The cover will see policyholders access to a monthly income rather than a lump sum payment that is paid out for the remaining policy term.
With the cost of living crisis continuing to impact families and individuals, Zurich stated that its updated family income cover aims to give advisers and customers a more “affordable cover option” to deal with day-to-day living costs, such as bills or care costs.
The update will be available on products such as family income cover, life cover, life and critical illness as well as standalone critical illness policies.
Meanwhile, the provider has also amended its maximum monthly benefit to better represent the recent tax changes and national insurance contribution thresholds. This change will provide clients with a higher maximum monthly benefit, it stated.
Louise Colley, director of retail protection, Zurich UK, commented: “We continue to listen to advisers and know that in the current climate, many are looking for added flexibility. Protection is the last thing that families can afford to lose, and options are on the table for those looking to cut costs.”
“Customers for example can switch between our ‘core’ and ‘select’ critical illness and income protection, choosing more or less enhanced benefits as their circumstances change. It has been developed to allow families to budget without leaving themselves underinsured.”