Royal London expands beneficiary nomination to WOL plans

Published on

Royal London has expanded its signature-free beneficiary nomination, an alternative to setting up a plan trust, to its Whole of Life plans.

The feature, introduced on Personal Menu Plans for individual Life Cover and Life or Critical Illness Cover less than two years ago, allows customers to nominate who will receive the payout if there is a claim paid after they die. It’s already proved a popular addition, with a quarter of advisers using it when writing personal protection business.

Beneficiary nomination provides a simpler alternative to using a trust. If a customer’s situation is straightforward and they know who they currently want to benefit, they should consider beneficiary nomination.

Royal London will automatically pay any benefit after the customer dies to their nominated beneficiary. The customer can nominate a beneficiary as part of their application. Customers can change their nomination at any time and there’s no need for probate or the completion of a trust form.

For more complicated beneficiary requirements, customers should still consider completing a trust form.

Jennifer Gilchrist (pictured), protection specialist at Royal London, said: “The introduction of beneficiary nominations on personal protection has and will continue to help improve the claims experience for many of our customers, during what can be an incredibly difficult and emotional time. Having a nominated beneficiary in place means we’re able to pay out to a customer’s family as quickly as possible when their loved one passes away.

“It’s great to see advisers taking up this feature so positively. It’s a simpler alternative to writing plans in trust, and makes sure our customers’ money goes where it should with no delays – so the decision to extend it to whole of life plans made perfect sense. With the introduction of the new Consumer Duty next year, this is an example of Royal London supporting advisers in delivering the best financial outcomes for their customers.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...

Mortgage product availability surpasses 25,000 for the first time

The number of mortgage products available in the UK has reached an all-time high,...

ASG Finance launches loan for HNW investors

ASG Finance has introduced its latest funding initiative: the ‘Base Rate Beater’ secured investment...

Other news

Why it matters that bridging hit more than £10bn last year

We see many numbers bandied around in the financial industry, which can sometimes have...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...