Royal London has revised its income protection occupation classes following a wide-ranging review aimed at better reflecting modern, non-linear career paths.
The mutual has introduced improved terms across more than 700 occupations, with 545 roles gaining enhanced access and 162 seeing reduced pricing. The changes are intended to align cover more closely with the realities of today’s workforce, where individuals are increasingly combining multiple roles, freelancing or working within the gig economy.
The review also identified around 70 occupations where risk profiles have increased, resulting in pricing adjustments for those roles. Royal London said this was necessary to ensure fairness and sustainability across its wider customer base.
EXPANDED ACCESS AND UPDATED DEFINITIONS
As part of the overhaul, the provider has updated total permanent disability definitions for 67 occupations, moving them from a working-tasks basis to an own-occupation definition. This shift is expected to provide greater clarity at the point of claim and improve customer understanding of cover.
The changes are designed to ensure policies remain relevant for individuals whose careers do not follow traditional, single-track employment routes.
Fi Wynn, head of protection proposition at Royal London, said: “As the world of work continues to change, the products designed to support it must too. These enhancements to our Income Protection occupation classes highlight our commitment to providing relevant, robust, and adaptable protection for today’s policyholders.
“We’re committed to ensuring that Income Protection remains relevant and accessible for workers navigating today’s dynamic employment landscape.
“Jobs are constantly evolving and in response we’ve expanded access to Income Protection for a variety of job titles that were previously ineligible or where eligibility was unclear. This ensures even greater inclusivity, allowing more people to protect their income regardless of how their career develops.”
Vicky Churcher, executive director at the Income Protection Task Force, added: “The IPTF welcomes developments that seek to broaden access to insurance, particularly for underserved groups such as the self-employed and those with non-traditional career paths.
“As the nature of work continues to evolve, ensuring that products, definitions and eligibility criteria keep pace is an important step in improving accessibility and relevance. Initiatives that support clearer cover and reflect modern working lives can help more people understand and engage with income protection.
“We look forward to seeing continued progress across the market that supports greater inclusion, consistency and confidence for both advisers and consumers.”
