18 October 2006. Zurich is enhancing its existing whole of life proposition with the introduction of a new guaranteed Adaptable Life Plan, in response to growing demand from intermediaries and their clients.
The new Guaranteed plan provides clients with the choice of guaranteed premiums which complements the existing Reviewable premiums currently offered by the Reviewable Zurich Adaptable Life Plan (ZALP).
Available from the 16th October, the introduction of Guaranteed premiums is designed to provide advisers and their clients with greater flexibility and choice when considering suitable life cover, whether for personal or business related needs.
Commenting on the new initiative, Peter Hamilton, Zurich's Protection Management Director comments: 'Inheritance Tax is in the public consciousness as never before. There are various ways to mitigate potential IHT liability, but for some, ensuring funds are available to pay the tax will be the most appropriate route. A whole of life plan with the right trust advice can be a powerful solution.
The addition of the guaranteed rates alongside our existing reviewable rates will provide customers with greater choice based on their individual needs, as protection becomes an increasingly important area of the financial planning process".
Key Benefits of ZALP - Guaranteed version
· Available as Single Life, Joint Life First Death cover or Joint Life Second Death
· Indexation options.
· Waiver of payment facility.
· Special event benefit, including the opportunity to increase the sum assured free of underwriting where the customers liability to Inheritance Tax has increased.
· Terminal illness benefit.
· Access to large case underwriting service.
· Choice of absolute or discretionary trust.
Product specification
· Maximum of two lives assured.
· Minimum contributions - £16 per month
· Minimum age - 16 yrs
· Maximum age - 69 yrs (joint life cover), 83 yrs (single life)
· Monthly and annual payments available
Zurich's latest offering is designed to demonstrate Zurich's commitment to offering intermediaries and their customers solutions that respond to the changing world we live in.
Concludes Hamilton, "We are committed to helping advisers better serve the protection needs of their customers. Our new, competitive guaranteed rates provide greater choice. We recognise that many clients in this market will be older and applying for high sums assured, and so we have a dedicated 'large case underwriting team' with many years experience of processing this kind of business.
We also understand the importance of technical support in this market, and will be running a series of seminars in November looking at opportunities in the Inheritance Tax market and the changes coming out of this years Finance Act".
For information, please contact:Sara Lister, Senior Media Relations Consultant on 01793 503810 or 07875 885161
Notes to Editors
1. Advisers wishing to attend the forthcoming seminars should contact their local Zurich representative by calling 0500 546546.
2. For more information on ZALP, contact your Zurich representative or visit:
https://www.zurich.co.uk/zurichintermediary/protection/external/home/newse.htm
3. Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries
