Royal London Life Insurance

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Royal London is a well-established mutual life insurance and financial services company based in the United Kingdom. Royal London has a strong reputation for financial stability and customer satisfaction and as a mutual insurer, it is owned by its members rather than shareholders, and its primary focus is on serving the best interests of its policyholders. Royal London has a rich history dating back to 1861 and has since grown to become one of the largest mutual insurers in the UK.

Royal London offers a comprehensive range of life insurance products to meet the varying needs of individuals and families. Their product offerings include term life insurance, whole of life insurance, critical illness cover, over 50s life insurance, and income protection.

Term Life Insurance

Royal London offers Term Life Insurance as one of its life cover options to provide financial protection for individuals and their families. Term Life Insurance is designed to offer coverage for a specific period, known as the policy term. If the policyholder passes away during the term, a tax-free lump sum, also known as the death benefit, is paid out to the designated beneficiaries, offering financial security during critical life stages.

Key Features of Royal London Term Life Insurance:

  1. Flexibility in Policy Terms: Royal London provides flexibility in selecting the policy term, typically ranging from 5 to 40 years. Policyholders can choose a term that aligns with their specific financial needs and life circumstances.
  2. Fixed Premiums: The premiums for Royal London Term Life Insurance are often fixed for the duration of the policy term. This means that the premium amount remains consistent throughout the chosen term, providing policyholders with predictable costs.
  3. Tax-Free Lump Sum Payout: In the unfortunate event of the policyholder's death during the term, Royal London pays out the agreed-upon death benefit to the beneficiaries. This lump sum can be used to cover various financial needs, such as mortgage payments, education expenses for children, or providing financial support to loved ones.
  4. Online Application: Similar to other life insurance products, Royal London Term Life Insurance can be applied for online, streamlining the application process for convenience and ease.
  5. Convertibility: Some Royal London Term Life Insurance policies may offer convertibility options, allowing policyholders to convert their term policy into a whole of life policy without the need for additional underwriting. This feature can be beneficial if the policyholder's life insurance needs change over time.
  6. Additional Benefits: Depending on the policy, Royal London may offer additional benefits or optional riders that can be added to enhance coverage, such as critical illness cover or terminal illness benefit.
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Whole of Life Cover

Royal London offers Whole of Life Cover as one of its life insurance options, providing lifelong financial protection to individuals and their families. Whole of Life Cover, also known as whole life insurance, guarantees that the policy remains in force for the entirety of the insured's life, as long as the premiums are paid. Upon the policyholder's passing, a tax-free lump sum, known as the death benefit, is paid out to the designated beneficiaries, offering peace of mind and financial security.

Key Features of Royal London Whole of Life Cover:

  1. Lifelong Protection: Royal London's Whole of Life Cover provides coverage for the entire lifetime of the insured. This permanent coverage ensures that the policyholder's beneficiaries will receive a payout whenever the policyholder passes away, regardless of their age at the time of death.
  2. Guaranteed Payout: As long as the policy remains active and the premiums are paid, Royal London guarantees a payout upon the policyholder's death. This payout can be used to cover funeral expenses, settle outstanding debts, or provide financial support to the policyholder's loved ones.
  3. Fixed Premiums: The premiums for Royal London Whole of Life Cover are typically fixed, meaning they remain constant throughout the policyholder's life. Fixed premiums allow for better financial planning and prevent premium increases as the policyholder gets older.
  4. Online Application: Royal London provides an online application process for Whole of Life Cover, making it easy and convenient for policyholders to apply for and manage their policies.
  5. Flexible Coverage Amount: Policyholders have the flexibility to choose the coverage amount based on their financial needs and objectives. The chosen coverage amount determines the lump sum payout that beneficiaries will receive.
  6. Additional Benefits: Some Whole of Life policies offered by Royal London may include additional benefits or optional riders that can be added to enhance the coverage, such as critical illness cover or terminal illness benefit.
  7. Underwritten by Royal London: Royal London's Whole of Life Cover is underwritten by Royal London, a reputable mutual life insurance and pensions provider in the UK.
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Life insurance monthly premium based on following ages for Royal London life insurance policy

Age£50K Cover£100K Cover£200K Cover£500K Cover
25£5.00£5.34£6.80£13.07
30£5.00£5.77£7.98£16.20
35£5.18£7.33£10.78£23.05
40£6.81£9.83£15.01£32.77
45£9.32£13.80£22.14£49.35
50£13.46£20.75£34.32£79.63
60£19.82£32.84£57.38£137.59

Prices are based on a non smoking male, in good health, drinking 16 units of alcohol a week and living in TW7 4EY with no family history of illness or disease. Prices correct as of 7th August 2023

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Over 50’s Life Insurance

Royal London Over 50s Life Insurance is a specific type of life insurance designed to provide guaranteed acceptance for individuals aged 50 to 80. It offers a simple way to obtain life cover without the need for medical underwriting or answering health-related questions. This type of insurance is well-suited for those who may have health issues or who want to leave a financial gift for their loved ones or cover funeral expenses upon their passing.

Key Features of Royal London Over 50s Life Insurance:

  1. Guaranteed Acceptance: One of the main advantages of Royal London Over 50s Life Insurance is that it offers guaranteed acceptance to all applicants within the eligible age range. As long as the applicant falls within the age criteria, they will be accepted for the policy without the requirement for medical checks or health questions.
  2. Fixed Premiums: With Over 50s Life Insurance, the premiums are fixed and do not increase over time. This means that the policyholder can budget for the premiums, knowing that they will remain consistent throughout the policy term.
  3. Lump Sum Payout: Upon the policyholder's passing, Royal London pays out a lump sum to the beneficiaries. This payout can be used to cover funeral expenses, settle outstanding debts, or leave a financial gift for loved ones.
  4. Waiting Period: Some Over 50s Life Insurance policies have a waiting period, typically one or two years from the start of the policy, during which the full death benefit may not be payable. However, the policy may still offer some limited coverage during this period.
  5. Limited Coverage Amount: Over 50s Life Insurance policies typically have a maximum coverage amount, which varies depending on the insurer and the specific policy. The coverage amount is often lower compared to other types of life insurance policies.
  6. Underwritten by Royal London: Royal London is a reputable mutual life insurance and pensions provider in the UK, and their Over 50s Life Insurance is underwritten by the company.
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Critical Illness Cover

Royal London Critical Illness Cover is a type of insurance policy offered by Royal London that provides financial protection in the event of a covered critical illness diagnosis during the policy term. This cover is designed to help policyholders cope with the financial impact of a serious illness, allowing them to focus on recovery without worrying about financial burdens.

Key Features of Royal London Critical Illness Cover:

  1. Coverage for Critical Illnesses: Royal London's Critical Illness Cover typically covers a range of critical illnesses, as specified in the policy terms. Covered illnesses may include cancer, heart attack, stroke, organ failure, and other severe medical conditions. The policy document will outline the full list of covered critical illnesses.
  2. Tax-Free Lump Sum Payout: If the policyholder is diagnosed with a critical illness covered by the policy during the policy term, Royal London pays out a tax-free lump sum. This lump sum can be used at the policyholder's discretion, such as covering medical expenses, making necessary home modifications, or providing financial support during the recovery period.
  3. Additional Benefit to Life Insurance: Critical Illness Cover is usually offered as an optional benefit that can be added to a life insurance policy. While life insurance primarily provides a payout upon the policyholder's death, CIC offers financial protection if the policyholder survives a critical illness during the policy term.
  4. Waiting Period: Some Critical Illness Cover policies may have a waiting period from the start of the policy, during which the policyholder may not be eligible to make a claim for certain critical illnesses. It's crucial to review the policy terms to understand the waiting period and covered illnesses.
  5. Flexibility: Policyholders can customise their Critical Illness Cover based on their needs and budget. They have the flexibility to choose the coverage amount and select specific critical illnesses to be covered.
  6. Underwritten by Royal London: Royal London is a reputable mutual life insurance and pensions provider in the UK. Their Critical Illness Cover is underwritten by the company.
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Income Protection

Royal London offers Income Protection Insurance as one of its insurance products to provide financial security in the event of the policyholder's inability to work due to illness or injury. Income Protection Insurance is designed to replace a portion of the policyholder's income during periods of incapacity, ensuring they can meet their financial obligations and maintain their standard of living.

Key Features of Royal London Income Protection Insurance:

  1. Regular Income Replacement: If the policyholder becomes unable to work due to a covered illness or injury, Royal London's Income Protection Insurance provides a regular income stream. The replacement income is usually a percentage of the policyholder's salary, helping them meet essential expenses such as rent or mortgage, bills, and other financial commitments.
  2. Policy Term and Waiting Period: Income Protection policies typically have a policy term, which is the maximum period for which the policy will pay out in the event of a claim. Additionally, there is a waiting period, known as the deferred period, which is the initial period after the illness or injury when no benefits are paid. The policyholder chooses the waiting period when applying for the policy.
  3. Tax-Free Benefits: The income received from the Income Protection Insurance is tax-free, providing a more substantial financial benefit to the policyholder during their incapacity.
  4. Flexible Coverage Options: Policyholders have the flexibility to customise their Income Protection Insurance based on their individual needs. They can choose the level of income replacement, policy term, and waiting period that aligns with their financial situation.
  5. Underwritten by Royal London: As a reputable mutual life insurance and pensions provider in the UK, Royal London underwrites its Income Protection Insurance, providing policyholders with financial security and peace of mind.
  6. Occupational and Medical Underwriting: Income Protection policies may have specific occupational and medical underwriting criteria to assess the risk of the policyholder making a claim. Premiums are determined based on the individual's occupation, health, lifestyle, and other relevant factors.
  7. Rehabilitation Support: Some Income Protection policies, including those from Royal London, may offer rehabilitation support to help policyholders return to work as soon as possible after recovery.

Summary

Royal London have an established Reputation and are a reputable and well-established insurance and financial services company with a long-standing history in the industry. They offer a wide range of insurance products, and as one of the largest mutual insurers, Royal London's financial stability provides assurance that they can fulfil their commitments to policyholders. And being a mutual, Royal London focuses on serving the best interests of its members and policyholders, ensuring customer satisfaction and flexible coverage options, allowing you to tailor insurance policies to match your specific requirements and budget.

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4000+ reviews