Royal London Offers “Best Mortgage Protection Cover Available”BACK TO ALL NEWS
17th Jan 2018
Leading protection specialist Royal London, following recent enhancements, now has the best Mortgage Protection cover available in the Irish market. Royal London has improved its Mortgage Protection and made it even better than before by adding more valuable options for customers and reducing the minimum premium to €10 per month.*
Brokers can now offer their clients Mortgage Protection from Royal London on a Dual Life basis for the same price as Joint Life and it is price-matched to the best broker-market price, making it even more competitive! They can also recommend the addition of a Conversion Option for just 5% extra, which is the lowest cost for a conversion option currently available in the market. But what makes this compelling Mortgage Protection cover work even better for brokers and their clients is when Royal London’s leading broker-supportive special offer is utilised.
Barry McCutcheon, Proposition Lead at Royal London said, “We’re always receptive to feedback from Financial Brokers and last year we welcomed your valuable insights on how we could improve our product offerings. Since then we’ve take your, much appreciated, suggestions seriously and used them to help launch the best Specified Serious Illness offering to the market in April last year. We followed this up by launching enhancements to our Mortgage Protection in November, making it now what we believe is the best Mortgage Protection proposition available on the market.”
Dual Life Option Added
As you’ll know, cover on a Dual Life basis means that as the two lives are covered independently, a claim for one of the lives has no impact on the levels of cover relating to the other life. Royal London has added a Dual Life Option and, not only that, it will price-match Dual Life cover to the lowest Joint Life premium available. So with cover from Royal London your clients will get twice the cover for the same price as Joint Life!
Conversion Option Added
You’ll be very aware of the value that adding a Conversion Option to a policy has for your clients by providing them with more flexibility in the future. You can now offer your clients a Convertible Mortgage Protection policy from Royal London, for just 5% extra in premiums**, which is the lowest cost for a conversion option in the market.
Barry commented, “These enhancements have strengthened our Mortgage Protection offering, but it is when they are combined with our leading broker-supportive offer that the overall proposition becomes even more compelling. For example, a broker can choose to mix and match between extra commission and premium discount and offer their clients Dual Life Mortgage Protection Cover with the Conversion Option, at a lower price than the current best in market Joint Life cover. The client will make cost savings over the policy term with the premium discount while the broker will receive extra commission. See our Mortgage Protection and Special Offer flyer for more details. ”
Lowest minimum premium
Enhanced cover from Royal London now offers the lowest minimum guaranteed premium, from as little as €10 per month.* In October last year, mortgage approval rates were up by 19% year-on-year.*** This lower minimum premium now means that brokers can offer the best Mortgage Protection cover to a wider range of potential clients, in particular those who are first time buyers.
Barry continued, “As Royal London is both a broker only company and a mutual, our constant focus is to ensure we provide superior offerings to brokers and their customers in turn, so they then have the best protection in place to meet their needs. We believe these new developments mean you can offer your clients the best Mortgage Protection cover on the market, for the best price.”
Barry concluded, “So far, we have been delighted with the response from brokers in relation to these changes which are part of our commitment to make it easier for brokers to do business by providing them with compelling and value-rich protection products to recommend to customers. As 2018 kicks off, you can rest assured that we’ll continue to bring out further improvements to our propositions and service.”
If you would like more information on our Mortgage Protection enhancements, please contact your Royal London Broker Consultant or Case Manager, they would be delighted to hear from you!”
Full details of Royal London’s Mortgage Protection offering can be found on its Broker Centre; www.royallondon.ie/brokers
“These enhancements have strengthened our Mortgage Protection offering, but it is when they are combined with our leading broker-supportive offer that the overall proposition becomes even more compelling.”
*Including 1% Government Levy. This applies to Mortgage Protection Life Cover only policies excluding Mortgage Protection with Specified Serious Illness cover.
** Lowest premium available on Best Advice, Adviser Plus, Clear Choice or Money Advice.
*** The Banking & Payments Federation Ireland (BPFI) Mortgage Approvals Report – October 2017.