Zurich Financial Services Australia, a leading provider of insurance solutions, has launched a new Total and Permanent Disability (TPD) product aimed at offering enhanced coverage for individuals requiring long-term care.
The new offering, known as ‘Continuous Care’, was developed in response to advancements in modern medicine and changes in Australia’s workforce.
These factors have created a growing demand for more flexible and affordable TPD solutions, especially given the rising cost-of-living pressures.
The TPD option offers a more tailored solution for individuals who become totally and permanently disabled and require ongoing care. Unlike traditional TPD cover, this new option provides specific support in cases of severe accidents or illnesses where continuous care is needed, whether from a professional caregiver or a family member, and may also cover necessary modifications to an individual’s home or vehicle.
A key advantage of ‘Continuous Care’ is its affordability. The product is designed to help individuals structure their cover more effectively to meet their financial needs, making it a cost-effective alternative to traditional TPD products.
It aims to give customers more control over how they manage their cover based on their unique circumstances.
The launch is part of Zurich’s broader efforts to improve their TPD and Income Protection offerings. These changes include updates to assessment periods, enhanced rehabilitation support, and simplifying definitions and premium labels across the Zurich and OnePath brands.
Zurich head of retail Jacqui Lennon said, “Advancements in modern medicine, paired with significant changes to the makeup of Australia’s workforce, have led to almost 80 per cent of Zurich TPD claims not requiring ongoing, continuous care.”
“This landscape shift, paired with cost-of-living pressures, has created the need for a modern TPD solution that provides customers with more control over the structure and affordability of their cover.”
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