Zurich Australia launches home loan protection
Zurich Australia has introduced home loan protection (HLP), the first product in the country to link insurance coverage directly to a customer’s changing mortgage balance.
Powered by Open Banking technology, HLP automatically adjusts both coverage and premiums as the mortgage balance decreases, ensuring customers are only insured for what they need. The policy provides repayment support if the insured cannot work due to illness, injury, or involuntary unemployment, and offers a lump sum benefit in the event of death or terminal illness to help clear the home loan.
The launch comes as Zurich research highlights financial stress among homeowners, with one in five Australians aspiring to buy a home but many worried about job security and their ability to meet mortgage repayments.
“Buying a home is a significant milestone and it’s important that this is safeguarded. HLP provides essential financial security for homeowners so they can focus on what matters most without the stress of getting by if their income is compromised. Importantly, as a customer pays off their loan, the level of cover and monthly premium will automatically adjust with it. This unique feature demonstrates the power of utilising data and technology to ensure customers receive a tailored solution that meets their needs.” – Tim Kane, Head of Retail at Zurich.
