Royal London was a pioneer of the menu proposition and has now introduced a number of updates to its existing Personal and Business Menu plan propositions. The main changes are:
* Customers can now choose different start dates for each cover. For example, an adviser could start a client’s family cover immediately and then start their mortgage protection once the mortgage has completed.
* There can be a different owner for each cover within a multi benefit application.
* Accepted covers can be started immediately while assessment of other covers is progressing.
* Advisers receive dashboard reminders to enter start dates online with no need to call Royal London.
* Automatically splitting plans where there may be a taxable event.
All of this can be done from a single application with one direct debit.
Part of the aim has been to make it easier for advisers to submit applications and also to allow them greater flexibility throughout the life of the policy.
On 4 May, Royal London announced it was also allowing income protection cover to extend to age 70 for all occupations. Among the occupations affected are teachers, nurses, drivers, fitness instructors and security guards.
What They Say
Product architect Ian Smart said: "Royal London is the pioneer of the menu proposition. Our menu plans offer customers a flexible plan for life that can keep pace with their changing protection needs. Advisers can now specify a different owner and start date for each cover, within a multi-benefit application. In addition they only need to submit one application, one direct debit and the plan charge is split across all the plans."
What We Say
"Royal London has introduced a number of useful updates, all essentially aimed at making life easier for both advisers and their clients.
"The menu model brings together a number of different cover types, with accompanying savings by doing so, but it can become over-complex or unwieldy. For example, a customer may want their life cover to start immediately but only needs their mortgage protection cover in force when the loan starts. Royal London now allows this. The latest IP improvements also mean certain occupations can now have a later end date, making the cover even more relevant for them.
"By simplifying, allowing and improving, Royal London is further developing its menu protection proposition and looks to be doing so in a series of evolutionary rather than revolutionary steps."