Zurich Wealth

Protection

Statement of Advice

Product information helper

Adviser use only

Issue Date: 27 September 2021

Page 2 of 19 Table of Contents

Contents

Table of Contents	2

Introduction	1

About Zurich	2

Zurich’s wealth protection solutions	2

Generic product benefits	3

Life insurance	3

Total and Permanent Disablement (‘TPD’)	3

Trauma	3

Income protection	3

Business expenses	4

Child cover	4

Superannuation optimiser	4

Zurich LiveWell	5

Zurich Protection Plus (non-super ownership)	6

Death cover	6

TPD cover	6

Trauma cover	6

In-built policy provisions	7

Optional benefits (as selected)	7

Zurich Protection Plus (Superannuation ownership)	8

Zurich Protection Plus policies owned by an SMSF	8

Zurich Protection Plus policies owned by the trustee of the Zurich Plan	8

Death cover with superannuation ownership	8

TPD cover with superannuation ownership	8

In-built policy features	8

Optional benefits (as selected)	9

Zurich Income Safeguard (non-super ownership)	10

Income protection benefits	10

In-built policy provisions	13

Optional benefits (as selected)	13

Zurich Income Safeguard (superannuation ownership)	13

Zurich Income Safeguard policies owned by an SMSF	13

Zurich Income Safeguard policies owned by the trustee of the Zurich Plan	13

Income protection benefits with superannuation ownership	10

In-built policy provisions	16

Optional benefits (as selected)	16

Zurich Business Expenses	18

Ongoing fixed expenses cover	18

Key person replacement cover	18

Business expenses benefits	18

In-built policy provisions	19

Zurich Child Cover	19

Child cover benefits	19

Introduction

This document is designed to provide some product information which may be relevant in your Statement of Advice (‘SOA’) when one or more products are being recommended from the Zurich Wealth Protection product range.

The content and form of the SOA is a matter for you to determine. This document includes information about the Zurich Wealth Protection range that is set out in the 27 September 2021 Zurich Wealth Protection PDS which may be useful to you when preparing a SOA. The text included is suggested text only, and some sections may not be relevant.

You must make a determination about which parts are relevant and whether it is appropriate for inclusion in your SOAs.

Important information

This document is only to be used by licensed financial advisers (‘you’) and does not take into account the personal financial situation, needs or objectives of any person.

This document is provided to assist with your preparation of a Statement of Advice (‘SOA’) by providing text about Zurich Wealth Protection products. Zurich makes no recommendation about whether the products may be appropriate for your clients, or whether the information contained in this document is suitable or appropriate for inclusion in an SOA.

This document is dated 27 September 2021 and is derived from the Zurich Wealth Protection Product Disclosure Statement (‘PDS’) dated 27 September 2021, which should be considered in full before preparing any SOA. This document should not be considered to be a comprehensive statement on any matter and should not be relied on as such. Neither Zurich Australia Limited ABN 92 000 010 195 AFSLN 232510 nor any of its related entities, employees or directors gives any warranty of reliability or accuracy nor accept any responsibility arising in any way including by reason of negligence for errors and omissions. You remain responsible for the content of the SOA.

You should refer to the PDS for further information or to apply for any of the products. The relevant PDS must be provided to your client. Zurich Australia Limited is the issuer of Zurich Wealth Protection.

About Zurich

Zurich Australia is the Australian arm of Zurich Insurance Group (Zurich) – a leading multi-line insurer that serves its customers in global and local markets.

Zurich was founded in the city of Zurich, Switzerland in 1872, where our headquarters remain today. Since then we have applied our expertise and experience to ensuring our customers have the very best protection for the things they value. This is our mission and is at the heart of everything we do.

Our Australian story dates back to 1920, when the Commonwealth General Assurance Corporation Ltd (CGA) was incorporated in New South Wales. In 1961, CGA became part of the Zurich Insurance Group. Since then our Australian business has grown significantly, employing more than 1,000 people across Australia and New Zealand who share our commitment to always placing our customers’ needs at the heart of our business.

On 1 June 2019 ANZ’s life and consumer credit insurance business (OnePath Life) was formally acquired by Zurich Australia. This created one of Australia’s largest life insurers, with a combined Australian heritage of more than 200 years, serving more than two million customers and paying more than $1 billion per annum in claims.

For more information, visit our website, zurich.com

Zurich’s wealth protection solutions

Zurich Australia’s Life Risk business provides choice and flexibility through a suite of award-winning business and personal life risk solutions. Life Risk personal solutions include life, trauma and disability insurance. Zurich Australia is able to draw on its global strength to provide exceptional service and outstanding value, and provide innovative, customer-friendly products.

We’ve made a target market determination for each product in this document. The determination sets out key attributes

of the product, the needs and objectives it is intended to address, eligibility requirements, financial capacity expectations, some key exclusions and how it is to be sold. You can find these documents on our website at zurich.com.au/tmd.

Zurich’s most recent awards for excellence in service and products are listed on the Australian website, zurich.com.au

Generic product benefits

Life insurance

Life insurance (death cover) can help your dependents cope financially after you die. Life insurance pays a lump sum in the event of your death, which can be used to:

pay off the mortgage or any other debts that may affect your family’s financial future

pay for funeral costs

pay for child care or home help to aid the remaining partner

provide a reserve to generate an income stream from the interest earnings and the capital drawdowns should the remaining partner choose not to work.

Total and Permanent Disablement (‘TPD’)

Total and permanent disability insurance can help you cope financially when disabled and unable to work again. TPD insurance pays a lump sum, which you can use to:

pay for disability-related costs, including rehabilitation

pay for changes to your lifestyle, for example, to refit your home

enable your partner to reduce their working hours to look after you or, alternatively, to fund a carer

pay off your mortgage or any other debts you may have

provide a reserve to use as an income replacement.

Trauma

Trauma insurance can help you cope financially with the effects that a trauma event can have on your life. Trauma events include conditions like cancer, heart attack, stroke and coronary bypass surgery. Trauma insurance only pays a benefit if one of the covered conditions in the policy occurs at the specified severity described in the relevant definition.

Trauma insurance pays a lump sum, which you can use to:

pay for expensive recovery costs, including rehabilitation

pay for changes to your lifestyle, for example, refit your home

enable your partner to reduce their working hours to look after you or, alternatively, to fund a carer

pay off your mortgage or any other debts you may have

cover the cost of extra childcare or housekeeping.

Income protection

Income protection insurance can help you cope financially if you lose your income due to sickness or injury. You can cover yourself for up to 70% of your income.

To qualify for a monthly benefit, you must first satisfy the waiting period requirements, which include following the advice and recommended treatment of a medical practitioner. Once the waiting period ends, you’ll become eligible for a monthly benefit.

Income protection insurance pays an income stream, which you can use to:

maintain a regular income stream through sickness and/or injury

retain the ability to pay your mortgage/rent, bills, ongoing normal expenses

provide your partner the benefit of not having to increase their working hours.

Business expenses

Business expenses insurance reimburses ongoing fixed business expenses or the costs to hire a replacement employee while you are disabled due to sickness or injury.

Child cover

Trauma insurance for your children can help you to cope financially with the effects that a traumatic illness or injury suffered by your child can bring on your family.

Child cover pays a lump sum, which you can use to:

take time off work to care for your child

pay for major unplanned medical expenses

make lifestyle changes to support the change in needs.

Superannuation optimiser

Superannuation law imposes restrictions on the payment of benefits from a superannuation fund. Superannuation optimiser allows you to split super and non-super benefits into two related policies – one inside and one outside of superannuation. This allows a mixture of super and non-super benefits to be linked, even though the benefits are provided under two separate policies. Linked cover means a claim payable on one policy will affect the other – as if it were held in one policy.

Zurich LiveWell

LiveWell is an app and innovative digital solution that brings together your physical, mental, financial and social health needs - so you can take charge of keeping yourself healthy.

As a life insured you will be offered the opportunity to opt into the program very soon after your policy commences via email.

By engaging with LiveWell (such as reaching daily step targets with your fitness device) you will be able to earn health points. From there, you can spend your health points on a variety of local and global retailers across a range of retail categories, including Travel and Culture, Sport and Wellness, Home and Family, finally Shopping and Tech.

Features:

Health goal setting

Sleep and exercise activity tracking

Holistic health content

Daily meditations

Trackers including mood and stress

Integrated reward store

Health check-in tools

Benefits:

Track your progress towards holistic wellbeing, with daily movement, sleep, exercise and mindfulness goals.

Set a health goal and track activities to help you make positive lifestyle changes.

Discover tailored content and tips on healthy living across physical, mental, social and financial health

Take control of your health with our check-ins and understand where you may need additional support

Discounts on local and global retailers

Zurich Protection Plus
(non-super ownership)

The Zurich Protection Plus policy offers Death cover, Total and Permanent Disablement (‘TPD’) cover and Trauma cover. Each of these covers is optional. The product includes a range of benefits which are in-built and optional benefits that can be added.

The covers recommended for you are:

Death cover

Total and Permanent Disablement (‘TPD’) cover

Trauma cover

Death cover

The following benefits apply when Death cover is selected:

Death benefit – a lump sum payment on death.

Terminal illness benefit – an advance payment of the Death benefit on diagnosis of a terminal illness.

Advancement for funeral expenses – an advance payment of $15,000 towards funeral expenses.

Accidental injury benefit – an advance payment of part or all of the Death benefit if the life insured suffers a specified accidental injury, eg. loss of the use of a hand or foot.

Future insurability business benefit – ability to increase cover without underwriting if certain business events occur.

TPD cover

The following benefits apply when [Platinum] TPD is selected:

TPD benefit – pays the TPD sum insured if the life insured suffers a permanent disability that meets the selected TPD definition: [own occupation/any occupation/domestic duties/modified TPD]

[not modified TPD] The TPD benefit is also payable if the life insured suffers functional impairment of at least four extended activities of daily living (‘extended ADLs’), suffers permanent and irreversible whole person impairment of at least 60%, or meets the modified TPD definition.

TPD advancement benefit, for specific events – advances a portion of the TPD sum insured if the life insured suffers loss of a hand or foot or loss of sight in one eye.

Funeral benefit – a $5,000 payment on death if death cover is not already selected on the policy.

[Platinum TPD only] Partial impairment benefit – pays part of the TPD sum insured if the life insured suffers functional impairment of two or three extended activities of daily living (‘extended ADLs’).

Trauma cover

The following benefits apply when Trauma [Plus] is selected:

Trauma benefit – a lump sum payment on diagnosis/occurrence of one of the 42 specific covered conditions.

[if Trauma Plus] Partial trauma benefit – a partial advance payment of 20% of the sum insured, up to $100,000 on diagnosis/occurrence of 13 conditions.

Paralysis booster benefit – doubles the benefit payable for paralysis (to a maximum of $2,000,000).

Funeral benefit – a $5,000 payment on death if death cover is not already selected on the policy.

The policy contains the following future-proofing clause, to ensure that the trauma definitions do not become outdated over time: Where the diagnostic techniques used in our trauma condition definitions are impractical to apply or have been superseded due to medical improvements, Zurich will consider other appropriate and medically recognised tests.

In-built policy provisions

The following in-built provisions apply under all Protection Plus policies:

Inflation protection – cover will increase every year unless declined by you, without health assessment.

Financial planning advice – reimburses up to $3,000 for financial advice following a benefit payment. If the Death, Terminal illness, TPD or Trauma benefit has been in place for five years or more, the limit on this benefit increases to $6,000.

Future insurability – increase cover without health assessment on certain life events, eg. marriage or birth of a child.

[cover taken for business purpose] Future insurability for business – increase in death cover if certain business events occur

Accommodation expenses – reimbursement of some travel and accommodation expenses for an immediate family member who travels more than 100km from home to be with the life insured who qualifies for a full benefit,

is confined to bed and requires full-time care.

Interim cover – puts some accident cover in place as soon as cover is applied for.

[not platform] Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continually in force for 12 months before a cover suspension is available.

Optional benefits (as selected)

The following optional extra benefits have been selected:

Business future cover option – increases cover without health evidence each year if certain events occur.

Buy back death option (TPD) – Death cover can be reinstated on the anniversary of the payment of the full TPD benefit.

Buy back death option (Trauma) – Death cover can be reinstated on the anniversary of the payment of the full Trauma benefit.

Buy back TPD option – TPD cover can be reinstated over three years, starting on the first anniversary of the payment of the full Trauma benefit.

Double TPD option – Death cover can be reinstated and premiums waived, following a TPD claim.

Double trauma option – Death cover can be reinstated with premiums waived, following a Trauma claim.

Needlestick cover option – a lump sum payment on occupationally acquired HIV, hepatitis B or C.

Premium waiver option – pays premiums if the life insured is disabled and cannot work.

Trauma reinstatement option – cover can be reinstated (for unrelated conditions) on the anniversary of payment of a Trauma benefit.

More information about these benefits and options, including the full terms and relevant exclusions is available in the Zurich Wealth Protection PDS. Certain terms used have special definitions set out in the PDS.

Zurich Protection Plus
(superannuation ownership)

Zurich Protection Plus policies owned by an SMSF

When a Zurich Protection Plus policy is owned by the trustee of a Self-Managed Superannuation Fund (‘SMSF’), it is held in superannuation and considered a policy with ‘superannuation ownership’.

Protection Plus policies with SMSF ownership offer Death cover and Total and Permanent Disablement (‘TPD’) cover. Each of these covers is optional. A range of in-built benefits are included, and some optional benefits can also be added.

Zurich Protection Plus policies owned by the trustee of the Zurich Plan

When a Zurich Protection Plus policy is owned by the trustee of the Zurich Insurance-only Superannuation Plan, a division of the Aon Master Trust (‘the Zurich Plan’), it is held in superannuation and considered a policy with ‘superannuation ownership’. Once your application has been accepted you will become a member of the Zurich Plan, and have an interest in the Aon Master Trust which comprises only of insurance cover that is supported by a life insurance policy issued by Zurich Australia Limited to the Trustee, Equity Trustees Superannuation Limited. Premiums you pay for the life insurance cover are superannuation contributions.

Protection Plus policies owned by the trustee of the Zurich Plan offer Death cover and Total and Permanent Disablement (‘TPD’) cover. Each of these covers is optional. A range of in-built benefits are included, and some optional benefits can also be added.

Death cover with superannuation ownership

The following benefits apply when Death cover is selected with superannuation ownership:

Death benefit – a lump sum payment on death.

Terminal illness benefit – an advance payment of the Death benefit on diagnosis of a terminal illness.

Accidental injury benefit – an advance payment of part or all of the Death benefit if the life insured suffers a specified accidental injury, eg. loss of the use of a hand or foot.

TPD cover with superannuation ownership

The following benefits apply when TPD cover is selected with superannuation ownership:

TPD benefit – pays the TPD sum insured if the life insured suffers a permanent disability that meets the selected TPD definition: [any occupation/domestic duties/modified TPD]

Financial planning advice – reimburses up to $3,000 for financial advice following a benefit payment. If the TPD benefit has been in place for five years or more, the limit on this benefit increases to $6,000.

Funeral benefit – a $5,000 payment on death if Death cover is not already selected on the policy.

A permanent incapacity restriction will apply to your cover. This means that in addition to the requirements of the TPD definition selected, you must also meet the superannuation definition of permanent incapacity before a payment can be made.

In-built policy features

The following in-built product features apply under all Protection Plus policies with superannuation ownership:

Inflation protection – cover will increase every year, unless declined by you, without health assessment

Future insurability – allows an increase in cover without underwriting on certain life events, eg. marriage or birth of a child

Financial planning advice – reimburses up to $3,000 for financial advice following a benefit payment. If the Death, Terminal illness or TPD benefit has been in place for five years or more, the limit on this benefit increases to $6,000.

Interim cover – puts some accident cover in place as soon as it is applied for, and

[not platform] Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continuously in force for 12 months before a cover suspension is available.

Optional benefits (as selected)

The following optional extra benefits have been selected:

Buy back death option (TPD) – Death cover can be reinstated on the anniversary of the payment of the full TPD benefit.

Double TPD option – Death cover can be reinstated and premiums waived, following a TPD claim.

Premium waiver option – pays premiums if the life insured is disabled and cannot work.

Zurich Income Safeguard
(non-super ownership)

The Zurich Income Safeguard policy pays a monthly benefit if the life insured is unable to work due to sickness or injury and is totally or partially disabled after the waiting period. To qualify for a monthly benefit, the life insured must satisfy the waiting period requirements and, solely due to sickness or injury, must be all of the following:

totally disabled for at least 7 out of 12 consecutive days

totally or partially disabled for the remainder of the waiting period

following the advice and recommended treatment of a medical practitioner.

Provided all claim requirements are met, the Total disability benefit is payable 15 days after the waiting period ends, and monthly thereafter (two weeks in advance and two weeks in arrears). The Partial disability benefit is payable monthly in arrears (calculated using financial information for the month).

Income protection benefits

Total disability benefit:

[for policies with a waiting period of 30, 60 or 90 days]

Totally disabled in the first two years of a claim	Totally disabled after 24 months of total disability benefits, partial disability benefits or a combination of both
A life insured is totally disabled if solely due to sickness or injury they meet all of the following criteria: has no capacity to do each and every important income producing duty of their primary occupation is not working in their primary occupation or in any other gainful occupation is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.	A life insured is totally disabled if solely due to sickness or injury they meet all of the following criteria: is not working has no capacity to do each and every important income producing duty of any gainful occupation they are suited for by education, training, or experience is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

[for policies with a waiting period of 1-year or 2-years]

Totally disabled
A life insured is totally disabled if solely due to sickness or injury they meet all of the following criteria: is not working has no capacity to do each and every important income producing duty of any gainful occupation they are suited for by education, training, or experience is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Partial disability benefit:

[for policies with a waiting period of 30, 60 or 90 days]

Partially disabled in the first two years of a claim	Partially disabled after 24 months of total disability benefits, partial disability benefits or a combination of both
A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work reduced hours or to work the same hours but in a restricted capacity in their primary occupation has no capacity to do each and every important income-producing duty of their primary occupation but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.	A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work in any gainful occupation they are suited for by education, training, or experience, but earnings are reduced has no capacity to do each and every important income-producing duty in any gainful occupation they are suited for by education, training, or experience but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

[for policies with a waiting period of 1-year or 2-years]

Partially disabled
A life insured is partially disabled if solely due to illness or injury if they meet both of the following: The life insured meets either of the following criteria: has capacity to work in any gainful occupation they are suited for by education, training, or experience, but earnings are reduced has no capacity to do each and every important income-producing duty in any gainful occupation they are suited for by education, training, or experience but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Death benefit (while on claim) – a lump sum of four-times the insured monthly benefit is payable on death during a claim. Only one death benefit is payable if the life insured has multiple Zurich income protection policies.

In-built policy provisions

Inflation protection – cover will increase every year, unless declined by you, without health assessment.

Waiver of premium – premiums are waived while a claim is being paid.

Rehabilitation or retraining expenses (paid direct to provider) – pays expenses for a reasonable rehabilitation or retraining program if the monthly benefit is payable.

Waiting period reduction feature – allows for a 1-year or 2-year waiting period to be reduced to a 1-year or 90 day waiting period if the life insured leaves an employer and their salary continuance cover through their employer ends as a result.

Interim cover – puts some accident cover in place as soon as cover is applied for.

[not platform] Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continually in force for 12 months before a cover suspension is available.

Optional benefits (as selected)

Increasing claims option – benefits can increase each year with CPI while on claim.

Super contributions option – cover is available for regular super contributions in addition to the Total or Partial disability benefit, so super savings continue during a claim.

Future insurability option – increase cover without underwriting every year, subject to conditions.

Severity booster option – increases the monthly benefit payable by 20% for specific conditions during the first six months on claim.

More information about these benefits and options, including the full terms and relevant exclusions is available in the Zurich Wealth Protection PDS. Certain terms used have special definitions set out in the PDS.

Zurich Income Safeguard
(superannuation ownership)

When a Zurich Income Safeguard policy is held within superannuation, restrictions apply that are designed to meet the requirements of superannuation law – benefits are payable if you meet the policy conditions and the superannuation definition of temporary incapacity.

Zurich Income Safeguard policies owned by an SMSF

When a Zurich Income Safeguard policy is owned by the trustee of a Self-Managed Superannuation Fund (‘SMSF’), it is held in superannuation and considered a policy with ‘superannuation ownership’.

Zurich Income Safeguard with SMSF ownership pays a monthly benefit if the life insured is unable to work due to sickness or injury and is totally or partially disabled after the waiting period. To qualify for a monthly benefit, the life insured must satisfy the waiting period requirements and, solely due to sickness or injury, must be all of the following:

totally disabled for at least 7 out of 12 consecutive days

totally or partially disabled for the remainder of the waiting period

following the advice and recommended treatment of a medical practitioner.

Provided all claim requirements are met, the Total disability benefit is payable 15 days after the waiting period ends, and monthly thereafter (two weeks in advance and two weeks in arrears). The Partial disability benefit is payable monthly in arrears (calculated using financial information for the month).

Zurich Income Safeguard policies owned by the trustee of the Zurich Plan

When Zurich Income Safeguard is owned by the trustee of the Zurich Insurance-only Superannuation Plan, a division of the Aon Master Trust (‘the Zurich Plan’), it is held in superannuation and considered a policy with ‘superannuation ownership’. Once your application has been accepted you will become a member of the Zurich Plan, and have an interest in the Aon Master Trust which comprises only of insurance cover that is supported by a life insurance policy issued by Zurich Australia Limited to the Trustee, Equity Trustees Superannuation Limited. Premiums you pay for the life insurance cover are superannuation contributions.

Zurich Income Safeguard policies owned by the trustee of the Zurich Plan pay a benefit while you are totally or partially disabled after the waiting period. To qualify for a benefit, the life insured must satisfy the waiting period requirements and, solely due to sickness or injury be all of the following:

totally disabled for at least 7 out of 12 consecutive days

totally or partially disabled for the remainder of the waiting period

following the advice and recommended treatment of a medical practitioner.

Provided all claim requirements are met, the Total disability benefit is payable 15 days after the waiting period ends, and monthly thereafter (two weeks in advance and two weeks in arrears). The Partial disability benefit is payable monthly in arrears (calculated using financial information for the month).

Income protection benefits with superannuation ownership

The following benefits apply when income protection cover is selected with superannuation ownership:

Total disability benefit:

[for policies with a waiting period of 30, 60 or 90 days]

Totally disabled in the first two years of a claim	Totally disabled after 24 months of total disability benefits, partial disability benefits or a combination of both
A life insured is totally disabled if solely due to sickness or injury they meet all the following criteria: has no capacity to do each and every important income producing duty of their primary occupation is not working in their primary occupation or in any other gainful occupation is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.	A life insured is totally disabled if solely due to sickness or injury they meet all of the following criteria: is not working has no capacity to do each and every important income producing duty of any gainful occupation they are suited for by education, training, or experience is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

[for policies with a waiting period of 1-year or 2-years]

Totally disabled
A life insured is totally disabled if solely due to illness or injury they meet all of the following criteria: is not working has no capacity to do each and every important income producing duty of any gainful occupation they are suited for by education, training, or experience is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Partial disability benefit:

[for policies with a waiting period of 30, 60 or 90 days]

Partially disabled in the first two years of a claim	Partially disabled after 24 months of total disability benefits, partial disability benefits or a combination of both
A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work reduced hours or to work the same hours but in a restricted capacity in their primary occupation has no capacity to do each and every important income-producing duty of their primary occupation but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner. is actively participating in a rehabilitation or retraining program.	A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work in any gainful occupation they are suited for by education, training, or experience, but earnings are reduced. has no capacity to do each and every important income-producing duty in any gainful occupation they are suited for by education, training, or experience but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

[for policies with a waiting period of 1 or 2-years]

Partially disabled
A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work in any gainful occupation they are suited for by education, training, or experience, but earnings are reduced has no capacity to do each and every important income-producing duty in any gainful occupation they are suited for by education, training, or experience but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Death benefit (while on claim) – a lump sum of four-times the insured monthly benefit is payable on death during a claim. Only one death benefit is payable if the life insured has multiple Zurich income protection policies.

In-built policy provisions

Inflation protection – cover will increase every year, unless declined by you, without health assessment.

Waiver of premium – premiums are waived while a claim is being paid.

Waiting period reduction feature – allows for a 1-year or 2-year waiting period to be reduced to a 1-year or 90 day waiting period if the life insured leaves an employer and their salary continuance cover through their employer ends as a result.

Interim cover – puts some accident cover in place as soon as cover is applied for.

[not platform] Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continuously in force for 12 months before a cover suspension is available.

Complimentary cover - provides identical benefits and on the same terms as the Zurich Income Safeguard policy, including all the additional benefits, features and selected optional benefits, except that the complimentary cover doesn’t exclude payment of a benefit because the life insured is unemployed when sickness or injury occurs.

Optional benefits (as selected)

Increasing claims option – benefits can increase each year with CPI while on claim.

Super contributions option – cover is available for regular super contributions in addition to the Total or Partial disability benefit, so super savings continue during a claim

Future insurability option – allows an increase in cover without underwriting every year.

Severity booster option – increases the monthly benefit payable by 20% for specific conditions during the first six months on claim.

Benefits are subject to satisfying a ‘condition of release’ under superannuation law. The total benefit may also be capped if benefits and any ongoing income exceed what the life insured was earning before the disability.

More information about these benefits and options, including the full terms and relevant exclusions is available in the Zurich Wealth Protection PDS. Certain terms used have special definitions set out in the PDS.

Zurich Business Expenses

The Zurich Business Expenses policy helps cover business expenses if the life insured is unable to work due to sickness or injury. It provides a monthly benefit that can reimburse ongoing fixed expenses or the costs to hire a replacement employee while the life insured is disabled due to a sickness or injury. Two cover types are available: ongoing fixed expenses cover or key person replacement cover.

To qualify for a monthly benefit, the life insured must satisfy the waiting period requirements and, solely due to sickness or injury, must be all of the following:

totally disabled for at least 7 out of 12 consecutive days

totally or partially disabled for the remainder of the waiting period

following the advice and recommended treatment of a medical practitioner.

Ongoing fixed expenses cover

The benefit payable in the event of a claim is based on the allowable business expenses incurred each month up to a maximum of the insured monthly benefit. This may include items such as:

rent on a business premises

electricity

rates

Up to 100% of allowable business expenses can be insured at application.

While the benefit payable will never exceed the insured monthly benefit, in some cases it may be less than the insured monthly benefit.

Key person replacement cover

The benefit payable in the event of a claim is based on the key person replacement costs incurred each month to replace the life insured within the business for up to a maximum of the insured monthly benefit.

This means that in any given month, if no key person replacement costs are incurred, then no benefit will be payable for that month.

Up to 75% of key person replacement costs can be insured at application.

While the benefit payable will never exceed the insured monthly benefit, in some cases it may be less than the insured monthly benefit.

Business expenses benefits

The Zurich Business Expenses policy pays a monthly benefit if the life insured is unable to work due to sickness or injury and is totally or partially disabled after the waiting period. To qualify for a monthly benefit, the life insured must satisfy the waiting period requirements and, solely due to sickness or injury, must be all of the following:

totally disabled for at least 7 out of 12 consecutive days

totally or partially disabled for the remainder of the waiting period

following the advice and recommended treatment of a medical practitioner.

The total disability benefit is paid 15 days after the waiting period ends, provided claim requirements are met, and monthly after that. Benefits for total and partial disability are paid in arrears since we need evidence of expenses or income in the relevant month to work out the benefit amount.

Total disability benefit:

The total disability benefit payable for each month you qualify for a benefit because the life insured is totally disabled, is the business expenses benefit amount, reduced by any offsets that apply.

Totally disabled
A life insured is totally disabled if solely due to sickness or injury they meet all the following criteria: has no capacity to do each and every important income producing duty of their primary occupation is not working in their primary occupation or in any other gainful occupation is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Partial disability benefit:

A proportion of the total disability benefit is payable if the life insured is partially disabled after the waiting period.

Partially disabled
A life insured is partially disabled if solely due to sickness or injury they meet both of the following: The life insured meets either of the following criteria: has capacity to work reduced hours or to work the same hours but in a restricted capacity in their primary occupation has no capacity to do each and every important income-producing duty of their primary occupation but does not meet the total disability definition. And the life insured meets all of the following criteria: has a monthly income that is at least 15% lower than pre-claim earnings is following the advice and recommended treatment of a medical practitioner is actively participating in a rehabilitation or retraining program.

Death benefit (while on claim) – a lump sum of four times the insured monthly benefit is payable on death during a claim.

In-built policy provisions

Inflation protection – cover will increase every year, unless declined by you, without health assessment.

Future insurability – allows an increase in cover without underwriting every year.

Waiver of premium – premiums are waived while a claim is being paid.

Interim cover – puts some accident cover in place as soon as cover is applied for.

Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continuously in force for 12 months before a cover suspension is available.

More information about these benefits and options, including the full terms and relevant exclusions is available in the Zurich Wealth Protection PDS. Certain terms used have special definitions set out in the PDS.

Zurich Child Cover

The Zurich Child Cover policy pays a range of benefits on the serious illness of your children.

Child cover provides a lump sum payment if your child suffers one of the insured trauma conditions covered by the policy. The payment could be used to cover additional unexpected expenses as a result of the sickness or injury, or provide funds to allow you or your partner to take time off work to care for your child while they are unwell.

Child cover benefits

Trauma benefit – pays the Child cover benefit amount if an insured child suffers one of the 18 insured trauma conditions.

Injury advancement benefit – an advance payment of $10,000 is payable if an insured child suffers loss of a hand or foot or sight in one eye or a severe accident or illness requiring intensive care (with mechanical ventilation for 10 consecutive days).

[for benefits of $200,000 or more] Carer benefit – a monthly carer benefit of $5,000 is payable if you or your partner have to stop full-time paid employment to care for an insured child at home (unless a Trauma benefit is payable).

Death & terminal illness benefit – pays up to $200,000 on the death or terminal illness of an insured child.

In-built policy provisions

Inflation protection – cover will increase every year, unless declines by you, without health assessment

Cover increase provision – the sum insured can be increased by $10,000 on each insured child’s 6th, 10th and 14th birthdays, without health assessment within 30 days of any of the specified birthdays.

Continuation of cover – allows the insured child to convert the policy to an adult policy without the assessment of health once they reach the age of 15.

Interim cover – puts some accident cover in place as soon as cover is applied for.

Cover suspension – allows a break in cover of any number of months, up to 12 months over the life of the policy, to ease financial pressure. The policy must be continuously in force for 12 months before a cover suspension

is available.

More information about these benefits and options, including the full terms and relevant exclusions is available in the Zurich Wealth Protection PDS. Certain terms used have special definitions set out in the PDS.

ZU23957 - V4 09/21 - DARN-019376-2022 Zurich Australia Limited

ABN 92 000 010 195, AFSLN 232510

Page 20 of 19 Zurich Customer Care: 131 551 Email: client.service@zurich.com.au Website: zurich.com.au