04 May 2017

Royal London improves Income Protection cover

3 min read

Lorna Wiltshire
Lorna Wiltshire

Lorna Wiltshire, Corporate PR Manager


Royal London introduces changes today to its Income Protection (IP) and Key Person Income Protection covers. 

Previously some occupation classes were only able to secure cover to a maximum age of 55; the restriction has been removed and all occupations now have a maximum age of 70. Occupations that have had the age restriction removed include professional drivers, fitness instructors, nurses, teachers and security guards.

The products that have changed are:

  • Personal Menu Plan
    • Income Protection
  • Business Menu Plan
    • Income Protection
    • Key Person Income Protection

Debbie Kennedy, Group Head of Protection Strategy at Royal London said:

We have improved our income protection by offering cover up to age 70. As people are living and working for longer it made sense to increase the maximum age to 70 to make sure that our range of income protection covers meets the needs of today’s customer and that income protection is available to people for the whole of their working lives.

Income protection is the one protection product that every working adult in the UK should consider but our State of the Protection nation report revealed that just 4% of adults have an income protection policy compared t0 6% with critical illness cover and 26% with life insurance. There is more that the industry needs to do to get across the message that insurance is important and making our IP more accessible is a step in the right direction.

State of the Protection Nation results also revealed that one in five (17%) agreed everyone in employment should consider buying IP, yet 56% said they don’t need it, 7% of people don’t have income protection because they don’t like to think about getting ill or dying and 18% don’t know why they don’t have income protection.

There are a range of sales support items available to help advisers have a conversation with their clients about the need for protection. These are available at: http://adviser.royallondon.com/protection

The updated adviser occupation class tool is available at: http://adviser.royallondon.com/protection/tools/before-your-client-meeting/occupation-class-tool/

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For further information please contact:

Lorna Wiltshire, Corporate PR Manager

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.