Launch is part of protection product range overhaul
11 October 2002 - Zurich Financial Services is today launching its newly created High Cover protection products for distribution through the Zurich Advice Network, offering customers the most competitive first year rates on the market. The new High Cover Lifestyle, which incorporates term critical illness cover and optional life cover, is an annually reviewable plan with initial premiums that Zurich believes are the best on the market. At the same time it is launching a High Cover version of its Adaptable Term Plan, together with a new product, Mortgage and Family Protector.
Peter Kelly, Protection Solutions Director, Zurich Financial Services, said: "We wanted to give our customers the best initial rates and greater flexibility. We have built upon our standard life and critical illness products by creating High Cover options. We now offer a stepped approach ensuring the best critical illness protection at the best initial rates."
Typically the premiums for the standalone critical illness cover are significantly lower than competitor alternatives, hence the benefits of full protection are available at new reduced initial costs.*
Also, as an addition to the range, the Mortgage and Family Protector, which includes the three elements of life cover, critical illness and income protection, has been launched. The product enables ZFS to provide customers with as wide a choice as possible whether they have some existing cover or not. The plans can be used to tailor a solution for both customers with no cover or as a top-up for existing cover.
Peter Kelly continues: "The Mortgage and Family Protector offers a package of benefits we have not previously combined in one plan and is ideal for people without existing protection. In the past, customers have had to prioritise between life cover, critical illness cover and income protection and have usually ended up gambling upon which event will happen first. With the Mortgage and Family Protector we can offer cover for all three needs, with equal importance, at a price that the customer can afford."
Key features of the high cover product range include:
- the opportunity to have very low initial premiums and to increase them as affordability improves
- just pay for this year's cover, with customers paying competitive prices for the cover at the time
- a streamlined process making it simpler and quicker for customers who only want to talk about their protection needs just to confirm their requirements. In the case of the Mortgage and Family Protector, the process will establish the customer needs and attitudes towards all three types of cover (life, critical illness and income protection)
- the option to get "top up" cover, whilst still using the same, simplified process
- the assurance that it is simple and safe, with the outcome covered by the Zurich Advice Network guarantee
The full range of Term Protection products is available via the Zurich Advice Network.
- ends -
Notes to editors:
* An example of the competitive rates that Allied Dunbar offers is evident below: Monthly costs for £100,000 cover, for a non-smoking 30 year old over a 25 year term;
Standalone critical illness
| (£) Male single life |
(£) Joint life |
| Allied Dunbar High Cover first year premium |
12.10 |
24.60 |
| Swiss Life |
17.26 |
36.66 |
| Legal & General |
20.10 |
36.17 |
| |
| Critical illness and life |
| |
| Allied Dunbar High Cover first year premium |
14.00 |
27.80 |
| Swiss Life |
20.61 |
39.32 |
| Legal & General |
20.30 |
36.49 |
The Zurich Financial Services Group is an insurance-based financial services provider that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs well over 70,000 people.
Zurich Financial Services, (UKISA) is part of the Zurich Financial Services Group and comprises the Group's operations in the UK, Ireland and International Businesses.
For more information contact:
Erica Harper, Zurich Financial Services 01793 503 969
