Zurich has launched two new products for the mortgage and personal protection markets.
Decreasing Mortgage Cover and Level Protection Plan - offer a number of combinations of cover, including integrated income protection, also known as Payment Protection Benefit (PPB). This benefit can be selected alongside life cover, life and earlier critical illness cover and standalone critical illness cover. When purchased with either of the critical illness benefits the cost of PPB is up to 30% cheaper than when purchased with life cover.
A choice of guaranteed or reviewable premium is also now available for a number of the benefit combinations.
Other available options within the policies include:
- Joint life separation option ñ enabling both parties to take out mortgage cover without underwriting on a separation
- Cover for children if they suffer a critical illness
- A wide range of Guaranteed Insurability options linked to existing policy conditions
- A comprehensive list of Critical Illness conditions
- A range of trust options and guides
- A wide range of indexation options
Zurich is also offering a unique free cover arrangement for mortgage business, between exchange of contracts and mortgage completion. While customers are covered if they die, become critically ill or cannot work, Zurich will not change the original terms offered even if there is a change in health that does not give rise to an immediate payment during the free cover period.
Zurich is also introducing a new online processing system for protection business, making it easier for advisers to submit new business and ensuring business is processed as quickly as possible.
Both plans are designed to provide individuals with a cash sum in the event of death, terminal illness or critical illness, or an income if they cannot carry out their own occupation Integrated income protection allows a mortgage customer to be fully protected against the typical critical illnesses, but also those conditions which are not covered by a critical illness plan such as stress and musculoskeletal conditions.