Royal London income protection

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.

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Why not compare Royal London income protection using the services of Reassured?

Their whole of market comparison can allow you to find the best policy to meet your needs at the best available price.

Reassured 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…

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Royal London income protection key facts

Royal London income protection insurance key facts:

  • Up to 65% of your income can be paid out (up to a maximum of £250,000 per year or £20,000 per month)
  • Policies are available to those aged 18 - 59
  • Your policy term can last from 5 years up to 52 years (but your policy must cease by your 70th birthday)
  • You can choose between a short-term payment period (maximum of 1 year, 2 years or 5 years per claim) or a long-term payment period (could last until your policy comes to an end)
  • You can opt for a level (remains the same) or increasing (cover will increase) benefit amount
  • The policy definition of incapacity will be ‘own occupation’ (the most comprehensive definition)
  • Deferred periods include 4, 8, 13, 26 or 52 weeks
  • Premiums are guaranteed (meaning they won’t change, unless you select an increasing benefit)
  • Range of policy features such as fracture cover, hospitalisation guarantee, minimum benefit guarantee and many more
  • Policies can be tailored towards the needs of NHS professionals (with special deferred periods to match NHS sick pay)
  • Policies can be purchased through a financial advisor, comparison site or broker (like Reassured)

Who are Royal London?

Royal London are the UK’s largest mutual life insurance, pensions and investments company[1].

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[2].

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? »

Is Royal London income protection good?

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.

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What does Royal London income protection cover?

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).

These payments can help you to cover:

  • Mortgage payments
  • Rental payments
  • Household bills and utilities
  • Family living costs
  • Childcare
  • Transportation
  • Debt payments
  • Leisure costs

In 2021, the most common conditions covered by Royal London income protection were:

How much Royal London income protection do you need?

Enter your monthly financial commitments to calculate the level of Royal London income protection cover you require.

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£723 a month is the average monthly mortgage payment in the UK, with the average monthly rental price coming in at £700.

The majority of our monthly income will go towards rental or mortgage payments.

For this reason, it’s essential to have precautions in place to ensure you could keep up to date with your payments if you weren’t receiving your usual income.

Monthly income protection payments can help to cover this large expense and ensure you can stay in your home.
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According to the Money Advice Service, the average household spends £340 a month on household bills.

This includes electricity, gas, TV and broadband.
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Childcare costs are on the rise with it now costing £137.69 per week for part-time nursery for a child under the age of two.

That’s over £550 per month - is this an amount you’d be able to keep up with if you were unable to work?

Becoming ill could also result in the need for additional childcare while you attend doctors’ appointments or medical treatment.
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The average household in the UK spends around £97 a week on their food shop, totaling £388 a month.

While this may seem like a small amount in comparison to some of the other expenses mentioned, the food shop is often where we try to scrimp and save when we fall on hard times.

Income protection can take care of the cost of your weekly food shop, as well as many other essential costs.
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At the beginning of 2020, credit card debt in the UK was at £2.1 billion, with almost 27 million UK residents in some kind of debt.

Becoming unable to work could make it hard to keep up with credit card or loan payments (including car finance or other financed goods).

Failure to keep up with payments could result in additional interest being incurred or late fees issues - resulting in a higher total needing to be paid.
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The average spent on public transport each month comes to an average of £94.

This includes the cost of public transport, as well as petrol and diesel vehicles.

While this amount may reduce while you’re unable to work as you won’t need to commute there may be additional spending on public transportation if your illness or injury leaves you unable to drive.
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Your total cover estimate

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How much does Royal London income protection cost?

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:

  • Policy term
  • Payment period (short-term or long-term)
  • Deferred period
  • Benefit type (level or decreasing)

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 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:

Age1-year payment period price per month2-year payment period price per month5-year payment period price per monthFull-term payment period price per month
20£7.67£8.79£13.13£16.70
25£8.29£9.60£14.65£18.80
30£9.40£11.09£17.54£22.49
35£11.20£13.46£22.10£28.48
40£13.82£16.87£28.14£35.96
45£17.24£21.29£37.20£45.95
50£23.68£29.42£53.85£62.98


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 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?

Royal London income protection key features

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:

Policy featureDescription
Waiver of premiumsIf 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 optionWith 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 optionIf 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 coverRoyal 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 benefitIf 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 guaranteeEven if your income changes throughout your policy term, Royal London won’t pay out less than £1,500 per month.
Back to work paymentIf 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 coverIf 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 deathIf 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 handThis 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 income protection for NHS professionals

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:

  • Work in a medical profession (with sick pay entitlement that exactly matches the NHS schedule)
  • Be registered or provisionally registered with the general medical council, nursing and midwifery council or general dental council
  • Have a current licence to practice in the UK (if a doctor or surgeon)

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 serviceFull sick payHalf sick payWhen Royal London will start paying out
First year of serviceOne monthTwo monthsMonth two
Second year of serviceTwo monthsTwo monthsMonth three
Third year of serviceFour monthsFour monthsMonth five
Fourth or fifth year of serviceFive monthsFive monthsMonth six
Sixth year of service onwardsSix monthsSix monthsMonth 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:

  • Sabbatical cover - As long as you continue to pay your premiums while on sabbatical from work, you can still be covered. You’ll need to have held your policy for at least 12 months and you must have been in employment with the NHS for at least 12 months to be eligible for this benefit
  • Minimum benefit guarantee - Doctors and surgeons are eligible for an increased minimum benefit guarantee of £3,000 per month. All other professions will have access to the standard £1,500 minimum benefit guarantee
  • Additional income - If you have additional earnings other than your NHS salary, perhaps an income from private consultation work, it can be possible to set up another income protection policy to protect this income under the same plan

Why not compare Royal London income protection for NHS professionals with other plans, designed with medical professionals in mind, using Reassured? Simply get in touch for your free quotes.

Royal London key person income protection

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:

  • Supplement the key person’s salary
  • Be put back into the business to replace any missed profit
  • Cover bills and other business expenses

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.

How to claim Royal London income protection?

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:

  • Medical information or access to medical records
  • Proof of earnings at the time of making a claim

It’s also possible that Royal London may ask for you to be examined by a doctor or health specialist.

Does Royal London income protection pay out?

In 2021, 90.4% of all Royal London income protection claims were paid out - equating to over £4 million[1].

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.

Royal London won’t pay out on claims that:

  • Are self-inflicted - If your illness or injury is intentionally caused, your claim won’t be accepted
  • Are for an illness/injury that is listed as an exclusion - If you have any pre-existing medical conditions, it’s likely these will be added as exclusions to your policy in order for providers to mitigate the risk of offering you cover. This means you can’t claim for this reason
  • Don’t match the policy definition of incapacity - Royal London income protection comes with an ‘own occupation’ definition of incapacity. This means you can claim if you’re unable to complete the daily tasks of your job. For an illness/injury to not match this definition it would need to be something minor that won’t keep you off work for longer than your deferred period (such as a common cold)
  • Include false information - If you failed to provide, or withheld, certain information during the application process Royal London will deny your claim. This is known as non-disclosure and is a form of insurance fraud. Similarly, if you provide false medical information when making a claim, the claim will be denied

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, you can ask any questions you need to ensure your chosen policy is right for you.

How do I cancel my Royal London income protection?

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 reviews

Royal London pride themselves on putting the customer first and this is reflected in their reviews.

Royal London are rated as ‘Great’ on Trustpilot with over 800 reviews, as well as being rated 4.6 (out of 5) stars on Feefo.

Compare Royal London income protection quotes

Royal London income protection is available through Reassured.

Reassured 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 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?

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Sources:

All information used in this article has been taken from the Royal London website and is correct as of 01/09/22

[1] https://www.royallondon.com/media/press-releases/press-releases-2022/may/royal-london-paid-a-record-total-of-632m-in-claims-in-2021/

[2] https://www.royallondon.com/media/press-releases/press-releases-2022/april/royal-london-makes-improvements-to-income-protection-non-medical-limits/

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