Life Insurance documents, forms and updates

This information replaces the table set out on page 80 under the heading “Management fees and stamp duty apply” of the Zurich Wealth Protection PDS, dated 1 October 2024.

From 1 March 2025, the management fees will be indexed in line with the change in the consumer price index. The new management fee is based on the annual percentage change in CPI published for the most recent December quarter.

The table under the heading “Management fees and stamp duty apply” is replaced with:

A new pricing option for variable age-stepped premium type will be available for selection.

The following information replaces the last dot point under the heading “We calculate your initial premium based on the life insured and the cover you select” set out on page 78 of the Zurich Wealth Protection PDS dated 1 October 2024. This section explains that we calculate the premium based on several factors. The last dot point: “the period of time since health, financial and occupational assessment” is replaced with:

• the period of time since health, financial and occupational assessment for variable age-stepped premium. There are two options available as to how this will be priced into your premiums, which must be chosen at application and cannot be changed after the policy starts:
  • Lower upfront pricing(standard) – Premiums are lower in the initial years compared to the Flatter pricing option.
  • Flatter pricing – Premiums are initially higher compared to the Lower upfront pricing (standard) option. Premiums will generally be lower than the Lower upfront pricing (standard) option after the 4^th or 5^th policy anniversary. If Flatter pricing is selected this will be shown on your policy schedule.

A new pricing option for variable age-stepped premium in Income Protection will be available for selection.

The following information replaces the last dot point under the heading “We calculate your initial premium based on the life insured and the cover you select” set out on page 66 of the Zurich Active PDS dated 1 October 2024. This section explains that we calculate the premium based on several factors. The last dot point: “the period of time since health, financial, and occupational assessment (for Income benefits on variable age-stepped only)” is replaced with:

• the period of time since health, financial, and occupational assessment for Income benefits on variable age-stepped premiums. There are two options available as to how this will be priced into your premiums, which must be chosen at application and cannot be changed after the policy starts:
  • Lower upfront pricing (standard) – Premiums are lower in the initial years compared to the Flatter pricing option.
  • Flatter pricing – Premiums are initially higher compared to the Lower upfront pricing (standard) option. Premiums will generally be lower than the Lower upfront pricing (standard) option after the 4^th or 5^th policy anniversary. If Flatter pricing is selected this will be shown on your policy schedule.

A separate management fee no longer applies to quotes for new insurance cover prepared on or after 24 February 2024. Policies replacing existing Zurich cover may continue to have a management fee. The premium illustration available from your financial adviser before you apply for cover, and your policy schedule, will show any applicable management fees and the total premium for the first year.

Where applicable the management fee amounts are being indexed in line with CPI effective 1 March 2024.

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This information replaces the information set out under the heading ‘Management fees and stamp duty apply’ on page 74 of the Zurich Wealth Protection PDS, dated 27 September 2021.

Management fees may apply to your policy. The management fee contributes to the cost of managing the policy. The premium illustration available from your financial adviser before you apply for cover, and your policy schedule, will show any applicable management fees. If we increase the management fee (other than fee indexation which is explained below the table) we’ll tell you about the change at least 30 days before it takes effect.

 The fee payable depends on your selected premium payment frequency, as shown below.

Our published management fee changes each year on 1 March, in line with any change in the consumer price index (CPI). The new management fee is based on the annual percentage change in CPI published for the most recent December quarter. We’ll confirm the fee each year when we send you a policy anniversary notice. You can also find updated management fees on our website, at zurich.com.au.

Stamp duty is a government charge

State governments impose stamp duty on life insurance policies and those duties vary from state to state. Any stamp duty that applies is included in the cost of your policy, generally as a separately stated amount. If changes in the law or a change in the life insured’s residency result in a higher rate of stamp duty, the extra duty will be added to your premium or deducted from insurance benefits.

Other charges may apply

Goods and Services Tax (GST) isn’t currently payable on insurance premiums for the policies described in this document. Direct debits from your financial institution may incur an extra fee, charged by your financial institution.

PKEU-021757-2024

As part of our commitment to providing you with the highest standards of service, we have adopted the Life Insurance Code of Practice (the code). If you would like more information about the Code, please visit our website at zurich.com.au/licop.

The following information replaces the information set out on page 3 of the Zurich Wealth Protection PDS dated 27 September 2021 in its entirety.

Life Insurance Code of Practice (Code) We are committed to following the Life Insurance Code of Practice (the Code) and have adopted all of its requirements. The Code sets out insurer’s obligations to consumers during all stages of the life insurance process including: When you buy a policy, make a claim or deal with us; and When we deal with claims, complaints and requests for information; and When we help you if you experience financial hardship or need extra support. As a subscriber to the Code, we make a number of key promises to consumers, including commitments to be honest, respectful and clear in all our interactions and communications. The Code also requires us to be fair, timely, transparent and accountable when providing services. Specific trauma definitions apply to the first $2 million of any trauma cover issued on or after 1 July 2017, which is when the Code began. At claim time, where there is a trauma definition in the Code for your trauma condition, we’ll assess your claim against both the: definition in our PDS corresponding medical definition in the Code that is current when the insured event occurs. You’ll qualify for a benefit if the life insured meets either of the definitions. The Code Compliance Committee will regularly review the specific trauma definitions in the code. We’ll automatically apply updated definitions to your policy once they are part of the Code.  If you would like more information about the Code, please visit our website at zurich.com.au/licop. KMUY-019771-2023

 

As part of our commitment to providing you with the highest standards of service, we have adopted the Life Insurance Code of Practice (the code). If you would like more information about the Code, please visit our website at zurich.com.au/licop.

The following information replaces the information set out on page 3 of the Zurich Active PDS dated 27 September 2021 in its entirety.

Life Insurance Code of Practice (Code) We are committed to following the Life Insurance Code of Practice (the Code) and have adopted all of its requirements. The Code sets out insurer’s obligations to consumers during all stages of the life insurance process including: When you buy a policy, make a claim or deal with us; and When we deal with claims, complaints and requests for information; and When we help you if you experience financial hardship or need extra support. As a subscriber to the Code, we make a number of key promises to consumers, including commitments to be honest, respectful and clear in all our interactions and communications. The Code also requires us to be fair, timely, transparent and accountable when providing services. If you would like more information about the Code, please visit our website at zurich.com.au/licop. KMUY-019771-2023

This information updates the information set out on page 77 of the Zurich Active PDS, dated 27 September 2021.

The example in the section "Funding for time off or the cost of treatment" for Sarah incorrectly states that the claim protector feature could pay a benefit for terminal illness or death at the end of the example. In accordance with the policy conditions for the claims protector feature (on page 26 of the PDS), the feature does not apply to death or terminal illness cover. The example is replaced with the following example:

Sarah has a Zurich Active Cover policy with an initial amount of cover of $600,000. Like Anil, Sarah took Active Cover because she wanted to cover against unexpected health concerns. Four years after taking out her policy, Sarah is diagnosed with gastrointestinal disease. Sarah experiences some very severe symptoms and has two stints in hospital. As Sarah’s condition is a defined health event under her policy (Digestive system table, category B: gastrointestinal disease, evidenced by...), we’ll pay the category B benefit of $390,000 (65%). Sarah’s cover is reduced to reflect the claim. Her maximum amount payable for any future claim is then $210,000. Two years later, Sarah’s condition deteriorates, and she meets a more severe category A definition of the same condition. We’ll pay the difference between the benefit categories for the two events, which is the maximum benefit amount of $210,000 (100%-65%). Sarah’s claim will reduce the cover to nil, making it less than the protected amount of $150,000 (25% of the initial amount of cover). Although Sarah is now seriously ill, she’s not yet 65, so the claim protector will kick in 14 days after her claim. Even though she’s been paid $600,000 under the policy, she has a new maximum amount payable of $150,000 in place. That cover can be claimed for an unrelated future health event.

The same correction applies for the information set out on page 77 of the Zurich Active PDS, dated 29 March 2021 (supplemented 4 May 2021).

DARN-018941-2022

This information updates the information set out on page 74 of the Zurich Wealth Protection PDS, dated 27 September 2021.

The amounts set out in the PDS were current up to 27 September 2021 and subsequently updated on the Zurich website on

1 March 2022. From 1 March 2023, the management fees will be indexed in line with the change in the consumer price index.

The new management fees are as follows:

Premium frequency	Management fee payable	Annual equivalent
Monthly	$11.02	$132.24
Quarterly	$33.01	$132.24
Half-yearly	$55.04	$110.08
Yearly	$110.07	$110.07

The management fees in the table apply for new policies from 1 March 2023 until 29 February 2024. Our published management fee changes each year on 1 March, in line with any change in the consumer price index (CPI). The new management fee is based on the annual percentage change in CPI published for the most recent December quarter.

If there is no PDS issued on 1 March in any year, we will advise the updated policy fees on our website, zurich.com.au

MMEA-019511-2023 

Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 has re-located its head office.

All references to “5 Blue Street North Sydney NSW 2060” in the following PDSs are replaced with “118 Mount Street North Sydney NSW 2060”:

• Zurich Ezicover Income Protection, with issue date 27 May 2019
• Zurich Ezicover Life Insurance, with issue date 1 November 2018
• Zurich FutureWise, with issue date 1 October 2016
• Zurich FutureWise (Supplementary PDS), with issue date 27 May 2019
• Zurich Insurance-only Superannuation Plan, with issue date 27 May 2019
• Zurich Superannuation Plan and Zurich Account-Based Pension, with issue date 1 July 2019
• Zurich Superannuation Plan Optional Protection Benefits, with issue date 1 July 2019

Contact details in the above documents are otherwise unchanged, including the postal address: Locked bag 994 North Sydney NSW 2059.

MMEA-016261-2020

The Zurich Wealth Protection Financial planning advice reimbursement benefit will continue to be a ‘standard built-in benefit’ of the product and be payable in the circumstances described in the PDS.  For applications for a Zurich Wealth Protection policy to be issued into the Zurich Insurance-only Superannuation Plan of the Aon Master Trust made from 18 December 2017, the benefit will not form part of the main policy contract terms.  Instead it will be provided under a separate insurance certificate, made by Zurich directly to the Life Insured.

Insurance Certificate from Zurich Australia Limited Financial planning advice reimbursement benefit for Zurich Wealth Protection members of the Zurich Insurance-only Superannuation Plan Zurich Australia Limited (Zurich) undertakes to provide an additional payment to help reimburse the cost of financial planning advice which you or your dependants may take about how to best use a benefit to be paid under a policy held for you by the trustee of the Zurich Insurance-only Superannuation Plan, a division of the Aon Master Trust (Fund).  Zurich will provide the Financial planning Advice Reimbursement Benefit (Benefit) in recognition of your contributions to the Fund, which the Fund trustee will use to pay the premiums for the insured benefits from that Fund that are financed by your policy.  However, the Benefit is not provided by your policy in the Fund, but as an additional payment under this Certificate, that is provided directly to you or your dependants by Zurich. Zurich will require a copy of the Statement of Advice and invoice from a licensed financial planner as proof of the expense before the Benefit can be paid.  This reimbursement is only paid once in respect of each policy held by the Fund trustee for you, is payable directly to the person who incurred the expense and may be split between them where more than one of your dependants takes advice and seeks reimbursement.  The maximum total reimbursement amount was described in the product disclosure statement for your policy.  The Benefit is separate from and replaces of any benefit of this type described in your policy document.

The Zurich Wealth Protection Product Disclosure Statement with issue date of 15 May 2017 (20 April 2017 Preparation Date) is accordingly updated as follows:

1. The heading ‘In built policy provisions’ is replaced with ‘Additional in-built product features’ on pages 6, 7 & 10
2. The following words are added to the explanation of the ‘Financial planning advice’ reimbursement benefit at the foot of page 17. 

This benefit is provided under a separate policy certificate provided by Zurich, and not as part of the Zurich Protection Plus policy contract terms.

The contact number for the Financial Ombudsman Service (FOS) has changed.  The following PDSs are updated to reflect that change:

• Zurich Wealth Protection, with issue date of 15 May 2017
• Zurich Active, with issue date of 15 May 2017
• Zurich Sumo, with issue date of 15 May 2017
• Zurich FutureWise, with issue date of 1 October 2016

The Complaints resolution section on the inside back cover of the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs and on page 60 of the Zurich FutureWise PDS, is updated to include the new free call number, as set out below:

Complaints resolution

If you have a complaint about any product described in this PDS, you should contact Zurich Customer Care on 131 551. We will aim to acknowledge any complaint within 5 days and to resolve your complaint within 45 days. If you are not satisfied with the response you receive from us, or we fail to resolve the complaint within 45 days, you can raise the matter with the Financial Ombudsman Service (FOS). FOS is an independent body designed to help you resolve complaints relating to your Zurich product, as well as complaints relating to financial or investment advice and sales of financial or investment products.

You can contact FOS at GPO Box 3, Melbourne VIC 3001.

The telephone number is: 1800 367 287 (or 1800 FOS AUS) and the email address is: info@fos.org.au.

If you wish to complain about a policy which is held in super, you will need to contact the superannuation fund trustee.

As a member of the Financial Services Council of Australia (the FSC), Zurich is bound by the Life Insurance Code of Practice (the Code) with effect from 1 July 2017. The Code outlines the standards that we are committed to in providing life insurance services to you. The Code can be found at www.fsc.org.au.

This information updates the information set out in the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs, all dated 15 May 2017 and the Zurich FutureWise PDS dated 1 October 2016, but only in relation to the eligible products outlined below.

Announcing our commitment to minimum standard trauma definitions for policies issued from 1 July 2017

As part of our commitment to the Code, Zurich is pleased to be able to provide policyholders with even greater certainty about the strength of their trauma insurance definitions.

In order to create a minimum standard across the market for the most commonly claimed trauma conditions, the Code now sets out minimum standard trauma definitions for the following three conditions:

• cancer – excluding specified early stage cancers
• heart attack – with evidence of severe heart muscle damage
• stroke – in the brain resulting in specified permanent impairment.

At claim time, where there is a minimum standard trauma definition in the Code for your trauma condition, we will assess your claim against:

• the applicable definition in our PDS and
• the corresponding minimum standard medical definition in the Code that is current at the time of the insured event

so that you get the better of the two definitions.

The definitions for these conditions have been incorporated into the Code, and can be found on the FSC website www.fsc.org.au.  The definitions will be regularly reviewed and updated as necessary to ensure that any required tests, treatments and grading systems are aligned with up-to-date medical practice in Australia.  Any updated definitions will automatically apply once they are adopted into the Code.

Eligibility

Minimum standard trauma definitions apply to the first $2million of any trauma cover issued under Zurich Protection Plus and Zurich Child Cover (Wealth Protection), Zurich Child Cover (Active), Zurich Life Insurance (Sumo) and Zurich Trauma Insurance (FutureWise) on or after 1 July 2017.  They specifically do not apply to health events cover issued under Zurich Active, which provides tiered benefits for health events and is structured differently to trauma cover.  Minimum standard trauma definitions also do not apply to any trauma cover issued as part of an income protection policy.