September 23, 2022
  • September 23, 2022

Zurich Life Insurance Review – Forbes Advisor UK

By on April 14, 2022 0

Who is Zurich?

Today it is among the largest insurance companies in the world, but Zurich started with more humble origins. It was founded in Switzerland in 1872, as the reinsurance branch of a large shipping company. But by the 20th century, Zurich had diversified into accident and burglary insurance.

It has continued to add new insurance products to its portfolio over the years and now offers auto, home, travel, health and life insurance policies, as well as retirement products.

Today, Zurich operates in more than 170 countries, including the UK and the US, and is Switzerland’s largest insurer.

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What types of life insurance policies does Zurich offer?

Zurich offers the following types of life insurance:

  • Level temporary cover – that provides the same payment regardless of when a claim is made during the policy
  • Increase in temporary coverage – where your payment size increases over time to account for inflation. You can choose an annual increase of 3%, 5% or match the measure of retail price index (RPI) inflation. Keep in mind that your premiums will also increase each year
  • Decreasing temporary coverage – where the size of your payment decreases over time, usually based on an unpaid debt you want the policy to pay off, such as a mortgage

Each policy can cover one person or two people together.

Zurich also allows you to add other benefits to your life insurance policy:

  • Critical illness cover which pays a tax-free lump sum if you are diagnosed with a critical illness listed by the insurer
  • Child benefit who pays if your child dies or is diagnosed with a critical illness listed by the insurer
  • Multi-fracture coverage which provides a lump sum if you suffer a fracture, dislocation, tendon rupture or ligament tear

How much life insurance do I need?

There are several factors to consider when determining how much life insurance you need. Some of the most pressing are your income level, the amount of financial support your dependents will need, and the debts and savings you have.

Our life insurance calculator can guide you through the process of determining how much coverage you need.

How much does life insurance cost?

Life insurance premiums vary, but can cost as little as £5 a month.

The exact amount you pay depends on factors such as the amount of coverage you choose, the type of policy, your age, medical condition and lifestyle. Generally, the younger and healthier you are, the lower your premium will be.

To learn more about how it works, read our guide to the cost of life insurance.

Is Zurich a good life insurer?

Zurich’s life insurance offering scored 69% in Fairr Finance’s 2021 customer experience ratings. ) and complaints (score of 80.49%). However, Zurich fared less well in the transparency score, with a score of 45.53%.

On the Trustpilot review platform, the UK branch of Zurich scores 3.7 out of five stars from more than 700 reviews. Many customers have been impressed with Zurich’s friendly customer service and efficient website. On the other hand, negative customer reviews tend to cite a slow complaints process.

In 2020, Zurich paid 98% of death claims and 87% of critical illness claims.

Should I consider Zurich for life insurance?

Before taking out a life insurance policy, it’s worth checking to see if you have cover elsewhere. For example, some companies offer their employees death in service cover, which provides a tax-free lump sum to your family if you die while working for them.

Even if you have this coverage in place, it might be worth buying a separate life insurance policy. You may want to increase your level of coverage or add additional benefits, such as critical illness or accidental death coverage, to ensure you have the protection you need.

When choosing an insurance policy, be sure to shop around so you can compare coverage, prices and other benefits to get the best deal.

How to contact Zurich?

Zurich’s customer service number is 0800 096 6233. Its offices are open Monday through Friday from 8:30 a.m. to 5:30 p.m.

You can email Zurich using this form.

Complaints can be made by calling 0370 243 0827, Monday to Friday 9am to 5pm. Alternatively, customers can use the online complaint form.

The company also has Facebook and Twitter accounts.