Zurich has published a guide explaining how customers can tweak policy settings to make their life insurance more affordable. 

It demonstrates how a customer may adjust the cost by altering how premiums are paid, their lifestyle choices, or pausing cover altogether. It gives policyholders “Brian” and “Priyanka” as case studies.   

If Priyanka has stopped smoking for over 12 months, Zurich says she can ask for a review of her smoking status to determine if she is eligible for non-smoking rates of cover.  

“Priyanka will need to go through our underwriting process, and if applicable this will reduce the cost of her premiums,” the resource says. 

Brian could change his trauma cover from Platinum to Extended, Zurich says, reducing his premium by around 3%. Platinum pays 25% for partial conditions and extended pays 10%. 

Zurich Australia & New Zealand Head of Retail Jacqui Lennon says the resource is designed to educate customers on how they can control their insurance cover to ease costs while ensuring they remain protected. 

“It’s more important than ever that people feel confident and in control of their financial situation. Our new affordability resource is just one way we are supporting customers to gain this confidence so they can ensure their lives and livelihoods remain protected,” Ms Lennon said.  

A Zurich survey of more than 1000 found many respondents had not downgraded or cancelled their life insurance, though more than 80% of Australians had made sacrifices over the past year due to inflation, and 90% were impacted by rate rises.  

A third lacked a financial back up plan, a quarter had little or no confidence in making financial decisions and a fifth lacked knowledge of basic financial concepts like insurance. 

See the affordability resource here.