Royal London's consumer business launches game changing serious illness benefit
Royal London, the UK’s largest mutual life insurer, has launched a Serious Illness Benefit for its direct to consumer business.
Consumer research shows there are many barriers to buying serious or critical illness cover, with the most common reasons being that the product is too complex to understand and expensive to buy without seeking financial advice. Royal London’s Serious Illness Benefit product addresses these concerns with a product that is simple and affordable.
Serious Illness Benefit is an additional option available at extra cost to customers applying for Royal London Life Insurance directly. Dependent on age, the cover provides a lump sum payment of up to £350,000 if the customer is diagnosed with one of six conditions including: cancer, heart attack, stroke, Multiple Sclerosis, benign brain tumour or dementia. The policy also includes children’s cover up to £25,000.
The cover is based on guaranteed premiums, which will not increase and customers will receive an immediate decision on acceptance, without the need for medical evidence.
Royal London’s consumer proposition lead, Gary Beyer, said:
“We are proud to be introducing Serious Illness Benefit option to our customers and expanding our product range in the direct to consumer protection market. When designing the benefit, we spoke to consumers to better understand the barriers they face which prevent them from purchasing cover against serious or critical illness. The most common reasons were that cover is too expensive and too complex. We believe our offering is a real game-changer - providing clear, affordable cover and giving customers peace of mind.”
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For further information please contact:
Consumer PR Manager
|0203 272 5129
Notes to editor
- Royal London’s Serious Illness Cover benefit is available for customers to purchase from 22 February.
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £106 billion. Group businesses provide around 9.0 million policies and employ 3,449 people. (Figures quoted are as at 30 June 2017)