Zurich trauma cover gets partial payments benefit
Zurich Financial Services has enhanced its extended trauma policies by adding partial payments to the benefits provided through the insurance cover for four commonly experienced health complaints.
The new facility will be part of all new and existing extended trauma policies held at November 1, 2006, that carry a coverage level of $100,000 or more.
The new benefit will pay 10 per cent of the trauma cover up to a maximum of $25,000 and no additional underwriting will be required to invoke the service.
“Many insurers include it in their policies at an additional cost, unlike Zurich where the partial payment benefit is an automatic inclusion in the upgraded policy,” Zurich Australia head of life risk Andrew McKee said.
The four health afflictions the partial payment benefit will cover are carcinoma in situ, early stage chronic lymphocytic leukaemia, early stage melanoma, and early stage prostate cancer.
“The purpose of a partial payment benefit is practical, to pay medical and living expenses and to continue regular financial commitments without adding to the stress of experiencing the traumatic event,” McKee explained.
“More importantly, it is an acknowledgement that the insured is undergoing a traumatic event,” he added.
McKee said Zurich acknowledged the initial stages of some of these conditions can be quite harrowing for the sufferer even if the affliction can be treated. However, regardless of the situation bills for items such as living expenses still need to be paid.
“That is when a partial payment can go a long way to alleviate financial anguish,” he said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
