Your cover is designed to reduce financial hardship for you and your loved ones, so it’s probably not something you should consider removing from the budget when cutting costs.
However, we know every dollar is important. So we’ve compiled a range of options to help you fine tune your cover to reduce cost and make your premium more affordable.
It is important to understand that some changes, will mean you’re generally covered for less, so these options require careful consideration.
These include:
- Decrease your ‘sum insured’ - If your debt or protection needs have reduced, you might make the decision to decrease your cover which will reduce your premium.
- Increase the ‘waiting period’ - If you have, as part of an Income Protection policy, you can reduce the cost of your premium by increasing the waiting period of receiving an ongoing benefit, should you have a claimable event. This in turn, reduces your premium.
- Decrease your ‘benefit period’ Depending on the options you have nominated on an Income Protection policy, you may be able nominate to receive a benefit. If you nominate to receive a benefit for a shorter amount of time should you have a claimable event. This will also reduce the premium you pay on Income Protection.
- Pay annually and receive a 5.7% discount on your premiums.
- Review your cover for any changes to your health - Have you changed jobs recently? Given up smoking or made any improvements to your lifestyle? Your job and lifestyle can impact your premium. It might be worth checking in with us to see if any changes to your lifestyle or job will have an impact to your premium amount (changes can be subject to underwriting).
- Decline or adjust Consumer Price Indexation option (CPI) - To help protect your sum insured from the impact of inflation, your cover comes with inflation protection. If minimising the cost of cover is a priority for you, you can elect to decline or even adjust the amount of CPI applied to your policy. This is something that you can easily do through My Zurich when you hit your anniversary period.
To find out how you can Control Your Cover, explore our life insurance resources, answer two simple questions and we’ll show you how people like you saved on their life insurance premiums.