“Zurich” is an international provider of financial services. The company was founded in 1872 in Switzerland.
The company offers its clients a wide range of services: life and non life insurance, pension plans and investment options.
At the moment the company operates in 4 regions: Europa and Africa, North America, Latin America and Asia Pacific.
“Zurich” hires about 60000 employees in more than 170 countries and has an AA- stable credit rating that indexes that the company is reliable.
The company works with everyone: individuals, small and medium sized companies, global corporations.
Life subdivision of “Zurich” offers 4 life plans: Level Protection Plan, Decreasing Mortgage Cover Plan, Adaptable Life Plan and Income Protection Plan.
Level Protection Plan is designed to protect the family, business and interest only mortgages after the death of the insured person.
The cover of level protection remains constant all the time.
The premiums of this plan are guaranteed never to increase and as a result the person can plan his future financial plans hassle free.
However, the person is left an option to choose reviewable premiums.
This can be a useful option for those people that cannot afford to pay high premiums at the beginning of the contract and know for sure that growing premiums will not create a financial burden for them in the future.
The person has to be aware of the fact that the value of life cover will decrease over time because of inflation.
As a result, it is extremely important to choose an appropriate amount of cover and leave some place for the cover to depreciate.
The plan can include Payment Protection Benefit.
This benefit pays the person monthly income if he is unable to work because of an illness, accident or injury.
What is more, the individual can also buy an option to renew his plan at the end of the term.
This is a great benefit because it guarantees that the person will have an opportunity to prolong his cover and never becomes uninsurable.
What is more, Lifetime Protection benefit can also be purchased. This benefit allows the person to transform his existing level life insurance into a whole of life insurance product and stay insured till the last day of life.
Decreasing Mortgage Cover Plan is designed for people who want to protect their loan or mortgage that is decreasing over time.
Like in the case of Level Protection Plan the person can choose between guaranteed and renewable premiums and purchase Payment Protection Benefit.
This plans offers critical illness cover, life assurance cover and a combination of both.
Life assurance pays out a lump sum of money if the person dies during the term of the policy or is diagnosed with a terminal illness.
However, the illness has to be diagnosed no later than 12 months before the termination of the policy.
Critical illness cover adds more safety to the above described life assurance plan because the individual is also protected from all the illnesses that are defined in the list of critical illnesses.
Adaptable Life Insurance Plans is designed to provide a lifelong protection for people.
The plan lasts until the person dies or until the policyholder stops paying the monthly premiums. The person can choose between guaranteed and renewable premiums.
Like the two above described plans Adaptable Life Plan pays out a lump sum of money if the person dies or is diagnosed with terminal illness.
“Zurich” describes terminal illness as a disease that is incurable and is expected to lead the person to death within the period of 12 months.
Income protection plan offers the policyholder an ability to insure the business or personal income.
This plan promises to pay a predetermined sum of money if the person is unable to work because of an accident or injury.
Moreover, for those people that use Income Protection Plan to insure business activities the plan will make a pay out if one of the key people in that business is unable to work because of serious health issues.
The person that decides to purchase this plan will be asked to choose some conditions of the contract: the amount of benefit that is needed, the time period the benefit should be paid for, the deferred period and the duration of the contract.
The cover of Income Protection Plan can be altered as the time passes by and as a result the company gives an advise its clients to review the cover constantly in order to make sure that the level of protection is substantial to replace the income.