Life insurance
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Royal London life insurance
If you have family or people that depend on you, a Royal London life insurance policy could give them financial security after you’re gone.
Why choose Royal London life insurance?
As a mutual company, Royal London is owned by its members not investors, so the profits always go back into the organisation to improve its service and products.
In 2021, Royal London won the Feefo Platinum Trusted Service Award for consistently delivering excellence.
In the 2020 Financial Times Adviser Service Awards, Royal London won the five-star award for protection and pension providers.
It also won the Money Marketing Awards for company of the year and best protection provider.
It’s also worth noting that 99.6% of Royal London protection claims were paid in 2020.
Royal London life insurance facts
Royal London life insurance is designed to help your loved ones financially if you die during the term of your policy.
Royal London life insurance:
- Offers level or decreasing cover, whole of life cover and over 50s options
- Includes terminal illness cover at no extra cost
- Can pay out on a claim of up to £500,000 in a single payment
- Is available to UK residents aged between 18 to 70
- Offers a choice of policy length from between five and 50 years
- Has guaranteed premiums - you pay the same each month until the policy ends
- Can be used to insure you and your partner
- Provides a Helping Hand support service, to help with everything from wellbeing services to 24/7 virtual GP consultations
- Diabetes life insurance is also available
What does Royal London life insurance cover?
Royal London life insurance is designed to pay out a lump sum when you die or if you’re diagnosed with a terminal illness.
With a choice of cover to suit your lifestyle, you’ll need to consider which options are right for you, including:
Level term or decreasing term
Royal London offers two different levels of life insurance: level cover and decreasing cover.
- Level cover - With a level cover policy, your life payout will stay the same and its value will be listed on your policy. The payout amount won’t change with the rate of inflation
- Decreasing cover - With decreasing cover, your payout will reduce each month. This type of policy is typically used to pay off or reduce repayment mortgages. The monthly payments are usually less than level term cover, as the payout reduces over time
Terminal illness cover
This is included with all Royal London life insurance policies, so if you’re diagnosed with a terminal illness during the policy term (and given 12 months or less to live) your life cover will pay out
Single or joint cover
With Royal London, you can choose to cover yourself, your partner or take out joint cover for both of you.
Joint cover is usually cheaper than two single life policies, but if one of you dies during the policy and there’s a payout, the cover will end for the remaining person
What other options or extras are available?
Other types of life insurance available from Royal London include:
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Diabetes life cover
This Royal London life insurance policy is specifically designed for people with diabetes. It offers level term cover up to £1 million
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Over 50s life insurance
Available to people aged between 50 and 80, this life insurance cover will pay out an amount up to £10,000. It offers guaranteed acceptance and no medical
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Whole of Life cover
This policy covers you for the whole of your life and pays out when you die, no matter when that is. It’s usually more expensive than term policies and can only be bought through a financial adviser
Optional extras you can add to your Royal London policy include:
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Critical illness cover
This will pay out money to the end of your policy term if you’re diagnosed with a critical illness or total permanent disability that’s covered by your plan
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Income protection
If you’re unable to do your job due to an illness or injury, this can pay out a monthly amount to help cover your outgoings
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Serious illness benefit
This offers extra cover if you’re diagnosed with one of six serious illnesses and allows you to take out up to £350,000 of cover. It can be added to a level term life insurance policy and includes children’s benefit as standard
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Waiver of premium
This will cover the cost of your premiums if you’re ill, injured or diagnosed with a terminal illness. It’s automatically included if you take out income protection insurance
How to buy Royal London life insurance?
We can help you compare quotes easily so you can see whether a Royal London policy is the right choice for you.
However, certain types of life insurance from Royal London are only available by contacting them directly or through a financial adviser.
How do I get in touch with Royal London?
You can speak to a member of the Royal London team by calling: 0345 602 1885
Lines are open 8am to 6pm, Monday to Friday, excluding bank holidays.
How much does Royal London life insurance cost?
The cost of your policy will depend on a number of things, including your age, your medical history and whether you smoke.
Cover can start from around £7 a month, but the level of cover you need, how long you need it for and the type of policy you choose will also affect the cost.
It’s worth comparing premiums for policies with and without critical illness cover. Policies that include this can cost more, but they may be a good option if you’d like extra protection.
Who is Royal London?
Royal London started out as a friendly society in 1861. More than 160 years later, it has 1.8 million members and manages more than 8 million policies for its customers.
Since its outset, the Royal London Group philosophy has always been to help people help themselves and provide support in planning for the unexpected.
Today, it’s one of the UK’s largest mutual life, pensions and investment companies, offering a range of financial services and products - from insurance to equity release plans.
Frequently asked questions
To let Royal London know that someone with a policy has passed away, you’ll need to gather some information together beforehand.
You’ll need the name of the deceased person and their last known address, their date of birth and death, and their plan number.
You can call the Royal London customer care team on 0345 050 2020, Monday to Friday from 8am - 6pm. You can also let them know about a death using their simple online form.
This can depend on a few things, including how long it takes Royal London to receive all the information it needs.
It may ask for further information, but Royal London will only ask for things it reasonably needs to approve the claim.
Once the claim has been approved, Royal London will usually make a payment into a UK bank account within 10 working days.
Yes, Royal London has a list of more than 47 conditions that it defines as a critical illness.
If you’re diagnosed with one of the illnesses listed on your policy, your critical illness cover will pay out.