally appear on the same pages as they appear in the Macquarie Life versions.
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Zurich has summarised the areas within the three PDSs that have changed as part of the transition, including eligibility criteria, interim cover, indexation language and TPD/trauma definitions. The changes include:
Zurich FutureWise
TPD Definitions
- ‘Loss of sight’ and ‘loss of limbs’ are now two separate definitions (previously both events formed part of the definition of ‘loss of limbs’, which was confusing).
- All the relevant components of the TPD definitions are now situated in a single section in the Glossary for ease of use.
Trauma Definitions
- The definition of Heart Attack has been replaced with the universal heart attack definition. This definition provides broader coverage, which means it also replaces the 20% payment Trauma Platinum event ‘Minor Heart Attack’.
Zurich Active
Health Events
- It is now explained that the ‘Other Body system’ events (Inability to perform ADLs & Occupational impairment) form a safety net which is used if the condition does not fit onto a body system category. This has been given more prominence (previously it was a footnote in the Glossary).
Zurich Sumo
TPD Definitions
The same TPD definition changes applying to Zurich FutureWise also apply to the Sumo product:
- ‘Loss of sight’ and ‘loss of limbs’ are now two separate definitions (previously both events formed part of the definition of ‘loss of limbs’, which was confusing).
- All the relevant components of the TPD definitions are now situated in a single section in the Glossary for ease of use.
Trauma Definitions
- The definition of Heart Attack has been replaced with the universal heart attack definition. The additional restriction which applies to the Sumo Trauma Insurance sum insured is unchanged.
Changes common to Zurich FutureWise, Zurich Active & Zurich Sumo PDSs
Interim Cover
- Wording has been included to clarify that the only benefits payable under interim cover are specifically described in the interim cover section.
Life Cover Expiry
- Expires at the cover anniversary when the insured is age 99 (previously no expiry age was given).
Eligibility
- Cover is available only to Australian residents, applying from within Australia.
Zurich has previously advised there will be no pricing changes in this transfer (see: No Premium Changes in Macquarie Move to Zurich). Advisers will be able to access the new PDSs from 1 October, and they will also be released into the Riskinfo Resource Centre from that date.
