Product details of our Business Protection Critical Illness Cover

Find out how your clients can tailor their cover to suit their business protection needs.

We can’t predict the future, so if your clients’ business needs change, for example as their profits grow or if they take out a larger business loan, they can amend their cover to reflect these changes.

  • Basis – single life
  • Premiums – guaranteed or reviewable over the term of the plan
  • Payouts – lump sum
  • Payment of cover – level, increasing or decreasing over the term of the plan
  • Term – minimum five years, maximum 50 years
  • Age when cover starts – minimum 18 years old, maximum 69 years old
  • Age when cover ends – maximum 84 years old
  • Amount – maximum £3,000,000 (except for a plan with increasing cover, where the maximum is £1,200,000)

To help protect against the effects of inflation,your clients can choose to increase the amount of cover over the term of their plan in one of two ways:

  • Fixed rate – at a chosen rate of interest (between 2% and 5%)
  • Index-linked rate – based on the change in the retail price index (between 2% and 10%)

Your clients can reduce the amount of cover over the term of their policy in the following way:

  • Mortgage or business loan repayment – Reduces in line with a repayment mortgage or business loan with a set interest rate (between 0% and 15%). If your clients’ mortgage or loan interest rates change, the amount we pay may not be enough to pay off their loan or mortgage. 

Your clients’ plans come with Cover Increase Options which means they can increase their cover without giving us any medical information. This makes it easy for your clients to quickly update their plan for situations like:

  • an increase in the value of the key person
  • an increase in their business mortgage or loan
  • an increase in the value of a partner’s or shareholding director’s interest in the business.

 
However, if they want to increase the amount of their cover for any other reason, they may need to supply medical evidence. 

We won't pay a claim if:

  • The person covered dies within 10 days of meeting one of our critical illness or total permanent disability definitions.
  • It's the result of intentional self-inflicted injury defined in the plan details.
  • The person covered doesn't meet one of the critical illness or total permanent disability definitions in the plan details.
  • It's the result of an exclusion shown on the cover summary.

Children's Critical Illness Cover

When your clients take out Critical Illness Cover, they can choose to add the level of Children's Critical Illness Cover to suit their needs and budget. They can also change or remove their Children's Critical Illness option at any time during the term of their plan.

  • Enhanced Children's Critical Illness Cover - our most comprehensive option, it provides protection from pregnancy to young adulthood, and also automatically includes a Children’s Critical Illness Cover Conversion Option
  • Standard Children's Critical Illness Cover - cover for all of our main critical illness conditions plus total permanent disability. An option for clients who want some protection for older children, or who may be more cost conscious.

Find out more about our Children's Critical Illness options.

Terms and conditions 

For full terms and conditions, see our Business Menu Critical Illness Cover Plan Details.

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. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.