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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.
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:
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:
Here's a look at the minimum and maximum benefit levels of the International Term Assurance:
1. Life cover
2. Critical illness benefit
3.Permanent and total disability benefit
Let’s take a closer look at the benefits of an International Term Assurance (ITA) policy.
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.
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.
The minimum regular amounts are as follows:
The term of your 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.
• We pay a claim that extinguishes all the life cover.
• You stop paying your premiums before the end of the policy term.
For the time between completing your application and us issuing your policy (up to a maximum of 60 days) they will provide you with free life cover for the amount of life cover on your application or USD250,000 (or currency equivalent), whichever is lower.
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.
More expensive compared to what I would have paid back home...but this is a fairly plain policy and that's what I wanted.
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 £250,000 or more), request your Second Opinion today.