Zurich has introduced new premium rates for the over 50s market.
The new rates, which are all reductions, apply to Death and TPD cover for those clients between 50 and 60 years of age.
Marc Fabris, National Manager Sales Strategies and Research at Zurich, told riskinfo the objective of the repricing was to hone the company’s positioning with the older market.
“In the past 12 months, Zurich has seen business from this age band nearly double,” Mr Fabris said. “We have also seen the average age of clients increase. So there is clearly an insurance need (among older Australians) which is being addressed by advisers.”
Mr Fabris said because people are retaining debt into their retirement it was important that they could still afford to hold protection for that debt. “We are trying to minimise the significant premium increase that many people experience later in life, which can lead to them choosing to cancel their cover when they need it the most.
“We are also pleased to advise that many in force clients will benefit from these reductions, including those who have held death cover since 2009 or TPD since 1998.”
He added that the premium reductions follow a progression of improvements made by the group over the past two years designed to make Zurich’s one of the most competitively priced products on the market, particularly for higher sums insured.
