If you want to ready your family for life’s unexpected surprises, you need to consider comprehensive life insurance that provides a financial safety net when you and your loved ones will need it the most.
Review of Zurich Futura Life Policy
Zurich Futura is a life of policy that covers all the bases and lets you personalise extended cover from several optional extras and allows you to adjust the premiums you pay or even take a contribution holiday.
This allows you to put together the cover you want and need on a budget that suits you.
Who are Zurich?
Zurich Insurance Group is one of the world’s largest financial services companies with nearly 55,000 employees serving 210 countries.
The company specialises in property, health and life insurance for individuals, businesses and multinational corporations.
The company takes pride in putting customers at the heart of the business by meeting and exceeding expectations, improving customer relationships and investing in innovation.
You can read about another popular Zurich product by following this link to the Zurich Vista Savings Plan Review
What is Futura
Futura is a policy that protects expats for their lifetime.
Technically, Futura is a whole-of-life insurance with a prime purpose of paying a cash lump sum to nominated beneficiaries on the death of the life or lives assured.
The add-ons will trigger a cash payment if the person or persons insured suffer one of several listed accidents, disabilities or serious illnesses.
Futura was designed with flexibility in mind and will allow you to adjust payments, protection levels and benefits.
Futura is a whole-of-life insurance with a prime purpose of paying a cash lump sum to nominated beneficiaries on the death of the life or lives assured.
Benefits for expats
The Zurich Futura life plan is packed with a range of benefits for expats looking for life insurance, including:
you can increase or lower the benefits and premiums to match your financial goals and budget. You can also match what you pay and the cover you need with changing life circumstances, such as marriage and having children.
After the initial two-year period, you can take arrange a contribution holiday of up to two years. This means paying the agreed premium for at least the first two years the policy runs.
Lump sum premiums
Futura accepts lump sum premiums rather than regular contributions and offers a discount as well.
Terminal illness cover
Futura pays out on diagnosis of terminal illnesses listed under the policy but does not apply to joint life, last death cover.
A lump sum up to $1 million (US) if the life assured dies as a fare-paying passenger on a commercial airline.
Medical second opinions
For all the family, this service offers expert medical advice to help with making decisions about what to do if your doctor has raised an important health question or is discussing a difficult diagnosis with you.
How much does Zurich Futura cover cost?
Minimum premiums are $150 a month or $1,500 a year, while the minimum first single premium is $15,000 and any further single premiums are $6,000.
Investing the premiums
The policy value is linked to how the premiums are invested.
The value of funds can rise or fall, and Zurich Futura comes with no financial guarantees.
If the investment value is less than the policy illustration, you may have to pay a higher premium to maintain benefits. The same applies if too much cash is withdrawn from the policy.
In some cases, withdrawals and policy charges may lead to a plan ending without any value.
Age and eligibility
Zurich Futura insured lives must range between 18 and 74 years old to apply for life cover and family income benefit.
To apply for optional benefits, applicants must be between 18 and 59 years old – and most optional benefits stop at the age of 70.
The policy can be written on a single life, joint life first death, joint life both death or joint life last death.