Zurich Life Insurance Review – Forbes Advisor UK

Who is Zurich?

Today it’s among the world’s largest insurance companies, but Zurich began with humbler origins. It was founded in Switzerland back in 1872, as the reinsurance arm of a larger maritime company. But by the twentieth century, Zurich had branched out into accident and burglary insurance.

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

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

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What types of life insurance policies does Zurich offer?

Zurich offers the following types of life insurance:

  • Level term cover – which provides the same pay-out no matter when a claim is made during the policy
  • Increasing term cover – where the size of your pay-out increases over time to account for inflation. You can choose an annual increase of 3%, 5%, or line with the Retail Prices Index (RPI) measure of inflation. Bear in mind that your premiums will also increase each year
  • Decreasing term cover – where the size of your pay-out decreases over time, typically in line with an outstanding debt you want the policy to pay off, such as a mortgage

Each policy can cover one person, or two people jointly.

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’re diagnosed with a serious illness listed by the insurer
  • Children’s benefit which pays out should your child pass away or be diagnosed with a critical illness listed by the insurer
  • Multi-fracture cover 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 a few different factors to consider when deciding how much life insurance you need. Some of the most pressing are your level of income, the amount of financial support your dependents will require, and the debts and savings you have.

Our life insurance calculator can guide you through the process of working out how much cover 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 how much cover you choose, policy type, your age, your health, and your lifestyle. Generally, the younger and healthier you are, the lower your premium will be.

To find out more about how this works, read our guide on the cost of life insurance.

Is Zurich a good life insurer?

Zurich’s life insurance offering scored 69% in Fairer Finance’s 2021 customer experience ratings. The company performed well in both complaints performance (scoring 81.08%) and claims (scoring 80.49%). However, Zurich fared worse in the transparency rating, with a score of 45.53%.

On the Trustpilot review platform, Zurich’s UK arm scores 3.7 out of five stars from over 700 ratings. Many customers were impressed with Zurich’s friendly customer service and efficient website. On the other hand, negative customer reviews tended to cite a slow claims process.

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

Should I consider Zurich for life insurance?

Before you apply for any life insurance policy, it’s worth checking whether you have cover elsewhere. Some companies offer death-in-service cover to their employees, for example, which provides a tax-free lump sum to your family if you pass away while working for them.

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

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

How do I contact Zurich?

Zurich’s customer service number is: 0800 096 6233. Its offices are open between Monday and Friday from 8.30am to 5.30pm.

You can send Zurich an email using this form.

Claims can be made by calling 0370 243 0827, Monday to Friday between 9am and 5pm. Alternatively, customers can use the online claims form.

The company also has Facebook and Twitter accounts.

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