Royal London has added more than 500 occupations and reduced and increased rates across its income protection (IP) product as part of several changes to the product proposition.
It will now consider 545 occupations that would previously have been automatically declined, including firefighters and prison officers.
Furthermore, to reflect that some modern careers follow a non-traditional trajectory, the mutual said it could now cover more technical and creative professions or the incomes of freelancers or those working in the gig economy, such as writers and manicurists.
Overall, the insurer said it has set improved terms for more than 700 roles and lowered the premiums for 162 job classes.
It said pricing improvements had been made for occupations once seen as higher risk but now involving more skilled or supervisory work, such as mechanics and electricians.
However, the provider assessed that a further 70 roles were higher risk and so has increased the price of this cover.
Royal London has also improved the total permanent disability (TPD) terms for 67 occupations by moving from working tasks definitions to own occupation.
Instead of workers being assessed on basic tasks to receive a payout, such as walking or lifting, they are tested on performing the duties involved in their job.
‘Relevant and accessible’
Fi Wynn, head of protection proposition at Royal London (pictured), said that as the world of work changes, the products supporting it must too.
“We’re committed to ensuring that income protection remains relevant and accessible for workers navigating today’s dynamic employment landscape,“ she said.
“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,” she added.
Vicky Churcher, executive director at the Income Protection Task Force, said she welcomed any development that sought to broaden access to insurance, particularly for underserved groups such as the self-employed or 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,” she added.
“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.”