More comprehensive cover available in addition to current shorter payment options
Customers who do not want or cannot afford a full term payment for income protection (IP) can now choose Royal London's five year payment option.
The new payment period offers a more comprehensive cover option for IP than the current one year and two year options, which are the existing alternatives to a full term payment period.
"Losing an income due to illness or injury is one of the biggest risks people can face, so it's important to have cover that can be tailored to individual requirements," said Christina Rigby, product specialist at Royal London. "Our five year payment period introduces additional flexibility and means our income protection is suitable for a wider range of budgets and needs."
Royal London's income protection also includes a range of deferred periods, cover up to 65% of the first £15,000 and up to 55% of the remainder, up to £250,000 a year and fracture cover and hospitalisation payment included as standard.
Customers with deferred periods of 13, 26 and 52 weeks receive a back-to-work payment in their first and second months back at work.
‘The Orange Table’
15 years’ experience
In association with Scottish Widows