Income Protection Insurance – Royal London
Income Protection Insurance from Royal London, includes hospital cash payments and a guaranteed benefit increase option every 3 years, without the need to provide any further medical information. If you change your job, your policy will continue to protect you regardless of your new occupation and if you claim due to a terminal illness the deferred period is waived. They also provide a range of benefits to help policyholders get back to work – including rehabilitation benefit and proportionate benefit, together with a Helping Hand Service.
Automatic Featured Benefits
Automatic Waiver of Premium
You will not have to pay your premiums while you are receiving an income benefit. During this time, your policy continues as normal, so that if you do return to work and at some stage in the future need to claim again your plan has continued unchanged.
Hospital Cash Benefit
A daily replacement income is paid if you are in the hospital for more than seven days, during your deferred period.
Job Change Benefit
Your Income Protection Plan will continue to cover you if you change jobs, regardless of what your new job entails.
Back to Work Benefit
To help with this financially, we will pay you 75% of your monthly income protection benefit for your first month back in work, 50% in month 2, and 25% in month 3. The benefit is payable if you return to full-time work after being in receipt of an income protection benefit for at least 1 year.
Linked Claims Benefit
We will immediately restart your benefit if you have a relapse within six months of returning to work – there will be no waiting period in this case.
If you return to work part or full-time either in your old job or a new career, and your new earnings are less than previously earned, you may be eligible to receive a partial benefit.
Essential Activities Benefit
Provides lower cover for periods of unemployment, taking a career break, or parental leave.
Guaranteed Increase Option
This option allows you to increase your income benefit by 20% of your original amount without having to provide new evidence of health. This offer will be made to you every three years, five times over the life of your policy, allowing you to increase your benefit by 100% of the original benefit amount.
Terminal Illness Benefit
If you claim due to a Terminal Illness and have been diagnosed with less than 12 months to live, your income protection benefit payments will start immediately.
With full tax relief available on the premiums, you can choose between guaranteed fixed premiums, or reviewable premiums to further reduce the cost. Reviewable premiums can be reviewed once every 5 years.