Zurich

Zurich Australia Limited is part of the global Zurich Insurance Group, which was founded in 1872. Zurich has been operating in Australia for over 100 years and is headquartered in Sydney, New South Wales.

The company holds a strong financial strength rating of A+ (Stable) from Standard & Poor’s and is regulated by APRA (the Australian Prudential Regulation Authority).

Zurich offers a wide range of insurance products, including life insurance, total and permanent disability (TPD) insurance, trauma insurance, income protection, and business expenses insurance. Policies can be structured flexibly, either inside superannuation, outside super, or with split ownership options.

Zurich has made a strong commitment to sustainability, achieving a AAA ESG rating from MSCI in 2023. The company is targeting net-zero emissions across its investment and underwriting portfolios by 2050.

Zurich is known for a customer-focused claims philosophy, with consistently high claims acceptance rates based on APRA reporting. They have also received multiple industry awards recognising their financial strength, sustainability efforts, and claims service.

Zurich - History and milestones

Zurich Insurance Group, known simply as Zurich, has a proud history spanning more than 150 years. Founded in 1872 in Zurich, Switzerland, the company originally operated as a marine insurer under the name "Versicherungs-Verein." It quickly expanded its offerings, becoming a multi-line insurer serving a growing global market.

Zurich entered the Australian market in 1920, establishing a long-standing presence in the region. Over the decades, Zurich Australia has evolved into a major provider of life insurance, income protection, and business insurance solutions, recognised for financial strength, customer-centric services, and strong claims support.

Some key milestones in Zurich’s journey include:

• 1872: Zurich founded as "Versicherungs-Verein" in Switzerland.
• 1894: Expanded outside Switzerland, beginning international growth.
• 1920: Entered the Australian market, providing insurance products to individuals and businesses.
• 1998: Rebranded globally to Zurich Financial Services, reflecting broader offerings.
• 2000s: Continued Australian expansion, growing its life insurance and business insurance portfolios.
• 2016: Acquired Macquarie Life’s retail life insurance business in Australia, significantly expanding Zurich’s presence in the local life insurance sector.
• 2019: Completed the acquisition of ANZ’s OnePath Life business, making Zurich one of Australia’s largest retail life insurers.
• Today: Zurich Australia stands as a trusted brand, known for strong claims performance, flexible insurance products, and commitment to sustainability and community initiatives.

Zurich’s history is defined by resilience, financial strength, and a commitment to helping customers protect what matters most. It remains a key player in Australia's life insurance market, with a focus on innovation, customer service, and responsible business practices.

Key Strengths of Zurich Life Insurance

1. Strong Claims History
Zurich has a consistent track record of high claims acceptance rates, particularly across life insurance, trauma insurance, and income protection. APRA data shows Zurich's claims processes are reliable, fair, and customer-focused.

2. Comprehensive Product Flexibility
Zurich offers highly customisable cover options across life insurance, total and permanent disability (TPD), trauma, and income protection. Their flexible structuring — including holding cover inside or outside superannuation — allows customers to tailor policies to suit personal, family, or business needs.

3. Financial Strength and Global Backing
As part of the global Zurich Insurance Group, Zurich Australia benefits from significant financial strength, stability, and over 150 years of global insurance expertise. This financial security provides customers with confidence that claims will be paid when needed.

4. Sustainability and Responsible Investing
Zurich is recognised as an industry leader in environmental, social, and governance (ESG) practices, holding a AAA rating from MSCI. Their commitment to sustainability and responsible investing is a key strength for customers who value corporate responsibility.

5. Added Support Services
Zurich policies often include access to additional services such as grief counselling, rehabilitation support, and return-to-work programs, providing extra value beyond the core insurance benefits.

6. Focus on Customer Wellbeing
Zurich’s has a real strong focus on wellness and recovery support. This also includes and extends to mental health initiatives and proactive claims support through Zurich Active, demonstrates a strong focus on helping customers during tough times — not just paying claims.

Awards and Recognitions

Zurich has consistently been recognised for excellence across life insurance, claims management, customer service, and innovation. Some of the major awards and recognitions Zurich has received include:

• 2023 ANZIIF Australian Insurance Industry Awards:
  Finalist for Life Insurance Company of the Year, reflecting Zurich’s commitment to delivering outstanding products and customer outcomes.
• 2022 ANZIIF Australian Insurance Industry Awards:
  Winner – Life Insurance Company of the Year, highlighting Zurich’s leadership in innovation, claims performance, and customer service.
• 2021 Beddoes Institute Claims Performance Awards:
  Winner – Best Life Insurer for Customer Experience in Claims, based on independent customer feedback regarding Zurich’s claims handling and support.
• 2021 ANZIIF Australian Insurance Industry Awards:
  Finalist for Life Insurance Company of the Year, reinforcing Zurich’s strong presence and reputation in the industry.
• Canstar 5-Star Ratings:
  Zurich’s life insurance products have regularly received 5-Star Ratings from Canstar, recognising excellence in product features, premiums, and customer value.
• Sustainability and Community Recognition:
  Zurich has also received multiple recognitions for its leadership in corporate social responsibility, including sustainability initiatives and mental health programs across Australia.

These awards demonstrate Zurich’s ongoing commitment to quality, innovation, and putting customers first — from the moment of application through to claims support.

Zurich seem to be well committed to sustainability as it is central to how they operate as an insurer, investor, employer, and member of the community. Zurich is proud to have achieved a AAA ESG rating from MSCI in 2023, reflecting their leadership in environmental, social, and governance practices.

They are committed to shaping a brighter, more resilient future through action across three core areas: our operations, our investments, and our products.

Zurich’s Environmental Commitments

Zurich has set strong sustainability goals, both globally and locally in Australia and New Zealand. Some of their key commitments include:

• Reducing operational emissions by 60% by 2025 and 76% by 2029, compared to 2019 levels.
• Using renewable electricity wherever possible and offsetting any remaining emissions.
• Cutting CO₂ emissions from printed paper by 50% by the end of 2023 and by 70% by the end of 2025.
• Achieving a 5 Star Green Star Rating for their Zurich Tower fit-out in Sydney.

Zurich has maintained carbon neutrality across their operations globally since 2014. Their focus has been to first reduce emissions directly, and then offset the remainder through the purchase of certified carbon credits.

Zurich’s Responsible Investment Strategy

Zurich is a signatory to the UNEP FI Principles for Sustainable Insurance and the Principles for Responsible Investment, reinforcing their commitment to investing responsibly.

Key investment initiatives include:

• Targeting a net-zero investment portfolio by 2050.
• Reducing the carbon intensity of their shareholder asset portfolios by 25% by 2025.
• Building a significant impact investing portfolio, which as of 2023 reached USD 7.9 billion and has delivered:
  • 4.5 million metric tons of CO₂-equivalent emissions avoided
  • 4.6 million people benefitted through environmental and social projects

Much of Zurich’s impact investing is directed towards green, social, and sustainability bonds that fund renewable energy and other environmental initiatives both in Australia and around the world.

Zurich’s Approach to Sustainable Insurance

Zurich has also made strong sustainability commitments across their insurance products. Globally, they aim to achieve net-zero emissions from their insurance underwriting portfolios by 2050. They are actively:

• Helping customers reduce their own emissions
• Offering climate risk management services through Zurich Resilience Solutions
• Reviewing natural disaster responses through their Post-Event Review Capability (PERC) methodology

Zurich’s underwriting and investment strategies have been adjusted to align with a 1.5°C global warming scenario, and they regularly engage with clients to encourage best sustainability practices.

Community Impact and Disaster Resilience

Through the Z Zurich Foundation, Zurich has invested heavily in disaster resilience and recovery projects. In 2020 alone, Zurich Australia and New Zealand invested $2.58 million in bushfire and COVID-19 relief efforts.

Globally, Zurich also supports the Zurich Flood Resilience Alliance, which aims to help communities around the world better prepare for and recover from natural disasters.

Why Zurich’s Sustainability Efforts Matter

For customers comparing life insurance options, Zurich’s strong sustainability track record could be an important consideration. Their commitment to environmental responsibility, ethical investing, and community resilience adds another layer of value to their insurance offering, beyond just the cover itself.

Zurich Wealth Protection Life Insurance (Death Cover) cost varies based on:

• Age
• Gender
• Smoking status
• Health
• Occupation
• Sum insured
• Policy structure (inside or outside super)

However, to give you ballpark figures based on standard non-smoking rates please see the below:

<table>
<thead>
<tr>
<th>Age</th>
<th>Sum Insured</th>
<th>Approx. Monthly Premium (Male)</th>
<th>Approx. Monthly Premium (Female)</th>
</tr>
</thead>
<tbody>
<tr>
<td>30</td>
<td>$500,000</td>
<td>$20–$30</td>
<td>$15–$25</td>
</tr>
<tr>
<td>40</td>
<td>$500,000</td>
<td>$35–$50</td>
<td>$30–$40</td>
</tr>
<tr>
<td>50</td>
<td>$500,000</td>
<td>$80–$110</td>
<td>$60–$90</td>
</tr>
</tbody>
</table>
<p><strong>Note:</strong> Prices are based on non-smokers with standard underwriting. Actual premiums depend on your age, health, smoking status, occupation, and other personal factors.</p>

Zurich Wealth Protection PDS

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

About the Zurich Wealth Protection PDS

The Zurich Wealth Protection Product Disclosure Statement (PDS) explains how Zurich’s life insurance products work, what is covered, and what isn’t. It provides important details to help you decide if Zurich Wealth Protection policies are suitable for your needs before you apply.

Zurich Wealth Protection offers a flexible range of insurance options that can be tailored to suit your lifestyle, income, family responsibilities, and business needs. If your policy is issued, this PDS becomes part of your policy conditions.

Products Covered Under This PDS

• Zurich Protection Plus: Life cover, TPD cover, and Trauma cover
• Zurich Income Safeguard: Income protection insurance
• Zurich Business Expenses: Business overheads insurance for self-employed professionals
• Zurich Child Cover: Trauma and death cover for children

Each policy includes comprehensive features and optional benefits, helping you customise your protection.

Key Highlights of Zurich Wealth Protection

• Tailored Insurance Solutions: Choose covers and ownership structures to match your personal or business needs.
• Guaranteed Renewability: Policies are guaranteed to continue as long as premiums are paid, regardless of changes to your health.
• Worldwide Cover: 24/7 protection, no matter where you are globally.
• Automatic Benefit Increases: Your cover automatically adjusts for inflation each year unless you opt out.
• Interim Cover: Temporary accident cover starts as soon as you apply.
• Flexible Superannuation Ownership: Select to hold cover inside or outside of superannuation (with some restrictions).
• Policy Upgrades: Any improvements Zurich makes to its standard benefits are automatically passed onto existing policies without any additional premium increases (future claims only).

Important Things to Know

• Claims and Exclusions: Each policy type has its own specific claims process and exclusions. It's important to read the PDS carefully to understand how claims work.
• Ownership Structures: You can structure your policy as an individual, jointly, via a business, or through superannuation.
• Financial Risks: Like all insurance, if you do not maintain your premiums or select insufficient cover, your financial needs may not be fully protected.

No Personal Advice: The content above is a summary from the actual PDS and contains general information only and does not take your personal objectives, financial situation, or needs into account.

Zurich Wealth Protection TMD -

Zurich Wealth Protection Death Cover TMD (Life Insurance)

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who have financial dependants and want to provide for them if they pass away or are diagnosed with a terminal illness.
• People who have financial commitments (like a mortgage, debts, or funeral costs) that wouldn’t be fully covered by their estate or superannuation.
• Consumers who want to leave a financial legacy for loved ones.
• Applicants comfortable with medical assessments and providing health, lifestyle, and financial information.
• Available to consumers aged between 15 and 70 (exceptions to age 75 with approval).

Key Features:

• Lump sum payment on death or terminal illness diagnosis.
• Option to link TPD and Trauma covers to Death cover.
• Held inside or outside of superannuation.
• No cash value — purely insurance protection.
• Premium options:
  • Variable age-stepped premiums (cheaper initially, rise with age).
  • Variable premiums (higher upfront, but cheaper long-term if held longer).

Important Exclusions:

• Suicide exclusion: No cover if death is caused by suicide within the first 13 months of starting or increasing cover.

When it might not suit:

• People looking for automatic cover without health assessments.
• Those unable to fund premiums over time.
• Those who already have sufficient death cover in place.

Zurich Wealth Protection TPD Cover TMD (Total and Permanent Disability Insurance)

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want financial protection if they become totally and permanently disabled.
• People with outstanding debts like a mortgage or other financial commitments that would be hard to meet if they couldn’t work.
• Consumers who want to fund an income gap if they are no longer able to work.
• Applicants comfortable with health, lifestyle, and financial assessments.
• Available to consumers aged between 15 and 60 (up to 63 by exception, 65 for Modified TPD).

Key Features:

• Lump sum payment if the life insured meets the selected TPD definition.
• Definitions available:
  • Own occupation TPD (outside super only)
  • Any occupation TPD
  • Domestic duties TPD
  • Modified TPD (for severe disabilities)
• Can be held inside or outside superannuation.
• Linkable with Death and Trauma cover.
• Premium options:
  • Variable age-stepped premiums (lower at first, rising with age)
  • Variable premiums (higher initially, lower later if held long-term)

Important Exclusions:

• No benefit paid for intentional self-inflicted acts or attempted suicide.

When it might not suit:

• People who want automatic insurance without medical assessments.
• Those unable to fund premiums long-term.
• Those who already have sufficient TPD cover.

Consumers in occupations or pastimes Zurich won't insure.

Zurich Wealth Protection Trauma Cover TMD (Trauma/Critical Illness Insurance)

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want financial protection if they suffer a serious medical condition (like cancer, heart attack, or stroke).
• People with outstanding debts (mortgage, loans) that could be difficult to service during recovery.
• Consumers who want a financial buffer to cover out-of-pocket medical expenses, rehabilitation costs, or extended time off work.
• Applicants comfortable with medical, lifestyle, and financial assessments.
• Available to consumers aged between 15 and 59 (up to 63 by exception).

Key Features:

• Lump sum payment if the life insured suffers a covered trauma condition (according to Zurich's definition).
• Two options available:
  • Trauma Cover
  • Trauma Plus Cover (includes partial payments for earlier-stage conditions).
• Can be linked with Death and TPD cover.
• Premium options:
  • Variable age-stepped premiums (lower at first, rise with age).
  • Variable premiums (higher initially, lower later if held long-term).

Important Exclusions:

• No benefit paid for intentional self-inflicted acts or attempted suicide.
• Some conditions are not covered in the first 90 days after cover starts.
• Elective and donor transplant surgeries have a 6-month waiting period.

When it might not suit:

• People who want automatic cover without medical assessments.
• Those unable to fund premiums long-term.
• Those who already have sufficient trauma cover.

Consumers seeking cover for conditions not listed or not meeting Zurich’s severity definitions.

Zurich Wealth Protection Income Protection TMD (Income Protection Insurance)

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who rely on earned income and want financial protection if they are unable to work due to sickness or injury.
• People who have ongoing financial commitments (like mortgage repayments, rent, or living expenses).
• Applicants working at least 20 hours per week (24 hours for casuals/fixed-term contractors).
• Consumers comfortable providing medical, financial, and occupational information for assessment.
• Available to individuals aged between 19 and 60 (up to 61 by exception).

Key Features:

• Monthly benefit paid if unable to work due to sickness or injury (after a waiting period).
• Tailor cover by selecting benefit amount, benefit period, and waiting period.
• Held inside or outside superannuation.
• Premium options:
  • Variable age-stepped premiums (lower initially, rise with age).
  • Variable premiums (higher initially, lower longer term).

Important Exclusions:

• No benefit paid for intentional self-inflicted injuries, attempted suicide, illicit drug use, or uncomplicated pregnancy/childbirth.
• No benefit for loss of professional qualifications or unemployment (unless due to illness/injury).
• Specific restrictions apply to elective transplants early in the policy.

When it might not suit:

• People working less than 20 hours per week.
• Those seeking automatic cover without medical assessments.
• Consumers already having sufficient income protection insurance.
• Those unable to fund premiums long-term.
  

Zurich Wealth Protection Child Cover TMD (Child Critical Illness Insurance)

Effective Date: 1 October 2024
Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Parents or guardians who want financial protection if their child suffers a serious illness, injury, or passes away.
• Families wanting to cover out-of-pocket medical expenses, transport costs, extended carer leave, or education interruptions due to a child's serious illness.
• Applicants comfortable providing medical information for the insured child for assessment.
• Available for children aged between 2 and 17 years.

Key Features:

• Lump sum payment if the insured child meets a defined trauma condition or dies.
• Can be used to help cover medical treatments, living costs, education expenses, or time off work for carers.
• Minimum cover of $10,000.
• Only available outside superannuation.

Important Exclusions:

• No benefit paid for intentional self-inflicted injuries, attempted suicide, or certain trauma conditions occurring within the first 90 days after cover starts.
• A maximum death benefit of $200,000 per child applies.

When it might not suit:

• Consumers seeking automatic cover without medical assessment.
• Those already having sufficient child trauma insurance.
• Those unable to fund premiums over time.
  

Zurich Wealth Protection Continuous Care option TMD

Effective Date: 1 October 2024 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want financial protection to fund continuous permanent care after a serious sickness or injury.
• People who want to cover in-home private care, nursing, carer costs, or home modifications (like installing a lift or bathroom redesign).
• Consumers who already have or anticipate needing additional funds for long-term care needs.
• Applicants comfortable with medical, lifestyle, and financial assessments.
• Available for individuals aged between 15 and 60 years.

Key Features:

• Lump sum payment if the insured person suffers a permanent sickness or injury requiring ongoing care.
• Partial payment available for home modification costs after a serious event.
• Can be held inside or outside superannuation.
• Premium options:
  • Variable age-stepped premiums (lower initially, rise with age).
  • Variable premiums (higher initially, lower later for long-term cover).

Important Exclusions:

• No benefit paid for intentional self-inflicted acts or attempted suicide.
• Benefit payments subject to Zurich’s specific definitions.
• Cover expires at age 65.

When it might not suit:

• Consumers seeking total and permanent disability (TPD) cover focused purely on work capacity.
• People wanting automatic acceptance without underwriting.
• Those who already have sufficient funding for permanent care or modifications.
• Those unable to fund premiums over time.

Zurich Active TMD -

Zurich Active Income Protection TMD

Effective Date: 1 October 2024
Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want financial protection if they are unable to work due to a sickness or injury.
• People who have ongoing financial commitments such as mortgage repayments, rent, or other living expenses.
• Applicants working at least 20 hours per week (24 hours for casuals/fixed-term contractors).
• Consumers comfortable with health, occupation, and lifestyle assessments.
• Available for consumers aged between 19 and 60 years (up to 61 by exception).

Key Features:

• Monthly income benefit paid if unable to work after the chosen waiting period.
• Customisable options for benefit period and waiting period to suit individual needs.
• Held inside or outside superannuation.
• Premium options:
  • Variable age-stepped premiums (lower initially, rise with age).
  • Variable premiums (higher initially, smoother over time).

Important Exclusions:

• No benefit paid for intentional self-inflicted injuries, attempted suicide, illicit drug use, or uncomplicated pregnancy/childbirth.
• No benefit for loss of professional qualification or unemployment unless due to sickness/injury.
• Benefits reduce if insured earns other income while on claim.

When it might not suit:

• People working less than 20 hours per week.
• Those wanting automatic insurance without health assessments.
• Individuals who already have sufficient income protection.
• Those unable to fund premiums over time.

Zurich Direct Life Insurance TMD

Effective Date: 9 November 2023 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want simple life insurance to protect their loved ones or financial dependants.
• Consumers who have financial commitments (like a mortgage, personal debts, or funeral costs) that would need to be covered if they die or are diagnosed with a terminal illness.
• People wanting an easy, fast application process without the need for face-to-face medical exams (online or over-the-phone questions only).
• Consumers comfortable with self-directed applications (no personal financial advice provided).
• Available for people aged between 19 and 69 years.

Key Features:

• Lump sum payment on death or terminal illness diagnosis (up to $1.5 million cover).
• No medical exams required – just health and lifestyle questions.
• Premiums increase with age.
• Automatic CPI increases to help maintain value against inflation (opt-out available).
• Designed for standalone cover (cannot be held inside superannuation).

Important Exclusions:

• No benefit paid for suicide within the first 13 months.
• No cover for excluded events listed in the individual’s policy schedule.

When it might not suit:

• People wanting more than $1.5 million of cover.
• Consumers who want in-depth financial advice before buying.
• Those with complex health histories needing tailored underwriting.
• People wanting to fund life insurance through superannuation.
• Those already holding sufficient life insurance cover elsewhere.

Zurich Ezicover Income Protection TMD

Effective Date: 9 November 2023 Issuer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510)

Who this cover is designed for:

• Individuals who want financial protection if they are temporarily unable to work due to sickness or injury.
• People with ongoing financial commitments (like rent, mortgage, or living expenses) who need to maintain cashflow during recovery.
• Applicants working 20–60 hours per week in a permanent or consistent-income role.
• Consumers comfortable with self-directed applications online or by phone (no personal financial advice provided).
• Available for individuals aged between 19 and 60 years.

Key Features:

• Monthly benefit if unable to work due to sickness or injury.
• Choice of two types of cover:
  • Sickness and Injury Cover
  • Injury-Only Cover
• Sum insured up to $12,000 per month without full medical exams (health questions only).
• Premiums increase with age (variable pricing).
• Automatic CPI increases to protect cover value (up to 3% annually, opt-out available).

Important Exclusions:

• No benefit paid for involuntary unemployment, intentional self-inflicted injury, or criminal activity.
• Claims assessed based on actual income at time of claim — lower income may mean lower benefits.
• Cover ends at age 65 even if disability continues.

When it might not suit:

• People working less than 20 hours per week.
• Consumers wanting in-depth financial advice before buying.
• Individuals with complex health histories needing tailored underwriting.
• Those already holding sufficient income protection elsewhere

NOTE: Zurich Ezicover Life Insurance
Direct Application | No Financial Advice
Simple, fast application process. Up to $1.5 million cover. Minimal health checks. Best for consumers wanting an instant decision.

🔹 Zurich Ezicover Income Protection
Direct Application | No Financial Advice
Protects monthly income up to $12,000/month. Designed for easy online setup without detailed financial advice.

IMPORTANT NOTE: This is a summary only.

Zurich Insurance - Contact details

Company Name: Zurich Australia Limited​
Customer Service Phone Number: 131 551 (Australia-wide)
​International Phone Number: +61 2 9995 3777​
Claims Phone Number: 131 551Postal
Address: PO Box 677, North Sydney NSW 2059
Customer service operating hours: Monday–Thursday, 8:30am–7:00pm AEST; Friday, 8:30am–5:30pm AEST​