Royal London Income Protection
Royal London has improved its Income Protection plan to now offer tailored cover for NHS medical professionals and other medical professionals on the same sick pay structure. The insurer says this means it can now:
Pay out in line with NHS sick pay arrangements.
Offer up to 12 months sabbatical cover for eligible medical professionals, provided they meet the conditions in the Plan Details and continue to pay their premiums.
Offer a higher minimum benefit for doctors and surgeons, at £3,000 a month.
The changes follow other recent improvements to the Income Protection plan, including:
An optional five year payment period.
Fracture Cover with no standard exclusions.
Back-to-work payments for clients, with deferred periods of 13, 26 or 52 weeks.
Comment: Tailoring IP to meet the complexities of NHS sick pay arrangements has always required a specialist approach and Royal London has changed its plan to be able to meet this need.
Moreover, this is on top of other recent changes, adding up to a powerful range of options to better meet specific client needs.
Plus points: The plan can now fit well with NHS sick pay requirements; This change is on top of other recent changes; Widens the potential customer base.
Not so plus points: IP remains complex for the non-specialist adviser – at least for some clients.
Website: http://www.royallondon.com.
Rating (max 10): Overall: 8. Gold
Tags: IP; Royal London