Royal London announced today it has fulfilled on the Funeral Payment Pledge promise it made to the Protection Distributors Group (PDG) last year. Royal London was one of the first life companies to publicly support the Funeral Payment Pledge – an initiative launched by PDG who campaigned for insurers to do more to help bereaved families by paying up to £5,000 towards the cost of a funeral if the full policy payout was delayed by Probate. From today people who submit a life insurance claim to Royal London Intermediary will be eligible for a payment of up to £10,000 towards the cost of a funeral, if the policy payout is delayed by Probate, exceeding the £5,000 standard set by PDG.
Craig Paterson, Underwriting Claims and Philosophy Manager said:
"The Funeral Payment Pledge will be honoured when full payment of the claim has been delayed while people are waiting for Probate to be granted. Once Probate has been obtained, Royal London will pay the remainder of the sum assured to the Estate. There is no need for customers to do anything different – our claims assessors will guide them through the new process."
The Funeral Payment Pledge is an idea launched by PDG last year to resolve an issue that relates to death claims, where insurers are unable to settle a claim until Probate has been granted. PDG asked providers to sign up to the Pledge to pay up to £5,000 towards the cost of a funeral or pay the funeral director while Probate is being obtained, if the claim has been validated and waiting for Probate to be granted is the only reason a claim could not be settled immediately.
Emma Thomson, Chairperson, Protection Distributors Group commenting on the announcement said:
"It’s fantastic to have Royal London sign up to our Funeral Payment Pledge. The Protection Distributors Group designed this campaign to help families who may otherwise struggle to pay for a funeral because of probate delays, so to have another major insurer support our initiative is great news for consumers."
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For further information please contact:
Lorna Wiltshire, Corporate PR Manager
- Email: Lorna.Wiltshire@royallondon.com
- Tel: 07919 170 488
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.