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Zurich Australia launches new TPD option

1 October 2024

Zurich Financial Services Australia (Zurich) today announced the launch of a new, industry-first Total and Permanent Disability (TPD) offering designed specifically to cover ongoing care requirements in the event of a severe accident or illness.

TPD cover provides a lump sum payment if an individual becomes totally and permanently disabled and is unable to work.

Zurich’s new ‘Continuous Care’ option allows for a more tailored TPD solution by providing specific cover in the event of more severe accident or illness that requires ongoing support from a carer – whether provided by a professional or a family member – and/or modification of an individual’s home or vehicle.

‘Continuous Care’ is designed to improve the affordability of traditional TPD products by allowing individuals to better structure their cover to meet their financial needs.

Jacqui Lennon, Head of Retail at Zurich said: “Advancements in modern medicine, paired with significant changes to the makeup of Australia’s workforce, have led to almost 80 per cent of Zurich TPD claims* not requiring ongoing, continuous care.”

“This landscape shift, paired with cost-of-living pressures, has created the need for a modern TPD solution that provides customers with more control over the structure and affordability of their cover,” Ms Lennon said.

The launch of ‘Continuous Care’ comes as part of a broader suite of changes to TPD and Income Protection products across the Zurich and OnePath brands, including: changes to assessment periods; improved rehabilitation offerings; and simplification of definitions and premium labels.

More information on Continuous Care can be found online: www.zurich.com.au/continuouscare

-ENDS-

 

 

*Based on a representative sample of Zurich TPD claims made between 2022 and 2024

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.