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“Zurich” life insurance is a subsidiary of Zurich Financial Services group. This company was founded in 1872 in Zurich. It offers a wide range of products and employs more than 60,000 people. The divisions of Zurich Financial Services group are mainly scattered throughout North America and Europe. However, it operates in more than 170 countries. Its yearly revenues exceed $67 billion (in 2010) and profit in the same year was more than $3.4 billion. The company in UK provides four types of life insurance plans: level protection, decreasing mortgage cover plan, adaptable life plans and income protection.
This plan may provide one or more of the following benefits: life cover, critical illness cover and life or earlier specified critical illness cover. Zurich life cover is designed that it pays a lump sum in case of death or if the person is diagnosed with terminal illness and is expected to die within 12 months. Critical illness benefit allows the coverage from one of the critical illnesses that company insures. As for earlier specified critical illness cover the person is covered if the earlier existing critical illness is diagnosed during the term of insurance.
If the person stops paying premiums after 30 days the policy is terminated and none of the premiums are refunded. Moreover, it is possible to choose reviewable premiums. This might be good if now person’s condition is a bit worse but there are high chances that medical condition can improve. However, it must be taken into account that in most occurrences premiums are likely to get higher.
Life assurance, critical illness or both of them can be provided. The main point is to protect the ability of the person to repay the mortgage or other financial obligations. It provides life cover and can include some of the benefits such as critical illness, earlier critical illness cover and payment protection payment. Payment protection payment covers the person’s ability to work. If because of injury or long-term illness the person is unable to work, monthly income benefit is paid to him.
It must be taken into account what other income person can get in case of injuries of long-term illnesses as the person might be paying premiums for more benefit than he could claim in case of such occurrence. In such case no refund will be offered. Moreover, the benefit can be decreased if the person earns less than at the moment of getting life insurance.
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Adaptable life insurance plan is whole of life insurance plan that provides the lump cash payment in case of death or terminal illness diagnosis after which the person is expected to live no more than 12 months. It does not offer any additional benefits like other “Zurich” financial services plans. It only provides life cover.
Moreover, there are some risks while taking this plan. The premiums are reviewable, so in the future the premiums might be increased and the person might not afford this plan. This can happen as there is no limit to increase to the premiums. Moreover, the premiums paid are invested in stock markets in order to increase the value to satisfy all the claims of the clients. If the returns are not received and premiums’ value decreases, the premiums may be increased and the increase can be a very substantial, which can even be not affordable to the client.
If this plan is chosen, the person is provided with possibility of monthly payments in case of loss of earnings, either from injury or long-term illness. The person can choose the amount of benefit and after what time from income loss the money will be started to be paid out. Moreover, the term of cover can be chosen and for how much time the benefit will be paid out to the person after he loses his steady earnings. However, some things must be taken into account. The premiums are reviewable, so the client might need to pay higher premiums in the future/ What is more, it is important to take into account what other income can be received in case of injury or long-term illness as the person can pay for higher benefit than he could claim. Moreover, no refund in such case is offered.