Royal London removes protection age restrictions

Previously some occupation classes were only able to secure cover to a maximum age of 55 but now the restriction has been removed and all occupations have a maximum age of 70. 

Occupations that have had the age restriction removed include professional drivers, fitness instructors, nurses, teachers and security guards.

The products that have changed are the personal menu plan, income protection, business menu plan, income protection, and key person income protection.

Debbie Kennedy, group head of protection strategy at Royal London, said: “We have improved our income protection by offering cover up to age 70. 

“As people are living and working for longer it made sense to increase the maximum age to 70 to make sure that our range of income protection covers meets the needs of today’s customer and that income protection is available to people for the whole of their working lives.

“Income protection is the one protection product that every working adult in the UK should consider but our state of the protection nation report revealed that just 4 per cent of adults have an income protection policy compared to 6 per cent with critical illness cover and 26 per cent with life insurance. 

“There is more that the industry needs to do to get across the message that insurance is important and making our income protection more accessible is a step in the right direction.”

Income protection is the one protection product that every working adult in the UK should consider.Debbie Kennedy

Alan Lakey, director of CIExpert Ltd, said the changes were all positive.

Mr Lakey said: “Royal London has upped its game over the past 18 months and is looking to provide the sort of improvements that advisers are calling for.

“Everything can be costed so it is great that they are extending income protection ages to 70.  

“This reflects changing demographics and the reality that due to mortgage changes many are forced to work to age 70 to pay their mortgage.”

emma.hughes@ft.com