Product details of our Key Person Income Protection

Your clients can tailor their own cover to suit their needs. They can decide between level or increasing cover, select the length of their deferred period and choose how long they need their cover to pay out for.
  • Basis – single life
  • Premiums – guaranteed
  • Payouts – monthly income, once deferred period has ended
  • Payment of cover – level or increasing
  • Payment period – 1 or 2 years
  • Deferred period – 4,8,13, 26 or 52 weeks  
  • Term – 5-20 years
  • Age when cover starts – Minimum 18 attained, Maximum 59 attained
  • Age when cover ends –  Maximum 70 attained
  • Amount - 75% of the gross profit attributable to the key person up to a maximum of £250,000 each year

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 – the cover amount will increase at a chosen rate of interest (between 2% and 5%). There’s an extra cost for this option.
  • Index-linked rate – the cover amount will increase based on the change in the retail price index (between 2% and 10%). There’s an extra cost for this option.

Your clients can increase their cover within certain limits without providing any medical evidence if there’s an increase:

  • in the value of a key person 
  • to your business mortgage or loan, but not if there’s an increase in your overdraft
  • in the value of a partner’s, limited liability partnership member's or shareholder's interest in the business.

However, if they want to increase the amount of their cover for any other reason, or by more than the specified limits, they may need to supply medical evidence.

We’ll continue to pay your clients a monthly income until:

  • the person covered recovers and returns to work
  • the person covered is assessed as no longer meeting the definition of incapacitated
  • the cover term ends
  • the cover payment period expires
  • the person covered dies 

We won't pay a claim if:

  • It’s the result of intentional self-inflicted injury;
  • It's the result of an exclusion shown on the cover summary;
  • The person covered doesn't meet the definition of incapacitated in our plan details booklet;
  • If any medical or other evidence is not supplied when we ask for it.

Terms and conditions

For full terms and conditions, including our definitions under Key Person Income Protection see our 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

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.