And with over 66 million of us in the UK1 all dealing with our own life changes - whether they’re planned or unexpected - it’s clear everyone’s life journey is unique.
Combine this with the unexpected such as illness, injury or even death and the need to protect against the financial impact of these events becomes clear.
So how can our Menu Plans help support your clients through life’s ups and downs?
1. Flexible cover, tailored to your client
With our Menu Plans you can choose different cover types, cover amounts, and vary the cover length, so you can create a bespoke plan to suit your client’s needs. And they can adapt their plan at different life stages, for example if they get married or divorced, have children, or increase their mortgage.
You can create a bespoke plan to suit your client’s needs.
They also have the option to add or remove Children’s Critical Illness cover, so their family has the right level of protection.
And your client can decide how their cover is paid – whether it’s a lump sum or, for Life Cover, Critical Illness Cover, and Life or Critical Illness Cover, they can choose to have their pay-out as an income known as family income benefit (FIB). With a regular monthly income amount, FIB can be a useful way to help protect your client’s lifestyle. We often refer to FIB as ‘lifestyle continuation’ as your client doesn’t need to have children to benefit from it.
2. Cost effective options
Just as clients’ needs are ever changing, so are their budgets. And it might be they can’t afford to cover everything to begin with. That’s why our new menu tool demonstrates different cost options (essential, essential plus and comprehensive), showing how cover can be tailored to fit even the tightest of budgets. When it comes to protection, a little bit is better than nothing.
3. Better client outcomes
If we look at a ‘traditional’ cover approach (Life or Critical Illness Cover), your client has fixed cover with one opportunity to claim. After that, they’re left uncovered for any future life events. Compare this with a multi-benefit Menu Plan that has various opportunities to claim and continues to run if a claim is made and you see the real value.
Just one application form for the combined covers, one plan fee and one Direct Debit.
You can use our menu tool to help bring this to life for your clients.
And by mixing and matching covers through a Royal London Menu Plan, a multi plan discount is also offered through just one plan fee. It really couldn’t be easier, with one application form for the combined covers, one plan fee and one Direct Debit.
4. Inflation proof cover options
Indexation can be added to Life Cover, Critical Illness Cover, Life or Critical Illness Cover, and Income Protection. There are a range of options to choose from - with fixed rates between 2-5% and RPI linked rates between 2-10%. Indexation can be an easy way to make sure your client’s cover keeps pace with inflation and the real value of their cover is protected. Check out our new indexation sales aid for more details.
5. Protection from day one
Sometimes cover doesn’t start right away but it’s important your client is protected in the meantime. That’s why we offer Free Cover. It’s temporary and matches the type of cover applied for (maximum limits apply), starting as soon as we receive the completed application form.
Sometimes cover doesn’t start right away but it’s important your client is protected in the meantime. That’s why we offer Free Cover.
It offers peace of mind your client is covered, even before the plan has officially started. And if the cover is for a mortgage, we could even extend the Free Cover to the date the mortgage starts, up to a maximum of 90 days.
In 2019 alone, we paid out £226,595 in Free Cover claims to customers who sadly had to make a claim before their plan even started. 2
6. Practical and emotional support, even if there’s no claim
We know sometimes money isn’t enough and after a life-changing event often additional support is needed. That’s why all our Menu Plans come with our Helping Hand* support service at no extra cost.
If your client experiences serious illness, injury, or bereavement during the term of their plan, Helping Hand gives them access to a dedicated nurse. Their nurse can talk to them whenever they need and create a personalised care plan, tailored to their circumstances. Your clients also have access to legal, career and medical helplines. And all these services are available to them, even if there’s no claim.
These are just some of the ways our Menu Plans can help support your clients through life’s ups and downs.
Take a look at our ‘How Menu Plans get your clients more’ sales aid for extra information on the added benefits or visit our website for more on how Menu Plans work.
*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.
1 - ONS.gov.uk – Overview of the UK population: January 2021
2 - Royal London UK intermediary protection business claims paid (1 January to 31 December 2019)