Royal London 360° increases LifePlan term benefit to 80
1 September 2010
Royal London 360° has added two new benefits to its whole of life international protection product, LifePlan, to mark its first birthday.
Term benefits are now available until the age of 80, an increase from the previous limit of 65, which will allow the policyholder greater flexibility. Long-term care is now a standard feature of LifePlan and will be added to all existing policies – this will increase the level of cover given at no added cost. For example, if a client’s health deteriorates and they become in need of assistance in day to day care on a long-term basis, they will be able to claim the Critical Illness portion of their life cover and receive a lump sum to help cover any associated costs or loss of income.
New servicing improvements have also been added to help IFAs including production of a new Critical Illness Guide and comprehensive Underwriting Guidelines, plus the launch of a new range of sales aids and case studies demonstrating LifePlan’s practical application.
LifePlan aims to pay a cash sum on the death of the life assured, or upon diagnosis of a terminal illness. Its core benefit is Primary Life Cover, which is available up to the value of USD7,500,000 (or currency equivalent). It is available in four currencies – Sterling, Dollars, Euros or Japanese Yen.
In addition LifePlan contains a comprehensive range of features which make it one of the most competitive international protection products on the market. These include:
• Accidental death benefit (doubles the amount of life cover – primary life and term – in force upto an initial maximum of USD500,000)
• Critical illness cover (this advances a portion of the sum assured if the life assured is diagnosed with a covered critical illness or undergoes a covered medical procedure)
• Term critical illness cover (allows the policy owner the option to purchase critical illness cover as long as term life cover has already been purchased)
• Term life cover (the policy owner can buy additional coverage on a term basis to cover any short-term needs)
• Waiver of premium benefit (if the life assured is injured or taken ill and unable to work in their own or another suitable occupation for more than six months, this will ensure premiums are paid automatically and thus cover continues)
Twelve further ‘added extras’ are included in LifePlan policies at no extra cost such as children’s critical illness cover, total and permanent disability and terminal illness benefit.
Natalie Dutton, Head of Marketing at Royal London 360°, commented: “LifePlan already included an impressive range of key features as standard on any policy, so the addition of long-term care for both existing and new clients, plus the extension of term benefits to age 80 years old, adds even greater flexibility.
“LifePlan is a particularly significant product for us being it was the first one developed under the Royal London 360° brand. Although we’ve brought other new products to market during the last year, enhancing LifePlan just one year from its launch demonstrates our ongoing commitment to delivering class-leading and innovative products for our clients and their advisers.”
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For further information please contact:
Royal London 360°
Merita Taylor
Communications Executive
Tel: + 44 (0)1624 681610
Email: merita.taylor@royallondon360.com
Royal London 360°
Natalie Dutton
Head of Marketing
Tel: + 44 (0)1624 681726
Email: natalie.dutton@royallondon360.com
Notes to Editor:
Royal London 360° is the international division of the Royal London Group, and offers a broad range of offshore investment, savings and tax planning products to investors based around the world.
• Established in 2008 through the coming together of two highly successful offshore life companies – Scottish Life International Insurance Company Limited and Scottish Provident International Life Assurance Limited
• The company has combined industry experience of 30 years, and funds under management of almost US$2.5 billion (as at 30 June 2010)
• Royal London 360° website is www.royallondon360.com
• This press release is not a consumer advertisement and is only intended for use by journalists and financial intermediaries.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• RLAS – life and pensions administration
• Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £39.1 billion. Group businesses serve around 3.4 million customers and employ 2,890 people. Figures quoted are as at 30 June 2010.