Zurich Life is to implement a series of rate cuts across its term and critical illness range as part...
Zurich Life is to implement a series of rate cuts across its term and critical illness range as part of its bid to reposition itself as a mainstream protection provider.
Jane Hewin, senior external affairs consultant at Zurich IFA Group, the IFA marketing arm of Zurich Financial Services, said: "Zurich Life has moved from building market share in specific market segments to providing more mainstream appeal."
As part of its move to re-establish the Zurich Life brand, the company is expecting to launch a whole of life policy in the next six months. It will also be focusing on assisting IFAs with protection sales.
"The price cuts are up to 25% in some cases, but more typically average 8% on level term, 13% on mortgage term and 10% on critical illness. We want to be getting in the top of the tables for all ages and sexes," Hewin said.
Kevin Pearce, protection marketing director at ZIFA, said: "Critical illness and term rates have plummeted by 30% in the last five years and 9% in this year alone, and now Zurich Life is refreshing its rates."
"With competitive prices across the board we can re-establish the brand as a major force. But we have not compromised on features and service for bargain basement prices."
