Zurich Life Insurance Review

Zurich is a global insurance group headquartered in Switzerland, with a strong presence in the Australian life insurance market. Their Wealth Protection product is available through licensed financial advisers and covers life, TPD, trauma and income protection. Zurich is known for offering flexible policy structures, including their Platinum range which provides broader definitions and additional features. In Australia, Zurich competes with other major retail insurers like AIA, TAL and MetLife. They have a reputation for quality policy wording and a commitment to innovation in product design.

Who Zurich suits

Zurich tends to suit people who want flexible, feature-rich life insurance with the ability to choose between standard and Platinum-level definitions. This appeals to professionals, business owners and families who want more control over what their policy covers and how it is structured. Zurich's Wealth Protection product is particularly strong on income protection options, making it a good fit for people whose income is a key financial asset they want to protect thoroughly.

Zurich key strengths

• Wealth Protection product includes standard and Platinum definition tiers for different levels of cover
• Flexible income protection with multiple waiting period, benefit period and benefit type options
• Both stepped and level premium structures available
• TPD cover available with own occupation definition for eligible occupations
• Broad trauma cover with tiered severity options

Things to consider

• Products are only available through licensed financial advisers, not directly online
• Platinum-level definitions come at a higher premium than standard definitions
• Product features and pricing vary depending on occupation classification

Zurich TPD cover at a glance

Zurich Wealth Protection (Zurich Australia), as recorded in our comparison of eleven Australian insurers' PDS documents:

• Definitions offered: Own Occ; Any Occ; Domestic Duties; Modified (Platinum TPD or TPD tiers)
• Own occupation via super? Via "superannuation optimiser"
• What changes at older ages: From 65, only the modified TPD definition applies; cover above $3M reduces
• Max TPD at application: $5M ($2M Domestic Duties)
• Cover ends: Age 99 (65 if linked to trauma)

The same points for the other ten products: TPD definitions compared across 11 insurers.

Zurich life cover at a glance

Zurich Wealth Protection, as recorded in our comparison of eleven Australian insurers' PDS documents:

• Terminal illness window: 24 months
• Certification (outside super): Treating practitioner + insurer-required specialist where required (two always inside super)
• Funeral/expenses advance: Advancement for funeral expenses - up to $15,000 (non-super)
• Max cover: no maximum
• Cover ends (outside super): Policy anniversary at 99

The same points for the other ten products: life cover compared across 11 insurers.

How Zurich's TPD definition compares

We compare Zurich's own occupation and any occupation TPD wording against ten other Australian insurers, quoted from each PDS: TPD definitions compared across 11 insurers.

How Zurich's terminal illness definition compares

We compare Zurich's terminal illness wording, certification requirements, funeral advance and expiry ages against ten other Australian insurers, quoted from each PDS: life cover compared across 11 insurers.

Zurich life insurance FAQs

What is Zurich Wealth Protection?

Wealth Protection is Zurich's main life insurance product in Australia. It allows you to combine life, TPD, trauma and income protection under one policy. It is available through licensed financial advisers and comes in different levels, with Platinum offering the broadest definitions and most features.

What are Zurich Platinum definitions?

Zurich offers two tiers of policy definitions: standard and Platinum. Platinum definitions generally provide broader coverage eligibility and cover more conditions, particularly for trauma and TPD. The Platinum tier comes at a higher premium but can provide more comprehensive protection.

Does Zurich offer income protection?

Yes, Zurich offers income protection as part of their Wealth Protection product range. It includes choices around waiting periods, benefit periods and benefit calculation methods. Zurich's income protection is available through financial advisers.

Does Zurich offer stepped and level premiums?

Yes, Zurich offers both stepped and level premium structures. Stepped premiums start lower and increase each year with age. Level premiums start higher but are designed to remain more stable over time. Your adviser can help you decide which structure suits your situation.

Is Zurich available through superannuation?

Yes, Zurich offers life insurance both inside and outside superannuation. Their retail products are typically held outside super, while group insurance is available through participating super funds.

If you are still deciding which cover you need

Zurich issues the same four covers every insurer on our panel does, and which ones you hold matters more than whose name is on the policy: what Life, TPD, Trauma and Income Protection each pay, and how they sit inside or outside super.

Compare Zurich with 11 insurers

Your Choice Life compares Zurich against 11 of Australia's leading insurers to help you find good-value cover. It is free, with no obligation - get an instant quote online or request a comparison.

Your Choice - Life Insurance is an Authorised Representative (AR 001318312) of Life Plan FP Australia Pty Ltd, AFSL 277681. This is general advice only and does not consider your personal circumstances; consider the relevant PDS and TMD before deciding.

Written by Sam Yakoubian, Authorised Representative 001318312 of Life Plan FP Australia Pty Ltd, AFSL 277681.

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