News & Events

Term Assurance and Whole of Life Product Enhancements from Royal London

Tue Sep 11 2018

Following on from the success of its Mortgage Protection enhancements, leading protection specialist Royal London has continued its product innovations. Royal London has enhanced its Term Assurance and Whole of Life products to offer the best value for money in the market. As a company committed to the broker market, these latest product innovations help provide you and your clients with access to the best products and service in the market.

The Best Value Term Assurance: Dual Life for the same price as Joint Life

Royal London now offers Dual Life cover for the same price as Joint Life cover for Term Assurance*. This offer is in addition to its extra commission/premium discount offer which is now available until the end of December.

As you know, cover on a Dual Life basis means that as the two lives are covered independently, a claim for one of the lives has no impact on the level of cover relating to the other life. This offers even better value for your customers as, whatever the cheapest Joint Life premium is, Royal London will provide Dual Life cover for the same price.

Commenting on this enhancement, Daragh Feely, Head of Sales at Royal London, said “The feedback we have received from brokers since offering Dual Life Mortgage Protection for the same price as Joint Life has been fantastic. In addition to our own ideas, broker feedback is something we really value so it made perfect sense to provide Dual Life Term Assurance for the same price as Joint Life, just like our Mortgage Protection offering. It gives real value to customers and when you consider that it can still be used in tandem with our leading, broker-supportive offer it makes this product even more competitive. We are confident this enhancement, along with our other features such as One Month’s Free Cover, our Helping Hand Service and Funeral Payment Helping Hand, means that we have the best value Term Assurance currently on offer in the market.

“What’s more, we’ve doubled our sum assured price-matching* limit for Term Assurance from €1.5 million to €3 million. This increase ensures we’re number one for not just price-matching but large cases too, and by availing of our leading, broker-supportive offer you can get a further 10% off the price-match premium.”

Price-matching on Whole of Life

Royal London has also taken the opportunity to make its Whole of Life cover even better. It now price-matches** Whole of Life cover to the best broker market price for sums assured up to €1 million.

Daragh explained, “This enhancement strengthens our Whole of Life offering considerably.  As you know, we’re a broker-only company so our Whole of Life product is not available from any of the banks, which gives brokers a greater competitive edge in the market. The exclusivity of our Whole of Life product, and the enhancements made to it, means you can always ensure that your clients get the best value cover available.

 “We’re committed to providing propositions that make life easier for both you and your customers and we believe our new Whole of Life and Term Assurance offerings will help do just that.”

For more information about these product enhancements contact your Royal London Broker Consultant or visit royallondon.ie/broker.

*Price match only applies to applications submitted online. It is subject to a maximum sum assured of €3,000,000 for life cover and €500,000 for specified serious illness cover and it is also subject to Royal London’s minimum premium. Price match for indexed policies is against the cheapest level premium available and applies for the first year after which the premium will increase by 4% per annum. For Dual Life Mortgage Protection (excluding Specified Serious Illness), where the same sum assured is selected for both lives, we will price match against the cheapest equivalent Joint Life premium (or Dual Life if that is cheaper). For Convertible Mortgage Protection, the price-match premium will be an additional 5% on top of the cheapest equivalent non-convertible Mortgage Protection. For Dual Life Term Assurance Cover (excluding Specified Serious Illness), where the same sum assured is selected for both lives, we will price match against the cheapest equivalent Joint Life premium (or Dual Life if that is cheaper). The final price match will be based on the premium applicable on the date of policy issue and applies only to the ordinary rates premium. The price match premium will be used as the base rate where a rating applies. Price match does not apply to annual premium policies and can be withdrawn at any time.

**Price-match only applies to applications submitted online. It is subject to a maximum sum assured of €1,000,000 for Whole of Life cover and it is also subject to Royal London’s minimum premium. For Life Changes Option, the price-match premium will be an additional 10% on top of the cheapest equivalent standard Whole of Life quote. The final price-match will be based on the premium applicable on the date of policy issue and applies only to the ordinary rates premium. The price-match premium will be used as the base rate where a rating applies.