Zurich International Futura

Here's what you need to be aware of:

A Zurich International Futura policy can be applied for by:

• Individuals, trusts or companies.
• You can own the policy yourself or jointly with someone else.
• Anyone who is aged 18 or over.

For single life, joint life first death and joint life both death policies the benefit options, as stated by Zurich International are:

1. Compulsory benefits:

The Life cover pays a lump sum benefit on the death of the relevant life insured. If you choose to include any additional benefits to your Futura policy, the maximum amount of cover for these benefits will be limited to the lower of the life cover sum insured on your policy or the maximum cover amount allowed for that benefit.

Terminal illness benefit pays a lump sum benefit of the lower of the life cover sum insured or USD1 million (or currency equivalent determined by Zurich International Life (Zurich)) on the diagnosis of a terminal illness of the relevant life insured. Terminal illness benefit claims are paid as an advance of the life cover sum insured, so in the event of a claim the life cover sum insured will be reduced or extinguished altogether.

Aeroplane cover pays a lump sum in addition to the life cover sum insured (up to a maximum of USD1 million in addition to the life cover sum insured), in the event that the life insured dies as a fare paying passenger on a commercial airline. Life cover, terminal illness benefit and aeroplane cover are compulsory benefits with Futura – all the other additional benefits are optional. For life cover, terminal illness benefit and aeroplane cover the maximum age at entry is 74.

2. Additional benefits:

Waiver of premium benefit ensures that in the event that a life insured is totally incapacitated by illness or accident the policy premiums are paid by us. This means that the policy can continue as originally planned.
The maximum age at entry for this benefit is 59 and the benefit stops at age 70.

Critical illness benefit provides a lump sum amount if the life insured is diagnosed with a critical illness, or undergoes a medical procedure covered under the policy. The maximum age at entry for this benefit is 59.
Critical illness claims are paid as an advance of the life cover sum insured, so in the event of a claim the life cover sum insured will be reduced or extinguished altogether.

Children’s critical illness benefit is included within the critical illness benefit definitions. This will pay a lump sum of the lower of USD10,000 or 10% of the Critical illness Benefit Sum Insured in the event of the Life Insured’s child being diagnosed with a critical illness, or undergoing a medical procedure covered under this definition. A maximum of three children are covered by this benefit. The payment of a valid children’s critical illness benefit claims does not reduce the Critical illness Benefit Sum Insured or the Policy Value.

Permanent and total disability benefit (PTD) pays a lump sum amount in the event that the life insured is diagnosed as permanently and totally disabled. The maximum age at entry for this benefit is 59 and the benefit stops at age 70. A valid claim for PTD will not reduce the life cover sum insured.

Family income benefit pays a series of regular payments for a selected period of time in the event of the death of the relevant life insured. The maximum age at entry for this benefit is 74.

Accidental death benefit is paid in addition to the life cover sum insured where the life insured dies as a result of an accident. The maximum age at entry for this benefit is 59 and the benefit stops at age 70.

Dismemberment benefit pays a lump sum if the life insured suffers the loss of sight or limb as the result of an accident. The maximum age at entry for this benefit is 59 and the benefit stops at age 70.

Hospitalisation benefit is payable if the life insured is hospitalised for more than three consecutive days. The maximum age at entry for this benefit is 59 and the benefit stops at age 70.

For joint life last death plans, the benefit options are:

1. Compulsory benefits:

Life cover pays a lump sum benefit on the death of the last of the lives insured to die.

Aeroplane cover pays a lump sum in addition to the life cover sum insured (up to a maximum of USD1 million in addition to the life cover sum insured), in the event that the last of the lives insured to die dies as a fare paying passenger on a commercial airline.

Life cover and aeroplane cover are compulsory benefits with Futura – any other benefits are optional. For life cover and aeroplane cover the maximum age at entry is 74.

2. Additional benefits:

Waiver of premium benefit ensures that in the event that a life or lives insured is totally incapacitated by illness or accident the policy premiums are paid by them. This means that the policy can continue as originally planned. The maximum age at entry for this benefit is 59 and the benefit
stops at age 70.

NOTE:

• Any benefits are offered subject to underwriting (which may require medical examination/tests) and may be accepted on standard terms, at an increased rate, postponed or declined.
• All benefits are offered on a yearly renewable basis.

The Zurich Futura policy is a whole of life plan which which is said to come to an end when:
• when the relevant life insured dies;
• when the policy is fully encashed; or
• if the policy lapses.

With Futura, you can choose from a wide range of fund options as follows:

1. Low risk funds:

Zurich says that these funds form the foundation of their investment range. This invests in cash, money markets and international fixed-interest securities.

2. Managed funds:

Different levels of risk are offered by Zurich through this range of their funds. The range offers the benefits of diversification across equities, cash and fixed- interest securities that are listed in the world’s stock markets. The asset allocation within these funds is managed by Zurich's fund adviser Threadneedle.

3. Mirror funds:

Mirror funds are created where Zurich have negotiated agreements with leading investment management organisations around the world to offer a range of funds to suit all risk appetites.

For each fund managed by these external investment managers, Zurich has created a fund, investing exclusively in the external fund (apart from small cash holding from time to time).

The mirror funds offer access to a range of specialist funds with more specific investment criteria than the managed funds. They include bond funds, equity funds and sector themed funds, e.g. healthcare, technology, property and commodities.

You should note that when investing into a mirror fund, the fund structure, charges, expenses and taxation of the mirror fund are not the same as the underlying fund, and as a result the performance between the funds may differ and the fund prices will not be the same.

AND mirror funds can carry extra charges!

The value of any investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

Withdrawals are allowed from policies which have a positive policy value.

Regular premium policies have no policy value during the early years, and withdrawals are not allowed whilst the policy has no value.

Taking withdrawals may result in a reduction in the benefit amounts equal to the amount of the withdrawal.

There are two options here, you can choose to pay your premiums throughout the life of your policy (whole of life premiums), or you can choose to pay a higher premium for a fixed period of between 7 and 50 years (vanishing premium term).

No matter which payment option you choose, all payments of premiums will stop once you reach the age of 95.

Zurich carries out policy reviews on the 5th anniversary and every year after that, or whenever there is a significant change to your policy, to ensure that your premiums are sufficient to support your cover/benefit levels for at least the next five years.

You are allowed to appoint one or more than one beneficiary to receive the benefits on the death of the life assured.

Where there are multiple lives insured or multiple policy owners on the policy, please ensure that you understand the implications of appointing a beneficiary and the effect this will have in the event of a valid death claim.

Zurich says that you should consult your financial planner if you are unsure about appointing a beneficiary or of the consequences it could have on your policy.