Royal London Income Protection Review

Royal London is a leading provider of insurance, pension and investment products.

In this guide:

• The History of Royal London
• What Income Protection policies does Royal London offer in the UK?
• How much does Income Protection from Royal London cost?
• What do customers say about Income Protection from Royal London?
• The pros and cons of Royal London Income Protection
• Claiming from Royal London

The History of Royal London

Royal London is a British financial services company founded in 1861 and based in London, England. It is the largest mutual life and pensions company in the United Kingdom, with Group funds under management of £110 billion. The company was founded by William Foyle and his brother Arthur, who opened a small bookshop in London in 1879. They soon expanded their business to offer life insurance services, and by 1895 had become one of the leading life assurance companies in Britain. In 1907, the company became known as Royal London Mutual Insurance Society Ltd., after being granted a Royal Warrant from King Edward VII. In 1965, Royal London merged with Scottish Provident Life Assurance Society to form Royal London Mutual Assurance Society Ltd. In 1983, the company established its first international presence through a joint venture with Canada's Manulife Financial Corporation. In 1988, Royal London acquired Scottish Amicable and began offering a wider range of products including pensions and investments. In 2000, Royal London demutualised and listed on the London Stock Exchange as Royal & Sun Alliance Insurance Group plc. In 2008, Royal London split off from its parent company and became an independent organisation again under the name Royal London Group plc. Today, it provides savings, investments, insurance and pension products to more than 5 million customers across the UK.

What Income Protection policies does Royal London offer in the UK?

Royal London offers several income protection policies to customers in the UK. These policies are designed to cover individuals in the event of illness or injury which prevents them from working and earning an income. Most Royal London policies provide a regular monthly payment to help replace lost earnings, with payments typically lasting up to two years, depending on the plan chosen. Customers can tailor their policy to fit their individual needs, with options for varying levels of cover, deferral periods, and premium payment options. All Royal London income protection policies include access to free advice from healthcare professionals and rehabilitation experts, as well as 24/7 access to a mental health helpline.

How much does Income Protection from Royal London cost?

Income Protection from Royal London costs vary depending on the age of the customer. As a general guide, for a UK customer aged between 18-39, the cost of Royal London Income Protection is typically around £7.50 per month for every £100 of income protected. For customers aged 40-49, the cost is typically around £9.50 per month for every £100 of income protected. For customers aged 50-59, the cost is typically around £13 per month for every £100 of income protected. Finally, for customers aged 60 and over, the cost is typically around £16 per month for every £100 of income protected.

What do customers say about Income Protection from Royal London?

Royal London's UK customers have generally provided positive feedback on their Income Protection policies. Customers report that the policies provide them with the financial security they need in the event of an unexpected illness or injury, and many have had successful claims when needed. Customers also appreciate that Royal London's policies are very flexible and can be tailored to different budgets and needs. Additionally, customers find the customer service offered by Royal London to be efficient and helpful.

The pros and cons of Royal London Income Protection

Pros: - Royal London's UK Income Protection policies provide comprehensive coverage for accidents, illnesses, and other forms of disability that may prevent you from working. - The policy is tailored to fit your individual needs, so you get the coverage that suits you best. - The policy gives you a financial safety net if you are unable to work due to illness or injury. - You can choose from a range of options such as deferred periods, payment terms and levels of cover that best suit your needs. - Royal London offers flexible premiums according to your circumstances, including discounts for good health and no claims. Cons: - The cost of Royal London's UK Income Protection policies can be expensive depending on the level of coverage chosen. - There is no guarantee that any specific condition will be covered by the policy, so it’s important to check the terms and conditions carefully before signing up. - If you make a claim, there can be a delay in processing your claim, which could affect when you receive benefit payments.

Claiming from Royal London

Royal London 2020 Protection Claims Report, the overall claims paid rate for Income Protection policies was 92%. This is an increase from the previous year's rate of 91%. The report also showed that the average length of time taken to pay out an Income Protection claim was 22 days, down slightly from 24 days in 2019. In addition, the report revealed that customer satisfaction with the claims process was very high at 91%, up from 88% in 2019.