Life Insurance protection for the elderly extended by Zurich

Tuesday, May 4, 2010

There has been some good news for the elderly this week as insurers Zurich UK life have announced that they are extending the eligibility of their life insurance cover by making amendments to their life insurance cover policy.

These changes will enable their customers to receive insurance benefits and cover and a much older age.

Zurich have increased the maximum eligibility age for applications for term assurance quite drastically from 65 to 83, they have also extended the maximum age of term assurance policies from 69 to 84.

As well as these significant changes they will also be increasing the maximum eligibility age for applications for those that are seeking cover for critical illness from 69 to 74 whilst the maximum age of the actual critical illness policy has also increased from 69 to 74.

They have also decided to increase the upper term for life cover to 50 years.

Financial needs have obviously changed in recent years due to people working and living longer, this inevitably results in more people being concerned with ensuring that their financial commitments for the future are properly organised beyond the traditional age of retirement which many people now work beyond.

The protection development manager at Zurich UK Life, Gerry Warner, has said "It is more important than ever that our proposition evolves to reflect these changing needs and that’s why we have introduced these new terms to provide advisers and their clients with greater choice and flexibility."

This is great news for older people seeking life insurance cover right now and it represents piece of mind for those that may be planning to apply for life insurance cover in the coming years as the low eligibility age was often a hindrance to many.