Royal London improves its Income Protection

• Addition of product flexibility to help customers adapt their protection cover with current cost of living challenges
• Integrated access to Helping Hand support services 

Mutual insurer, Royal London, has strengthened and expanded the flexibility of its Income Protection product to support customers whose circumstances change including them moving job or progressing in their career.

Customers who move to a less risky job, or who are looking to shorten their deferred period, can now do so without going through the full alterations process. Instead, they simply need to fill out a declaration of health online – if this matches the original underwriting decision then the existing plan can be updated.

Additionally, the insurance provider has updated the age at which customers can increase their income protection cover, using guaranteed insurability options. This has increased from age 55 to 60. The total amount customers can boost their cover by when using these options has also gone up from £10,000 to £12,000 p.a. and to a maximum of £24,000 p.a. over the term of the plan.  This gives customers reassurance that their policies will provide the required cover to keep pace with increasing incomes and that it can also be adapted for larger income increases as a result of career progression.

Both new and existing Royal London customers can now access details of their income protection and other protection cover through the ‘My Royal London’ digital portal. Royal London will be encouraging customers to register for the portal, their one stop shop to manage their plan and access additional services, including the provider’s health and wellbeing support service, Helping Hand.

Jennifer Gilchrist, protection specialist at Royal London, said:

"Our research with advisers and customers has shown us how much customers value the flexibility within our menu protection products.

"With people changing jobs more than ever during their working life, and economic uncertainty continuing to rise, these enhancements will help future-proof our protection cover for customers and help them tailor it to their individual circumstances."