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.
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.
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.
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.
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.