Did you know that you can compare income protection quotes…
Royal London income protection can pay out up to 65% of your usual earnings if you’re unable to work due to illness or injury.
As standard their plans include policy features, such as a minimum benefit guarantee, fracture cover, payment upon death, helping hand service and many more.
They also offer specialist features tailored towards the needs of NHS professionals.
Why not compare Royal London income protection using the services of Reassured Advice?
Their whole of market comparison can allow you to find the best policy to meet your needs at the best available price.
Reassured Advice can also compare quotes from other leading providers starting from just 20p-a-day ‡ , so why not get in touch?
Keep reading to find out everything you need to know about Royal London income protection…
Royal London are the UK’s largest mutual life insurance, pensions and investments company.
Since the Royal London life insurance and benefits society was founded in 1861, the company has gone through many changes, including acquiring many other financial services entities to form the Royal London that we know today.
More recently, Royal London have planned changes to update their income protection offering to improve the customer journey and allow cover to be obtained in the shortest time possible.
Royal London are also well known for their life insurance, why not read our full Royal London life insurance review to find out more about their policies? »
Royal London income protection offers a good level of cover, paying out at up to 65% of your usual earnings.
It’s possible for a maximum of £250,000 per year (or £20,000 per month) to be paid out by Royal London - meaning their income protection has one of the highest monthly benefits available.
Their plans also come with range of payment periods to cater to a wide range of needs. The options available through Royal London include 1 year, 2 years, 5 years and full term.
You’ll also benefit from being protected by a well-known and trusted household name if taking out a policy through Royal London.
Royal London provides an own occupation definition of incapacity, this means you’ll be covered for any illness or injury that prevents you from carrying out the day-to-day activities of your job.
You’ll be covered for up to 65% of the first £15,000 of your tax-free earnings, plus up to 55% for the remainder (up to £250,000 per year).
In 2021, the most common conditions covered by Royal London income protection were:
The cost of Royal London income protection will vary depending on your personal circumstances.
During the application, Royal London will require you to provide them with key information.
This includes personal details, such as:
As well as policy details, including:
As Royal London policies only come with an own occupation definition of incapacity, this isn’t a variable factor that will influence the price that you pay.
Furthermore, premiums through Royal London are guaranteed - this means they won’t change over time (unless you opt for an increasing benefit amount).
Reassured Advice have used their whole of market comparison service to find example quotes for Royal London income protection.
Quotes are based on a non-smoker, in good health, with an annual income of £30,000. The policy term is until age 65 with a deferred period of 3 months:
|Age||1-year payment period price per month||2-year payment period price per month||5-year payment period price per month||Full-term payment period price per month|
As the table shows, the price you pay for Royal London income protection can vary significantly depending on personal details (such as age) and policy terms (such as your payment period).
By taking out cover sooner rather than later and only taking out the level of cover that you need, you can lock in the cheapest premium price for your circumstances.
Comparing multiple income protection quotes can also help you find the most affordable policy to meet your needs.
Reassured Advice can compare quotes from the whole of the market and provide you with quotes from Royal London as well as other providers who offer cover from just 20p-a-day, why not get in touch?
As well as covering up to 65% of your income, Royal London income protection policies come with a number of helpful policy features. These include:
|Waiver of premiums||If you’re unable to work due to medical reasons, you won’t need to pay your premiums and Royal London will cover them for you.|
|Increasing cover option||With this option you can choose to increase your cover at either a fixed rate of between 2% and 5% or you can index link your policy (so your policy will increase in line with Retail Prices Index), although this is capped at 10% each year.|
|Guaranteed insurability/life changes option||If your circumstances change (for example, your salary increases, you purchase a bigger home or grow your family), you can increase your cover without providing new medical information.|
|Fracture cover||Royal London will pay up to £4,000 if you sustain a fracture, however the amount paid out will depend on where the fracture is. It’s possible for multiple fractures to be covered on the same claim and up to 2 fracture claims can be made within 12 months.|
|Hospitalisation benefit||If you’re hospitalised for more than 6 consecutive nights during your deferred period, Royal London can pay out up to £100 per night (for up to 90 nights).|
|Minimum benefit guarantee||Even if your income changes throughout your policy term, Royal London won’t pay out less than £1,500 per month.|
|Back to work payment||If you opt for a deferred period of 13, 26 or 52 weeks, can receive a back to work payment in your first and second months back at work to help with the financial impact of returning to work.|
|Accelerated terminal illness cover||If you meet Royal London’s definition of terminal illness, you won’t need to wait for your deferred period to pass in order to start receiving payments.|
|Payment upon death||If you pass away while your income protection policy is active, Royal London will pay a sum of money (equal to 12 times your monthly benefit) to your loved ones. This can also be known as a ‘death benefit’.|
|Helping hand||This is a service offered by Royal London to help with your wellbeing. Through this service you can access 24/7 virtual GP consultations as well as a range of apps to help with both your physical and mental health.|
Royal London offer specialist income protection for those employed by the NHS.
This is an ideal policy for doctors, dentists, nurses or anyone who receives an NHS pension.
To be eligible for this cover you must:
NHS sick pay entitlement changes as your length of service increases, therefore it can be hard to choose a deferred period to match up with this when securing standard cover.
Thankfully, Royal London allow you to match your monthly payments with your sick pay schedule.
The table below shows how Royal London income protection can match up with your sick pay schedule:
|Length of service||Full sick pay||Half sick pay||When Royal London will start paying out|
|First year of service||One month||Two months||Month two|
|Second year of service||Two months||Two months||Month three|
|Third year of service||Four months||Four months||Month five|
|Fourth or fifth year of service||Five months||Five months||Month six|
|Sixth year of service onwards||Six months||Six months||Month seven|
This information has been taken from the Royal London website and is correct as of 01/09/22
You’ll also have access to other benefits which are tailored towards the needs of NHS workers, such as:
Why not compare Royal London income protection for NHS professionals with other plans, designed with medical professionals in mind, using Reassured Advice? Simply get in touch for your free quotes.
As well as offering personal income protection, Royal London also offer ‘key person income protection’.
This is an income protection policy that can be taken out by a business and will pay out if a key person is unable to work due to illness or injury.
Monthly payments will be paid to the business and could be used to:
Up to 75% of the gross profit attributed to the key person could be paid out up to a maximum of £250,000 per year.
This can be paid out over a payment period of either one or two years.
Key person income protection by Royal London isn’t currently available to compare through Reassured Advice.
You can make a claim on your income protection policy by contacting Royal London.
You’ll be sent a claims form to be completed and send back to Royal London to be assessed.
When making a claim, you’ll need to provide the following details:
It’s also possible that Royal London may ask for you to be examined by a doctor or health specialist.
In 2021, 90.4% of all Royal London income protection claims were paid out - equating to over £4 million.
In an ideal world, all providers would have a 100% pay out rate but there are certain scenarios which mean a pay out can’t be made.
It’s always important to fully understand the terms and conditions of the policy you’re taking out so you’re aware of what you’ll be covered for.
By going through a broker, such as Reassured Advice, you can ask any questions you need to ensure your chosen policy is right for you.
You can cancel your income protection policy by contacting Royal London.
If you cancel within 30 days of the start date of your policy, Royal London will return any premiums you’ve paid.
If you cancel after this, you won’t be entitled to any refund of premiums.
You may also need to contact your bank or access your online banking to cancel any direct debits.
Royal London income protection is available through Reassured Advice.
Reassured Advice offer a whole of market comparison service, allowing you to see quotes from the UK’s best income protection providers (including Royal London), as well as smaller specialists.
All quotes are personalised to your needs, without obligation and completely fee-free.
A friendly member of the Reassured Advice team will be more than happy to take you through the application process and answer any questions you may have.
So why not get in touch and protect your income today?
All information used in this article has been taken from the Royal London website and is correct as of 01/09/22
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