Zurich UK has introduced a range of enhancements to its income protection proposition, following extensive research to uncover what’s truly needed to meet the needs of both advisers and customers.
The new product includes a gross income replacement ratio covering 65% of the first £60,000 of income and 45% of anything above.
These ratios allow lower earners to continue to be offered strong replacements and improves Zurich’s offering for mid and high earners.
The product also boasts maximum and minimum benefit guarantees to help manage the risk of over insurance and provides security as not everyone has certainty of their income levels.
Rehabilitation support is also provided, to help customers with their recovery and ongoing financial support through a Return to Work Package and linked claims.
In addition, the enhanced income protection offering includes sick pay matching for a wide range of medical professionals – whose sick pay arrangement aligns to the NHS structure, irrespective of how many years of service they have completed.
Sabbatical cover, maternity, paternity and adoption benefit, own occupation guarantee and house person benefit are all also available.
As part of the changes, Zurich has also introduced more certainty around how it assesses income at claim, particularly for those who fall ill in the first year of a new job.
The company is also offering fixed payments under the optional Income Protection Enhanced module along with improved coverage to help meet customer needs.
Louise Colley, director of retail protection, said: “We really wanted to deliver a product that truly meets the needs of our customers and adapts to people’s changing work patterns and incomes.
“By working with advisers to make changes that are relevant, we’ve created a proposition that supports customers with their life choices.
“Any cover needs to be reactive to changing scenarios and provide certainty.
“The sales support materials we’ve created are also designed to be really clear and help advisers to understand our features and benefits and who they are designed for, helping them to focus on the benefits of most value to each individual customer.”
