Zurich updates life products
The life insurance market seems to have been focused on product updates and enhancements over the past couple of months, with Zurich being the latest player to introduce changes to its existing offerings, following similar moves by BT and AIA.
Zurich announced it had simplified business expenses cover targeting small businesses, which would serve as an optional add-on within its income replacement policy.
Colin Morgan, general manager for life Australia, said small businesses remained amongst the largest underinsured segment in the country.
“Ninety-two per cent of small business owners have no business expenses cover, and are unaware this leave them at great financial risk,” Morgan said.
“This is an area of insurance that advisers have traditionally not provided much advice on, often because of the perception that it is a difficult type of product to claim on,” he sad.
Zurich had also introduced three levels of cover to its Income Replacement policy — Standard, Comprehensive and Premier — which the insurer said would provide benefits suited to different levels of clients’ income.
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