Royal London: A whole lot of choice

Royal London are part of the largest mutual life, pensions and investments company in Ireland and the UK, committed to looking after the interests of their customers.

In Ireland, Royal London specialise in protection products – life cover, specified serious illness cover, mortgage protection, income protection and business assurance. They have been protecting people in Ireland for over 180 years – the company were most recently known as Caledonian Life.

Whole of Life Cover

Whole of Life is a straightforward long‑term life cover policy. It has no expiry date while you are alive, as long as you keep paying your premiums.

It provides financial protection for the rest of your life and pays out a lump sum when you die. The premium you pay, either monthly or annually, will stay the same throughout the policy. Your premium will never go up unless you choose to increase your cover amount.

You decide how much cover you want when you first take out the policy and that amount is paid out as a lump sum when you die.

You have the option to increase your cover amount by adding Indexation (a feature to help offset inflation) when you first take out the policy or through our Guaranteed Insurability Option. This allows you to increase your cover amount after certain life events without having to answer any medical questions.

The policy can be easily set up for inheritance tax planning. Or it can be used to help pay funeral costs or to provide a legacy after you are gone. Helping Hand Service As soon as you take out a policy with Royal London, you automatically qualify for access to Royal London’s Helping Hand service.

Helping Hand gives one‑to‑one personal support from your own Nurse Adviser who can help you and your family cope with the devastating effects that illness or bereavement can have. It includes unlimited telephone access, providing tailored support to meet your particular circumstances. You, your spouse or partner and children can use this service as soon as your policy starts.

Other policy features include:

• You can increase your cover amount after certain life events without having to answer any medical questions with our Guaranteed Insurability Option.

• Your cover amount can be paid out if you’re diagnosed with a terminal illness that cannot be cured and you’re not expected to live more than 12 months.

Optional extras:

• You can add indexation to your policy as a way to help combat inflation. Your cover will increase by 3% each year and in return your premium will go up by 4.5% each year.

• You can add Royal London’s Life Changes Option to your policy for an extra 10% on your premium. This unique option is all about giving you choice and control should your circumstances change in the future. So, under this option, you can stop your premium payments after having had your policy for 15 years or more – and still get something back.

Life Changes Option

For many people, they’re happy to put their policy in place and then put it aside and not think about it too often. However, we understand that what seems reasonable and affordable now, may change in the future.

This option allows you to stop premium payments in the future and not lose all of the benefit provided by your policy. It costs an extra 10% on your premium and you must decide if you want to include it before your policy starts – it can’t be added afterwards.

If you include the option and you stop paying premiums after having had your policy for at least 15 years, you will have two choices available to you.

If this option is not included on your policy and you stop paying premiums before you die your policy ends and nothing is paid out.

Also, if you include this option but stop paying premiums before 15 years have passed the policy ends and nothing is paid out.

Inheritance Tax Planning

Inheritance tax planning is not something that only the very wealthy need to think about. If you leave your assets, like your home or savings, to someone other than your spouse or civil partner, they could be liable to inheritance tax of 33% on the value of these assets.

Inheritance tax is payable to the Revenue Commissioners when the value of the assets inherited is higher than a certain threshold amount.

For more information on these and other products, get in touch with the team at Gallivan Financial today!

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