Zurich Financial Services Australia has introduced Continuous Care, a new total and permanent disability (TPD) insurance product. This product is designed to aid the extended care needs that may arise following serious illnesses or accidents. Traditional TPD policies typically provide a lump-sum payment when an individual cannot work due to total and permanent disability. However, Continuous Care offers a more personalized offering, focusing on instances where ongoing assistance is required. It enables policyholders to tailor their coverage based on the particular care they require, potentially lowering costs with more reasonable premiums compared to typical TPD products.

The development of Continuous Care comes in response to advancements in modern medicine and significant alterations in Australia’s workforce. The changes have led to a surge of Zurich TPD claims not requiring ongoing, continuous care, necessitating insurance products that better adapt to clients’ needs. Part of the larger modifications to Zurich and OnePath brands’ TPD and income protection offerings, this product provides more streamlined policy definitions and premium structures. Alongside Continuous Care, other services include modified evaluation periods for claims, improved rehabilitation offerings, and making the products easier to manage and understand.

Australia’s National Disability Insurance Scheme (NDIS) is also experiencing major alterations, with legislative updates approved and set to start on October 3rd. Rebecca Falkingham, NDIA CEO, assures that the scheme’s core characteristics will remain mainly unchanged. Support funding will switch to budget-based, providing a comprehensive view of total resources available from October onwards. Initially, all new plans will last for 12 months, with the potential for longer-term plans in the future. Part of the scheme’s revamp includes over $720 million from the federal budget for 2023-24, and an extra $468.7 million planned for 2024-25, meant to enhance participant services and confirm the long-term financial sustainability of the scheme.