Royal London has today announced changes to its income protection product which it says will offer customers with changing circumstances more flexibility.
The provider will now allow customers who wish to shorten their deferred period or have changed jobs to one with less risk to update their policy online, submitting a new declaration of health rather than going through the full alterations process. Providing the customer's changes are consistent with the original underwriting decision, their existing plan will be updated.
Additionally, Royal London has updated the age at which customers can increase their income protection cover - using guaranteed insurability options - from age 55 to 60. The total amount customers can boost their cover by when using these options has also gone up from £10,000 to £12,000 p.a. and to a maximum of £24,000 p.a. over the term of the plan. This gives customers reassurance that their policies will provide the required cover to keep pace with increasing incomes and that it can also be adapted for larger income increases as a result of career progression.
Jennifer Gilchrist, protection specialist at Royal London, said:
“Our research with advisers and customers has shown us how much customers value the flexibility within our menu protection products.
“With people changing jobs more than ever during their working life, and economic uncertainty continuing to rise, these enhancements will help future-proof our protection cover for customers and help them tailor it to their individual circumstances.”