Royal London Income Protection
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More About Royal London Income Protection Insurance
Royal London is the UK’s largest mutual life, investments and pension’s provider. It was founded in 1862 as a friendly society, becoming a mutual society in 1908. Since 2003, Royal London has owned the Bright Grey insurance brand.
Bright Grey has a sister brand, Scottish Provident which both operate under the Royal London main brand.
Royal London: A Step By Step Guide
Royal London income protection insurance includes a flexible range of choices. This progressive provider takes into account the changes in lifestyle and circumstances that can, and do happen. You may, for example, choose to increase your cover and the lifetime of your policy.
Royal London uses the “own occupation” definition of incapacity. This is the most suitable classification, and the one most likely to suit your needs should you have to make a claim.
Monthly Benefit & More
With Royal London, the monthly payment on an Income Protection policy will never drop below £1,500 per month or the amount of cover in the plan. Also the customer is able to set the maximum claim duration with this insurer: 12 months, 24 months or until the end of the policy.
Helping Hand Benefit. Included with all of Royal London’s income protection policies is a benefit called Helping Hand. A strong benefit in times of need. It expands and develops the concept of insurance into emotional support and practical advice from a personal nurse adviser in the case of critical illness or the death of a loved one. Helping Hand is included at no extra cost.
Hospitalisation benefit. If you are in hospital for six consecutive nights or more (up to a maximum of 90 nights), Royal London will pay £100 per night for the costs of your hospital stay.
Fracture Benefit. If you fracture a specified body part (as per your policy), you will receive payments of between £1,500 and £4,000. This fracture cover is in addition to your monthly payments.
Accelerated terminal illness payment and death benefit. If you are diagnosed with a terminal illness, Royal London will waive your deferred period. If you as the policy holder die during the policy term, a lump sum equal to 12 times monthly premium will be paid.
Key Points about Royal London Income Protection
You can start your income protection cover with Royal London from 18 years old. This is the standard age for insurance products. A few insurers cover young people from the age of 16.
They offer a guaranteed benefit that will never be less than £1,500 per month (or the amount stated in your plan). If you’ve had to reduce your working hours, you’ll probably be earning less. This is very useful, because the benefit will still apply from the time you took out the policy until making the claim.
Royal London has a maximum 55% of gross income pre-incapacity earnings pay out. This is lower than some other providers who can offer a maximum of 70%. Ask the experts here at Protect Income Insurance if you need higher cover.
If you would prefer shorter-term cover for cost reasons, Royal London offers policies for either 12 or 24 months. As the policy has a shorter life span, premiums could be lower.
Need Our Help?
Income protection is one cover that we would urge everyone of working age to consider. Also, to think about long and hard with a view to taking out cover. Life can take unexpected turns, everything may be well at the moment. But no one ever knows what’s around the corner. Often, unexpected, stressful or unpleasant things can instantly change your life.
Don’t know which one is best for you? Here at Protect Income Insurance we have a team of specialist advisers who can guide and advice you on the right income protection policy for you.