Zurich has made several changes to its mortgage and family protection policies to give customers greater choice and flexibility.
There is a new option to select critical illness at a lower level than the life cover also offered within the plan. This means customers with limited budgets can protect their mortgage against the risk of death while also retaining an element of critical illness cover.
Zurich has also increased its non-medical underwriting limits and has increased the maximum sum assured for CI for personal and business cover to £1.5m and £2m respectively. The total and permanent disability cover available under CI is now available on an ‘own occupation’ basis.
Zurich said it has re-priced its term assurance and CI cover and its integrated income protection (IP) benefit, which can be selected alongside life cover, life and earlier CI cover and standalone CI cover. It claimed that when purchased with either of the CI benefits, the cost of the integrated IP is up to 30% cheaper than when purchased with life cover.
Other changes include offering customers free cover for whole of life plans being used for inheritance tax mitigation purposes. If the customer dies during the free cover period, a cash sum of up to £1m would be paid out.
Peter Hamilton, Zurich UK Life's protection management director, said: "Mortgage and family protection are currently the most challenging areas of business for many advisers, which we are keen to support with these latest enhancements. In particular, we have focused our price-sharpening on our integrated IP benefit and we hope intermediaries will find this an attractive alternative to standalone IP, especially where budgets are tight."