Death Cover is an insurance which protects your family against the financial consequences of losing you and the income you would have provided for them. Death Cover pays a lump sum to your beneficiaries when you die, so you can secure their future and safeguard their lifestyle after you are gone.
In some circumstances you may be able to claim an advance payment of some or all of your Death Cover, for example if you are diagnosed with a terminal illness or have a serious accident. Your family may also receive an advance payment of up to $15,000 immediately after your death, to help cover funeral expenses.
Protection Plus Death Cover can be packaged with Total and Permanent Disability and / or Trauma Cover, or you can buy it as standalone cover. You can apply for a Death Cover policy until you reach age 69, and your policy offers cover until age 99.
The minimum level of cover you can take out under a Protection Plus policy is $50,000. The maximum amount you can insure will depend on which combination of benefits you choose to include in your policy. There is no fixed maximum for the death benefits element of your cover, so you should discuss your needs with your financial advisor. If your circumstances change after you take out your policy you may be able to increase the level of your Death Cover.
For a higher premium you can add some extra cover to your Protection Plus Death Cover policy. Options include 'needlestick cover' for medical professionals; and 'insured child benefit' which lets you add up to $500,000 insurance for children who live with you.
For full details of the Zurich Wealth Protection range of life insurance products you can download the Product Disclosure Statement here.