Zurich Income Protection Insurance
Compare Zurich income protection
Considering Zurich income protection insurance? The table below displays a snapshot of Zurich income protection policies on Canstar’s database. These results are based on a 40-49 year-old non-smoking male in a white collar occupation.
Click here to compare more policies based on your circumstances.
What income protection does Zurich offer?
Zurich offers one income protection product – Ezicover Income Protection – which has two cover options: Sickness & Injury Cover, and Injury Only Cover. The two levels of cover are quite similar, however Sickness & Injury Cover offers additional cover for circumstances in which you are unable to work due to illness. If you are ineligible for Sickness & Injury Cover, you may still be eligible for Injury Only cover.
What features does Zurich income protection offer?
As a provider of income protection, Zurich offers the following features:
- A maximum benefit period of 5 years
- A maximum monthly benefit of $12,000
- A maximum entry age of 60
- A 5% discount if you also hold an Ezicover Life Insurance policy
- A 30 day cooling off period
- Worldwide cover 24/7, except in countries which the Australian government has advised against travelling to
What does Zurich income protection cost?
The cost of your income protection insurance will vary depending on several different factors such as:
- Your age and gender
- Benefit period and waiting period
You can get a quote for Zurich income on its website before applying to see what you might need to pay.
In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.
The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.
Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.
Zurich advises that its income protection insurance premiums are “generally tax deductible”
Lodging a claim for income protection with Zurich can be a straightforward process if you have your policy number and details of your condition on hand.
Zurich advises that in order to make a claim with them, you should:
- Call them on 131 551 to receive a claim form
- Complete and sign the form(s)
- Post, fax, or email your signed forms to Zurich – their address details can be found on the Zurich website
You can apply for Zurich income protection after comparing your options in Canstar’s comparison tables and generating a quote on Zurich’s website.
Zurich may ask you:
- Your name, date of birth and gender
- Your smoker status
- Your occupation details (salary, how many hours you work etc.)
Zurich’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:
- You must be between 18 and 60 years old
- You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
- You must be either:
- Currently employed in a permanent position and work between 20 and 60 hours a week, or:
- Employed in a non-permanent position or self-employed, and have been working between 20 and 60 hours per week, and with consistent income for at least the last 2 years
Established in Australia in 1961, Zurich is a global company which operates in more than 210 countries and territories. It is an ‘open’ super fund, which means anybody, regardless of occupation or location, can enjoy the member benefits.
Zurich Australia is proud to help people and communities by “providing the knowledge and means to better handle change and risk”. It also partners with the RAISE Foundation, which is an Australian charity that runs youth mentoring programs and aims to make a real impact on young Australian lives.