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REVIEW SUMMARY

Zurich International - International Term Assurance

Zurich Middle East is part of Zurich Insurance Group, one of the world’s largest and most experienced insurers (with 140 years' experience).

Zurich International provides individual savings, investment and protection products, and have established branches in Bahrain, Hong Kong, Qatar, Singapore, Taiwan and the United Arab Emirates.

Zurich Middle East is regulated by UAE Insurance Authority, Central Bank of Bahrain and Qatar Financial Centre Regulatory Authority.

Zurich International Term Assurance (ITA)

The Zurich International Term Assurance is a level term life insurance policy. This means it is an insurance plan for international professionals, designed to pay a cash sum if you suffer terminal illness or die during the policy term.
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International Term Assurance (ITA) is a level term life insurance policy.

It is a protection policy designed to pay a cash sum if you die during the policy term, which is fixed at the outset. It provides compulsory life cover and the option to add any combination of the additional benefits.

Depending on the cover you choose, your premiums may be guaranteed for the policy term or reviewed periodically. A professional financial planner will help you to decide if this policy is right for you.

Zurich International Term Assurance key features: 

  • You can choose a term of between 5 and 35 years.
  • You can maintain protection wherever you or your business move to.
  • You can add the optional benefits of critical illness, permanent and total disability, or waiver of premium benefits.
  • If waiver of premium (WOP) benefit is chosen, Zurich International Life (Zurich) will waive your policy premiums if you are incapacitated for a period of at least 180 days through accident, long term illness or injury.
  • You can combine International Term Assurance (ITA) with other products.
  • Policy currency: USD, GBP, EUR and AED.

International Term Assurance offers life cover as a compulsory benefit, along with a range of additional benefits. You must apply for life cover and you can choose to add any combination of additional benefits.

For joint life policies, each life insured must choose the same benefit options with the same levels of cover. The only exception to this is waiver of premium benefit, which can be chosen by one or both lives.

The additional benefits include:

  • Critical illness cover (which pays on the diagnosis of an illness during the term).
  • Permanent or total disability benefit (which pays you a cash sum if you become permanently or totally disabled during the policy term).
  • Waiver of premium benefit (which pays your policy premiums if you are unable to work through illness or accident).

Here's a look at the minimum and maximum benefit levels of the International Term Assurance:

1. Life cover

Currency Minimum Maximum
USD 100,000 20,000,000
AED 350,000 70,000,000
GBP 50,000 13,500,000
EUR 70,000 20,000,000

 

 

 

 


2. Critical illness benefit

Currency Minimum Maximum
USD 50,000 1,250,000
AED 175,000 4,500,000
GBP 25,000 1,850,000
EUR 35,000 1,250,000

 

 

 

 


3.Permanent and total disability benefit

Currency Minimum Maximum
USD 50,000 2,000,000
AED 175,000 7,000,000
GBP 25,000 1,000,000
EUR 35,000 1,400,000

 

 

 

 


NOTE:

  • Common restrictions apply to the International Term Assurance plan (such as hazardous sports exclusions, cancellation of cover if premiums are unpaid, or voiding if inaccurate information is provided).
  • Territoriality changes do not automatically void insurance even if moving to the US, although some cover may subsequently be limited.
  • If you choose critical illness benefit, they may review the price of this benefit every five years and your premium may increase as a result of this review.
  • The policy has no cash-in value at any time.
  • We would highly recommend reading the 'expert verdict' of this review to make an informed decision.

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The Pros

> Affordable premiums, where huge commissions are not paid to salespersons
> Term insurance plan provides financial security to your family in case of death of policy holder. Additionally, you can also get optional coverage for critical illnesses or accidental death
> Global brand

The Cons

> High commissions can be setup by the product seller/adviser if required (although these are being capped in the UAE more and more)
> Inflexible
> Commonly mis-used
Why would I choose Zurich's International Term Assurance?

The Zurich International Term Assurance offers the following benefits:

They can:

  • Provide you with life cover that will pay a cash sum if:

    • you die during the term of the policy, or

    • you are diagnosed with a terminal illness and have less than 12 months to live, provided that the diagnosis occurs before the last 18 months of the policy term.

  • Pay you a cash sum if you are diagnosed with a critical illness (CI) during the policy term, if critical illness benefit is chosen.

  • Pay you a cash sum if you become permanently and totally disabled (PTD) during the policy term, if permanent and total disability benefit is chosen.

  • If waiver of premium (WOP) benefit is chosen, Zurich International Life (Zurich) will waive your policy premiums if you are incapacitated for a period of at least 180 days through accident, long-term illness or injury.

  • Continue to provide protection if you move permanently to another country. Subject to Zurich's business acceptance rules at the time.

What are the risk factors with Zurich's International Term Assurance (ITA)?
The risks involved in Zurich's Term Assurance policy are as follows:

  • If you don’t answer all the questions on your application fully, truthfully and accurately, Zurich may not pay a claim.

  • Zurich will not pay a claim in the following circumstances:

    • You don’t give them all the information they ask for when you apply for your policy, or when you make a claim.

    • You have not made all the premium payments that were due.

    • The claim arises from intentional self-inflicted injury, suicide or attempted suicide.

    • The claim arises from sickness or injury that first appeared, happened or was diagnosed before your policy started, increased or was last reinstated (unless disclosed to and accepted by Zurich as part of the application or reinstatement process).

    • The claim arises directly or indirectly as a result of the life insured’s involvement in war or war like operations, terrorism, or a criminal act.

  • If you stop paying your premiums, your policy and all policy benefits will end 90 days from the due date of the first unpaid premium. Zurich won’t refund any of your premium payments.

  • If you choose the critical illness benefit, Zurich may ask you to pay more for this benefit in the future. There is no limit to the increase in payments that may apply. You may not be able to afford the same level of cover after a review or be able to take out replacement cover.

  • Apart from the standard exclusions within the International Term Assurance (ITA) policy terms and conditions, Zurich may apply specific exclusions to your policy when they accept your application. If they do this, they will advise you prior to commencing your policy and capture these within your policy schedule.

  • The policy has no cash in value at any time.

What are the minimum contributions?

The minimum regular amounts are as follows:

Regular premiums

Currency Monthly Yearly
USD 30 300
AED 105 1,050
GBP 15 150
EUR 20 200

 

 

 

 

How long can the policy last?

The term of your Zurich International Term Assurance policy must be between 5 and 35 years and any life insured must be 79 years or younger at the end of the policy.

Your policy will end:
• If your policy reaches the end of the policy term.
• They pay a claim that extinguishes all the life cover.
• You stop paying your premiums before the end of the policy term.

Does the International Term Assurance policy include any free cover?

Zurich International will provide you with free cover on your application or USD250,000 (whichever is lower), for the gap between the time when you complete your application to the policy and them issuing the policy (maximum of 60days). 

Can I change my policy after it has started?

You can increase the cover at each policy anniversary, subject to acceptance by Zurich and the maximum cover limits applicable at the time.

You cannot reduce the amount of the life cover and permanent and total disability benefit once your policy has started.

You cannot reduce the amount of your critical illness benefit once your policy has started (except in some circumstances). At each fifth policy anniversary, they will review your policy and if the premiums you are paying at that time are not enough to maintain the current level of critical illness benefit, you can either:
• continue paying the same premiums and reduce the level of critical illness benefit, or
• increase your premium to maintain the same level of critical illness benefit.

Can my premium payments change in the future?

This would depend on the cover you have and can be briefly summarised below:

  • If you have chosen life cover, permanent and total disability benefit and/or waiver of premium, your premiums will remain the same throughout the policy term.
  • If you have chosen critical illness benefit, the premium for this benefit will be reviewed every five years and may increase.
  • The premium for all benefits will increase if you choose to increase the cover.

Broadly happy

More expensive compared to what I would have paid back home...but this is a fairly plain policy and that's what I wanted.

Expert Assessment of Zurich International's
International Term Assurance

It is important that professional, independent advice is sought when you purchase insurance as an international professional, given the high level of commission the sale of insurance products can produce.

We recommend speaking to a fiduciary who charges a fee for their services, so you have the peace of mind that no conflict of interest exists.

In our view, it is unwise to purchase insurance from your bank or a ‘free’ advice-giving IFA.

As a global insurer, Zurich is a market leader in the provision of international term insurance.

Our verdict is that Zurich's International Term Assurance (ITA) is an excellent plan but only when used and sold correctly. If you'd like us to review your level of protection, as part of your overall portfolio (worth £500,000 or more), request your Second Opinion today.

GET A SECOND OPINION

Zurich International Term Assurance Brochure

Zurich International Term Assurance Key Features

Zurich International Term Assurance Factsheet

Zurich International Term Assurance Critical Illness Cover

Zurich International Term Assurance Product Summary

Zurich International Term Assurance Policy Terms and Conditions

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AES International

Level 2, Exchange Tower
Al Mustaqbal Street (Future Street)
PO Box 191905
Dubai
United Arab Emirates

 
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hello@aesinternational.com
+971 (0) 4559 4900
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