Why Zurich Business Whole of Life?
Zurich Business Whole of Life is suitable for certain circumstances that your business customers may want to cover, such as providing life cover for a key individual should they die or be diagnosed with a terminal illness.
We’ve built our Business Whole of Life product in a way that lets your business customers choose the cover they want and change it when their employee's life changes.
Business Whole of Life - key product features
Provides cover for the whole of the key individuals life, paying out when they die or are diagnosed with a terminal illness.
Eligibility:
- Minimum age at entry – age 18 attained
- Maximum age at entry (single life) – age 83 attained
- Maximum age at entry (joint life first event) – age 69 attained
- Minimum premium - £8 a month or £80 a year
- Life assured must be registered with a UK doctor for at least 6 months prior to application
- Life assured and policyholder must be a UK resident
- If the policyholder is a business, the business must be registered or incorporated in the UK
Included as standard
- Free life cover during underwriting for up to £2,000,000 (eligibility criteria applies)
- Terminal illness
- Milestone benefit
Additional benefits
(added at extra cost)
- Waiver of Premium
Choose the cover that's right for your customer
- Choose cover on a single life or joint life first event basis
- Choice of level or an increasing cover option
- Increasing cover options of a fixed 3% or 5% or linked to RPI
- Choice of monthly or annual premiums
- Guaranteed premiums (unless cover changes or increases)
Business Whole of Life – detailed product features
Flexibility to continue to meet your customer’s needs
We’ve built our products in a way that lets your customers choose the level of cover they want, and change it when their life changes. So where we can, we’ve made it possible for you to make changes without having to go through underwriting and asking your customers questions about their health, or changes in their personal circumstances. They can also remove any additional benefits they’ve selected during the life of their policy.
Our contractual change sales aid shows all the changes your customers can make to their policy.
As an adviser you can make any necessary changes to your customer’s Business Whole of Life policy through our online adviser portal.
Milestone benefit
When significant events happen, the milestone benefit can be used to increase the sum assured without any questions about the employee's health.
An increase in the value of the business
Increase in the value of a key individual to the business
The maximum increase that can be made to the benefit amount is the lower of the original sum assured or £200,000.
This benefit must be used within 90 days of the significant event and can only be used if the employee is 54 years old or younger.
If your customer uses the milestone benefit, their premiums will change.
Useful tools and calculators
Whole of Life calculator
How much a whole of life policy will be worth based on life expectancy
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Useful links
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Visit our claims page for information on how to claim and up to date claims statistics.
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