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FOR ADVISERS ONLY

Product details of our Business Protection Life Cover

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

We know life doesn't stay the same for long, especially in a business, so if your clients' circumstances change during the life of their plan, they can change their cover to suit their needs.

  • Basis - single or joint life first event
  • Premiums - guaranteed
  • Payouts - lump sum
  • Payment of cover - level, increasing or decreasing over the term of the plan
  • Term - minimum one year, maximum 72 years
  • Age when cover starts - minimum 18 attained, maximum 88 attained 
    79 attained for 5 year renewable
    69 attained for 10 year renewable 
  • Age when cover ends - maximum 89 attained
  • Amount - unlimited cover, or up to a maximum of £5 million when an increasing cover option is chosen. 

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 interest rates change, the amount we pay may not be enough to pay off their mortgage.

Your clients' plans come with Cover Increase Options which means they can increase their cover without giving us any medical information if there's:

  • an increase in the value of a key person
  • an increase to their business mortgage or loan
  • an increase in the value of a partner’s or shareholder'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 claim is for death and is a result of intentional self-inflicted injury within 12 months of the date the cover started.
  • The claim is for a terminal illness and the person covered doesn't meet the definition of terminal illness defined in our plan details; or
  • It's the result of an exclusion clause shown on the cover summary.

Terms and conditions

For full terms and conditions 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 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.