Royal London has introduced a new five year payment option to its income protection.
The five year payment period provides an option for customers, who either do not want or cannot afford a full term payment period, to have cover which is more comprehensive than the current shorter payment periods.
The new payment period is in addition to Royal London’s existing payment options for income protection which include one year, two years and full term.
Christina Rigby, product specialist at Royal London, said: “Losing an income due to illness or injury is one of the biggest risks people can face, so it’s important to have cover that can be tailored to individual requirements.
“Our five year payment period introduces additional flexibility and means our income protection is suitable for a wider range of budgets and needs.”
Other features of Royal London’s income protection include a range of deferred periods, cover up to 65% of the first £15,000 and up to 55% of the remainder, up to £250,000 a year and fracture cover and hospitalisation payment which are included as standard.
Customers with deferred periods of 13, 26 and 52 weeks will receive a back-to-work payment in their first and second months back at work to help them further financially.