About Royal London

Royal London is a mutual life, pensions and investment company – the largest in the UK, with almost 9 million policies held by customers. Its ‘mutual’ status means it’s owned by members, not investors, allowing for greater interaction and accountability with members and customers. This enables Royal London to continually improve its products and customer service.

Royal London income protection policy features

If you buy your income protection through Royal London, your policy is likely to come with the following features:

Back-to-work bonus Get 50% of your monthly income protection benefit after your first month back at work and 25% after your sound month back.
Benefit guarantee Your income protection benefit will never fall below £1,500/month – as long as you bought at least that amount when you took out your policy. You normally need to be working a minimum number of hours to qualify for this benefit.
Guaranteed insurability You’ll have the opportunity to increase your income protection cover after certain life changes. In a Royal London policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your existing mortgage amount or term.
Hospitalisation benefit Get £100 per night if you are hospitalised for any reason during the waiting period of a claim. This benefit is usually subject to a minimum and maximum number of consecutive nights spent in hospital.
Waiver of premium Most income protection policies come with this handy add-on that means you won't keep paying your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

Royal London income protection extra policy benefits

Royal London income protection policies also come with extra benefits, outlined below. This is ‘non-contractual’, which means it’s not related to the contractual conditions of your own policy. Everyone is eligible – though this service is usually only made available if you buy your policy through an adviser.

Helping Hand A support service providing access to a second medical opinion; bereavement counselling; and to legal, career-related, and medical helplines.

Royal London income protection claim rate

In 2018, Royal London paid out 90% of new and existing income protection claims, amounting to £5.2m. Of those not paid out, it was either due to the claim not meeting the required policy definition or misrepresentation (i.e. providing inaccurate information during the application process).

Royal London income protection prices

The following prices are based on:

  • Healthy 25-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £22 £30
26 weeks £19 £25
Short-term 13 weeks £12 £15
26 weeks £10 £13
  • Healthy 25-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £39 £53
26 weeks £33 £44
Short-term 13 weeks £18 £24
26 weeks £16 £20
  • Healthy 35-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £34 £46
26 weeks £29 £40
Short-term 13 weeks £12 £15
26 weeks £9 £12
  • Healthy 35-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £60 £84
26 weeks £52 £71
Short-term 13 weeks £27 £37
26 weeks £23 £31

Quoted on 06/03/2020
Long-term: Royal London Personal Menu Plan
Short-term: Royal London Personal Menu Plan (2 years)

It’s important to make an informed decision when buying income protection – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).

Good to know: Our recommendations are regulated, completely impartial – and free. And we also have a team of human advisers who can help over the phone, if you prefer.

This review is intended for informative purposes only and does not constitute advice.