Zurich makes product affordability changes

In a statement issued by the life insurer, Zurich said the update, which will take place on 1 March 2015, will include premium discounts and more support for claimants during temporary disablement.

“Headlining the enhancements is the confirmation of a first-year 15 per cent discount on premiums funded via rollover, further enhancing the cash flow benefits of this strategy,” the statement from Zurich said.

The life insurer also said it will extend its accidental injury benefit to policies with superannuation ownership and the addition of premium waver options, which has previously only been available in policies outside of superannuation.

Zurich general manager, retail life and investments, Philip Kewin said the latest changes would help make insurance protection more accessible.

“The latest RBA rate cut highlights trepidation regarding the state of the Australian economy and there is no doubt that many households are tightening their belts,” Mr Kewin said.

“Against this backdrop, the increasing popularity of risk written-on-platform is easy to understand. Our latest update reinforces the financial appeal of this strategy and extends the coverage of superannuation-owned policies to bring them into line with non-super equivalents," he said.

“To the extent these enhancements help make it easier for customers to keep their valuable protection in place, they sit neatly alongside our existing suite of discounts, including our multi-life and multi-policy discounts.”