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Zurich Financial Services Australia has responded to local and workplace trends with a new income protection scheme that recognises and provides cover for those who work until the age of 70.
“We know that Australians are working for much longer and now seek the reassurance of extended income protection cover. Traditionally, income protection policies have expired at age 65, leaving those who rely on an extended work-life out in the cold when serious illness or injury occur,“ said Zurich’s Head of Sales: Life Risk Phil Kewin.
“Zurich is offering ‘genuine’ cover until age 70. Unlike some policies which may continue to age 70 only if a claim has commenced prior to the age of 65, these policies come into play any time a successful claim is made right up until the age of 70,” said Mr Kewin.
Zurich also says that, besides these imperatives, people who remain in the workforce for longer are actually healthier than those who retire earlier. The Australian Bureau of Statistics reports that mature workers are less likely to have a chronic health condition than retirees, and experience half the incidence of cardiovascular disease.
Zurich is also making it easier to qualify for payment under its income protection policies.
“As well as the existing criteria of ‘loss of income’ and ‘inability to perform a duty of the job’, we have added a ’10-hour rule’. This allows a person to continue working for up to 10 hours per week without diminishing their claim benefit. A business operator can still check in to keep business rolling, without a detrimental impact on their benefit” said Mr Kewin.
At the other end of the spectrum, Zurich is one of only two insurers to offer income protection with an ‘age 55’ benefit option, providing increased flexibility to policy holders who can now choose ages 55, 60, 65 or 70, or benefit periods of two or five years.