Affordability
Find out how you can make insurance more affordable
These two customer recognise the value of insurance and understand how vital it is to financial security. However, cost of living pressures are a concern. Explore how they can make insurance more affordable.
Meet Brian
Brian is married to Amy. They are busy bringing up their 12 and 10 year old children.
Their combined salaries adequately service the cost of school fees, sporting activities and hobbies, their mortgage and an annual holiday. However, cost of living pressures are creating some financial stress for the couple. Brian is reviewing their budget for places to reduce expenses.
Brian has multiple life insurance policies. They recognise the value of insurance and understands how vital it is for his families financial security and wellbeing. They also know how crucial it is in the current economic environment.
Brian wants to keep his insurance, but is looking for a way to reduce his premium.
| Gender | Male |
|---|---|
| Smoker Status | Smoker |
| State | ACT |
| Age next birthday | 45 |
| Occupation | Accountant |
| Cover | Non Super |
| Premium frequency | Monthly |
| Premium type | Variable age-stepped |
| Term | $1,250,000 |
|---|---|
| TPD (Non Linked) | $750,000 |
| Trauma (Non Linked) | $250,000 |
| TPD definition | Own |
| Trauma level | Platinum |
| Income Protection (IP) | $8,000 |
| IP Type | Agreed Value |
| IP Benefit perod | To age 65 |
| IP waiting period | 30 days |
| IP level | Plus |
Meet Priyanka
Priyanka and her partner Jana, have just become a family. Jana is taking extended maternity leave to care for their first child.
Priyanka’s modest salary adequately services their mortgage and day to day expenses. However, the cost of living increases are a serious concern for the couple. On a single income they are looking for ways to reduce expenses.
Priyanka has multiple life insurance policies. She recognises the value of insurance and understands how vital it is for her families financial security and wellbeing. They also know how crucial it is in the current economic environment.
Priyanka wants to keep her insurance, but is looking for a way to reduce her premium.
| Gender | Female |
|---|---|
| Smoker Status | Smoker |
| State | ACT |
| Age next birthday | 40 |
| Occupation | Teacher |
| Cover | Non Super |
| Premium frequency | Monthly |
| Premium type | Variable age-stepped |
| Term | $1,250,000 |
|---|---|
| TPD (Non Linked) | $750,000 |
| Trauma (Non Linked) | $250,000 |
| TPD definition | Own |
| Trauma level | Platinum |
| Income Protection (IP) | $8,000 |
| IP Type | Agreed Value |
| IP Benefit perod | To age 65 |
| IP waiting period | 30 days |
| IP level | Plus |
This information is dated May 2023 and may be subject to change. This case study is for illustrative purposes only and based on the scenario described - actual policy options vary depending on the product type held and premium reductions will vary depending on the specific circumstances of each individual case. Zurich life insurance products are issued by Zurich Australia Limited ABN 92 000 010 195, AFL 232510. The information is a summary only and there are relevant conditions and exclusions that are explained in the Product Disclosure Statement (PDS).
This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate, having regard to your objectives, financial situation and needs, and consider the Product Disclosure Statement and Policy Terms (PDS) before deciding whether to acquire, or to continue to hold, the product. Please visit zurich.com.au for a copy of the PDS.
If you’re concerned about your premium, please talk to your financial adviser. They can work with you to see if it makes sense for you to adjust your cover.
Additionally, you can contact us. While we can’t talk to you about your personal circumstances in the same way your adviser can, we can talk to you about your policy, and the options available under your policy.
If you Need help finding an adviser?
Zurich provides a free service that can connect you to an independent financial adviser:
Financial Advice Association Australia (FAAA)
ASIC’s MoneySmart website also has valuable information on what to look for when choosing a financial adviser.
Or contact us
Call 131 551
Monday-Thursday: 8.30am – 7.00pm
Friday: 8.30am – 5.30pm
Email: client.service@zurich.com.au