Zurich | Relevant Life Policy

Zurich offers a comprehensive relevant life policy designed to provide significant coverage for employees. Below are the key details of the policy:

Feature Details
Minimum Cover There is no minimum amount of coverage required. Driven by minimum premium.
Maximum Cover Depends on the employee’s age and remuneration:

  • Age 16 to 39: up to 30 x remuneration
  • Age 40 to 49: up to 20 x remuneration
  • Age 50 to 73: up to 15 x remuneration

Remuneration consists of salary, bonuses, benefits, and dividends from shares in the employer’s or related company.

Type of Cover The following types of cover are available:

  • Monthly or annual premiums
  • Guaranteed premiums (unless cover changes or increases)
  • Choice between level, decreasing, or increasing cover
  • Increasing cover levels of a fixed 3% or 5% or linked to RPI
  • Choice of decreasing interest rates between 2% and 18% (at 2% intervals)
Minimum Term 1 year
Maximum Term 50 years
Minimum Age 16
Maximum Age 73
Premiums Minimum premium £5 a month or £50 a year
Trusts The policy can only be issued into a Zurich Relevant Life Policy Trust, which can be done online through the application journey. The employee’s family or dependants can be beneficiaries.
Death In the First Year The life assured dies as a result of suicide or a self-inflicted injury within 12 months of the start date or the date the cover is increased.
Changing Your Policy Changes can be made to the cover on the policy after it starts to ensure it remains suitable for the employee if their circumstances change. Possible changes include:

  • Increasing or reducing the amount of cover
  • Removing the increasing cover option
  • Changing the term of the policy
  • Requesting a premium review if the life assured has given up smoking

Depending on the specific change requested, information about the life assured’s health and personal circumstances may be required to determine if the change can be made. Changes in your policy may impact your premium rates.

Additional Benefits Clients can utilize the milestone benefit feature in their policy to enhance their sum assured. There will be no health questions required, but their premiums will be adjusted.

The maximum increase allowed for the client’s sum assured is the lesser of the original amount or £200,000.

The benefit must be utilized within 90 days of the significant life event and is only available for clients aged 54 years and under.