caledonian is now royal london

Caledonian Life – Once Upon a Time – Now Royal London

Caledonian Life is now Royal London!

We usually don’t reference too many life insurance companies on here because we don’t want to seem biased in any way or form. We’re more of an honest resource for people needing an explanation of the different types of insurance out there.

Our Facebook page which only has a few likes unfortunately, however, we have received 4 questions referencing either Caledonian Life and RoyalLondon. Well… they are both the same company.

Caledonian Life was bought by the Royal London group after merging Royal Liver with Royal London in July 2011. This happened a while ago yet people are still continuing to speak about Caledonian.

The reason being Caledonian life didn’t actually become Royal London until 2014. They were and still are a very good company and that’s probably why so many people are asking about the company.

The parent company the Royal London Group have been in business of over 180 years years and are selling financial products in both the UK and Ireland. They are well renouned for both Life Insurance and Mortgage protection. One of the features of their policies that sets them apart from others is the “Helping Hand” add on:

Helping Hand gives 1-on1 personal support from your own Nurse Adviser from Red Arc who can help you and your family with the devastating effects caused by illness or bereavement. The family part of that statement refers to a persons spouse or partner and their children only.

With over 15 years experience, Red Arc has earned a reputation for service excellence, supporting individuals and their families through serious illness, chronic health conditions, bereavement and disabilities.

Here are some of the features of Helping Hand noted on Royal London’s Website:

  • the provision of bereavement counsellors
  • speech and language therapists
  • oncology nurses
  • physiotherapy
  • face-to-face second medical opinion
  • cardiac rehabilitation support
  • complementary therapies
  • massage and reflexology

Brochure to Fully Explain Royal London’s Helping Hand Scheme

Life Cover from Royal London

  • The give a guaranteed lump sum, payable if you die within the term of their policies.
  • They give their customers a genuinely competitive cost-efective premium.
  • They are flexible giving you the ability to choose how much cover you want and how long you want your cover to last.
  • A guarantee that, unless you choose Indexation, your premium will not change throughout the term of your policy (although any relevant Government levies will be refected in your payments) ?
  • You and your family get the peace of mind that comes from knowing that should you die during the term of the policy, they will have their financial needs looked after
what does excess mean in the insurance industry

Excess – What does it mean in the Insurance Industry

What does Excess mean in Insurance Terms?

Many people assume that once they get a car insurance cover and pay premiums religiously, the will never have to part with any money in case something happens to the vehicle and they have to make a claim. However, this is not usually the case because you will still have to settle a percentage of the claim while the insurer pays the rest. The amount that you will pay out of your pocket towards the claim is what is referred to as excess in insurance terms. This is one of the downsides to making a claim besides the fact that it can also increase your premiums in future.

The good thing about excess is that your insurer will give you the freedom to choose a level of excess that you can pay comfortably. However, some people tend to be too optimistic and choose a high excess in the hope that they will never incur the risks that they are insuring against, and hence they will never make a claim. This tends to significantly lower their premium and make the policy to appear cheap but in reality, this is a very risky move that can make them bankrupt if something goes wrong. Therefore, it is advisable only to choose a level that is within your means and factor all the possible scenarios. The insurer will reduce the premium when you choose a higher premium because you will bear more risks than the insurer.

Types of Excess

Basically, there are different types of excess which vary according to the type of policy and different situations. You can always check your certificate of insurance to see the type of excess that you are liable for. The main types of excesses that might apply for a comprehensive car insurance policy are standard/basic, age excess, and special or additional excess. A standard or basic excess is the amount that you will agree to pay in case of a claim. This excess can apply separately or together with another type of excess. The age excess applies concurrently with the basic excess to drivers below the age of 25 years. On the other hand, special excess applies during special circumstance or when the vehicle has issues that are supplementary to the basic excess. Types of excess can also be classified as compulsory and voluntary. A compulsory excess is non-negotiable and is determined by the type of car you have, your age and the nature of the claim while voluntary excess is the one that you offer to pay.

Situations when you do not have to pay an excess

Fortunately, there are circumstances when you do not have to pay the painful excess fees. One of them is when you are not to blame for the accident or hazard that is causing you to make a claim, and you can provide details about the person who is liable. In this scenario, you are exempted from paying because the person who was at fault will pay on your behalf. The opposite is true in that when there is no one to be blamed, you will have to pay the excess. For example, if your car was damaged during a natural disaster like an earthquake when it was in the parking lot then you will still have to pay your share of the claim. Another sure way to avoid paying excess is by reviewing your policy and paying extra coverage.


Is Mortgage Payment Protection Insurance Really Worth It

The economy is certainly looking healthier than it was just a couple of years ago, but we are still living in uncertain times. After struggling for so long to make ends meet, many of us are still just a couple of missed pay checks away from financial meltdown.

We’d all love the reassurance of a bumper savings account to tide us over when times get hard, but in reality, the majority of us would struggle to survive for more than a couple of months without regular work.

Mortgage repayments are an unavoidable expense, but how long would you be able to meet this cost if you lost your job? This is precisely where mortgage payment protection insurance can help, stepping in to meet the cost of your mortgage payments for one year in the event of involuntary redundancy, accident or illness.

Mortgage payment protection insurance explained

Mortgage payment protection insurance is a policy which covers your mortgage repayments if you, as a PAYE employee, are unable to work for 30 days or more due to an accident, illness, or as a result of an involuntarily redundancy.

If you are self employed, mortgage payment protection insurance offers protection if you are unable to work for 30 days or more due to an accident or illness.

How long can you claim?

You will receive a mortgage payment protection insurance (MPPI) pay out after 30 days of being out of work. After this point, you will be entitled to the monthly mortgage benefit detailed in your policy for each consecutive 30 day period you remain out of work due to accident, illness or involuntary redundancy. This will last for a maximum of 12 monthly payments, or until you return to work, whichever comes first.

How much is the monthly benefit?

The monthly benefit will be the lowest of the following amounts:

  • 100 percent of your mortgage payment
  • 65 percent of your net income
  • €1500

How much does it cost?

The price you pay for MPPI will depend on a number of different factors, including whether the insurance covers a new or existing mortgage, and the cost of your monthly repayments.

Are you eligible?

To be eligible for mortgage payment protection insurance, you must be at least 18 years of age and no older than 60. You must be in full-time employment for at least 6 months before the policy commences, and be an Irish citizen who is working and residing in the Republic of Ireland. You must also have a residential mortgage in place.

Can you claim more than once?

It is possible to claim more than once on the same policy for an accident, sickness or involuntary redundancy if:

  • You are claiming for an unrelated condition after being back at work for at least one month;
  • You are claiming for the same or a related condition after being back at work for six months following the previous claim;
  • You are claiming for compulsory redundancy after returning to work for six months following the previous claim.

When can you not claim?

The exclusions for accident and sickness benefit include:

  • Any pre-existing conditions
  • Self inflicted injuries or attempted suicide
  • Any chronic conditions
  • Accident or sickness that results from being under the influence, or affected by, alcohol or drugs, unless prescribed by a doctor
  • Back pain or a related condition which is not supported by medical evidence
  • Any mental or nervous condition including stress, anxiety or depression, unless the condition has been certified by, and is under the continuing care of, a consultant psychiatrist specialist
  • Any period you are still in receipt of your normal salary
  • Any period your accident or illness is not been confirmed by a doctor

The compulsory redundancy benefit will not be paid if:

  • You had reason to be believe, or were aware that, you were going to be made redundant before the commencement of the policy
  • You resigned from you post or accepted voluntary redundancy
  • Your work was seasonal, causal or temporary
  • Your redundancy is the result of an act of fraud, dishonesty of misconduct.