Family package - Protect the financial security of your client’s family

Teddy BearsWhether your clients are expecting their first baby or are dealing with a household of wild teenagers, they’ll want to make sure they have financial security should something happen to them.

Over the years your clients will start to have other needs over and above protecting just their mortgage such as providing for their children.

By using a menu approach to protection, they could combine Life Cover, Critical Illness Cover and Income Protection to provide them with comprehensive cover for the entire family.

£112.54

As an example, a family can protect their £175,000 mortgage for 25 years with Life or Critical Illness Cover on a joint life basis for £112.54 month. However, this would only pay out once, on death or earlier critical illness of one of the lives assured. It does also include Children’s Critical Illness Cover automatically, which would pay out 50% of the cover amount up to £25,000.

However, if we split their protection with separate covers for both partners under the same plan we can start to pull together a protection package that’ll cover a range of situations, as well as maintaining valuable cover in place at a later date should the need arise.

£31.11

So for an extra £31.11 a month (total premium £143.65) our family can protect themselves with:

  • Two single Life Cover plans where each partner can protect their mortgage for the full amount.
  • Two single Critical Illness plans where each partner can have £100,000 worth of cover and both have Children’s Critical Illness Cover included at no extra cost which would result in two pay outs if a child become critically ill.
  • Two single Income Protection plans that would provide both partners with an income of £8,016 a year, which would be enough to cover the annual cost of a mortgage holder running a home in the UK (excluding mortgage payments)**.
  • Two single Waiver of Premium (Sickness) plans that would cover any premiums if they were injured or too ill to work which means that valuable cover remains in place.

Making use of this menu approach can enable you to mix and match multiple covers to suit each individual client. The added benefit is that this approach can result in cost savings as illustrated above as well as reducing time and administration as there’s just one application. And the plan can even be amended at a later date by adding or removing covers, increasing or reducing benefit amounts.

These are obviously just suggestions - you can create your own package from any of our covers, tailoring them to suit your client’s needs and budget.

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We think your clients with families will love:

Children’s Critical Illness Cover

Automatically included when your clients take out Critical Illness Cover, this covers any children your clients have or may have from birth to age 21. We pay out 50% of the cover amount up to £25,000.

Helping Hand

Our comprehensive support service that’s included in all our protection plans available through intermediaries. It’s available to your clients from the day their plan starts, they don’t need to pay anything extra to use it and their partner and children can use it too.

* This example is for illustration purposes and does not represent actual customers. Quotes are based on guaranteed rates and on clients aged 35 and 34 next birthday and are non-smokers. Plan term is 25 years. Premiums are correct as at 25 May 2017. For full details of risk factors, exclusions, limitations and terms and conditions, please see our plan details.

**Source: www.morethan.com/home-insurance/news/how-much-does-it-cost-run-home/

Helping Hand is a package of support services, provided by third parties that aren’t regulated by the Financial Conduct Authority. These services aren’t part of our terms and conditions, so can be amended or withdrawn at any time.

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This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.