An Update from Zurich about Insurance Premiums

In the dynamic landscape of insurance, staying informed about policy updates and market trends is essential for ensuring comprehensive coverage tailored to individual needs. At BW Private Wealth, we understand the importance of regularly reviewing insurance policies to safeguard our clients’ financial well-being. Today, we bring you a vital update from Zurich.

Zurich has announced a pricing change for existing customers. Zurich’s decision to review premiums ensures that they accurately reflect the claims experience and the true cost of providing essential protection. While these changes are necessary for the long-term sustainability of the offerings, we understand that they may raise questions among policyholders.

Here’s a breakdown of the pricing changes for existing customers:

Total and Permanent Disability (TPD):

Policies written prior to December 21, 2015, will see a 20% increase in premiums (stepped and level).

Policies written between December 21, 2015, and May 6, 2023, will experience a 25% increase in premiums (stepped and level).

Income Protection:

Wealth Protection and Active Income Protection policies written between December 21, 2015, and September 26, 2021, will witness a 10% increase in premiums (stepped and level).

FutureWise, including SuperProtector Income Protection, will also see a 10% increase in premiums (stepped and level).

Death Cover:

Wealth Protection death premiums will increment by 5% per year from age 80 onwards.

It’s essential to note that these increases are in addition to age and CPI adjustments.

As trusted financial advisors, we encourage our clients to reach out to us to discuss these changes and ensure their insurance coverage aligns with their evolving needs. Our team is dedicated to providing personalised guidance and support, helping you navigate the complexities of insurance with confidence.

For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds

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