Zurich Life Insurance Review
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Zurich Life Insurance

Introduction to Zurich

Zurich is a Swiss insurance company headquartered in Zurich, Switzerland. It is the largest insurer in Switzerland, operating across more than 215 countries and territories with approximately 55,000 employees. Zurich's customer base ranges from individuals and small businesses to multinational corporations.

History of Zurich

Founded in 1872 as a reinsurance company under the name Versicherungs-Verein, Zurich acquired licenses to operate in numerous countries by 1894 and subsequently changed its name to Zurich.

Zurich Life Insurance Policy Review

Zurich offers a comprehensive Personal Protection policy with an unlimited maximum benefit amount. Optional add-ons include Critical Illness cover and multi-fracture cover.

Zurich Life Insurance Overview

  • Includes: Life cover and terminal illness cover; Critical Illness cover can be added at an additional cost.
  • Policyholders Age: Eligible to take out a policy between 16 and 83 years of age (69 with Critical Illness cover).
  • Types of Cover Available: Zurich offers Level Cover, Decreasing Cover, and Increasing Cover.
  • Policy Term: Maximum policy term is 50 years (40 with Critical Illness cover).
  • Maximum Age at End of Term: 89 years (74 with Critical Illness cover).

Zurich Life Insurance Key Benefits

  • Life Change Benefit: Increase your benefit upon significant life events like marriage, childbirth, or home purchase.
  • Separation Benefit: Ability to split a joint policy into two separate policies upon separation.
  • Indexed/Increasing Cover: Choose fixed or indexed increasing benefit to safeguard against inflation.
  • Fracture Cover: Optional cover paying out £2,000, £4,000, or £6,000 for different levels of fracture/dislocation injuries.

How to Make a Claim

Frequently Asked Questions

What happens if I outlive my Term Life Insurance policy?

A Term Life Insurance policy does not provide a cash sum if you outlive the term. Premiums for such policies tend to be lower as most policyholders outlive the policy.

What is the difference between Over 50's and Whole of Life Cover?

Both policies pay out a lump sum upon death at any age. Whole of Life cover tends to have cheaper premiums but requires medical disclosure. Over 50's plans have an age limit after which payments cease.

Can I add Critical Illness to my Life Insurance?

Yes, Critical Illness cover can be added to pay out a tax-free sum upon serious illness.

Will my Life Insurance payout be taxable?

No, Life Insurance payouts are not taxable.

This guide provides an overview of Zurich's Life Insurance offerings, benefits, and answers to common questions. For personalised advice and quotes, contact Zurich directly.
Terms and conditions apply to all offerings mentioned.
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One of the most effective ways to protect family's finances

Many UK families still don’t realise that life, income protection and critical illness insurance is one of the most effective and efficient ways to protect their family's finances

Benefits offered by income protection, life and critical illness insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.

Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.

And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?

Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:

  • Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
  • Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
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What do I need to get a life insurance quote?

To get a life insurance quote, you’ll just need to tell us:

  • your name
  • date of birth
  • whether you are a smoker or use nicotine substitutes
  • who do you want to protect
  • and your preferred contact details

The options our advisers provide will also address extras you might want to consider, such as critical illness or income protection cover

It's as easy as 1, 2, 3!

1. Complete a brief form

2. Our experts will find and discuss your quotes

3. Enjoy your protection!

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Get free consultations about the best life insurance for you

We work with only FCA-authorised and even experienced insurance brokers, who will only offer matching products. They search the whole market, including large well-known brands and smaller insurance providers, so you can get the best coverage at the right price.

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Who Are WeCovr?

WeCovr is an insurance specialist for people valuing their peace of mind and a great service.

👍 WeCovr will help you get your life insurance, critical illness insurance, private medical health insurance, over-50s funeral insurance and senior life insurance quote in no time thanks to our wonderful super-friendly expert partners ready to assist you every step of the way.

Just a quick and simple form and an easy conversation with our FCA-authorised life insurance, critical illness insurance and private medical insurance partner experts and your valuable insurance policy is in place for that needed peace of mind!

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The guidance contained within the website is subject to the UK regulatory regime and is therefore targeted at customers in the UK. A FCA regulated expert will contact you after you submit your details to discuss further. WeCovr is a trading style of Political And Credit Risks Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Number 735613.