Zurich Life – Mortgage Protection Insurance
Zurich Life offers a great value mortgage protection insurance policy. It does not offer free children’s life cover, unlike other providers (who may offer up to 6,000 free life cover), but does provide a unique waiver of premium benefit, which will pay your premium, if you’re out of work due to illness for more than 13 weeks . It also includes accidental death benefit prior to policy start date and a reinstatement clause if you happen to miss a couple of payments.
Accidental Death Benefit
Your insured life cover amount, up to a maximum of €150,000 is payable, if a life proposed dies from bodily injury as a result of an accident while Zurich Life is processing your fully completed application form, and within the first 30 days from application receipt.
Terminal Illness Benefit
If you are diagnosed with a terminal illness your full life cover sum will be paid out. (This benefit ends twelve months before the end of the term you have chosen).
This allows you to increase your Life and Serious Illness benefits by the lesser of 50% of the original benefit at the start date of the policy and €100,000, without underwriting in the event that you gain approval for a new mortgage, or increase in an existing mortgage and subsequently draw down these funds. The total maximum increase across all options over the life of the policy is the lesser of €200,000 and the original sum insured at the policy start date.
This is an automatic additional benefit. You have 90 days to reinstate your policy after your first missed premium payment. Furthermore, it can be reinstated even if a claim has arisen. However, it cannot be reinstated if Zurich Life has received a written request from you to cancel the policy.
Waiver of Premium Benefit
Waiver of Premium – This is an automatic additional benefit. If you are unable to work due to illness or disability, Zurich Life will pay your premiums after a period of 13 weeks has passed. Payments stop on earliest of recovery, end of policy term, 60th birthday or death.
Serious Illness Cover
If you are diagnosed with one of 70 specified serious illnesses during the term of your policy, a lump sum will be paid out. 47 full payment illnesses and 23 partial payment illnesses are covered.