Royal London Life Insurance

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Royal London: A Brief History and Overview

Royal London began in 1861. It is the largest mutual life, pension, and investment company in the UK. The company has over 4,200 employees. This makes it one of the top 25 mutuals in the world. Its long history and strong market position prove that Royal London is a dependable and stable choice in the insurance industry.

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Awards and Ratings

  • Royal London is known and respected in the industry.
  • Many people trust Royal London for its services.
  • Customers feel safe picking Royal London for their needs.
  • Royal London has a solid history of great customer service.
  • People value the quality products from Royal London.
  • A high rating on the review site Trustpilot.
  • Named Company of the Year 2023 at the Financial Adviser Service Awards.
  • 5 stars for protection service for ten years straight.
  • A 5-Star rating from the rating company Defaqto.

These awards show that Royal London really cares about making customers happy. They want to give a great service.

Detailed Policy Information

Detailed Policy Information

Policy Term and Age Limits

  • A policy can last from 1 year to 72 years.
  • A policy has to end when the policyholder reaches 89 years old.
  • People between the ages of 18 and 87 can get a policy.

Maximum Benefit

  • You can have unlimited coverage for most policies.
  • Coverage can go up to £5,000,000.

Additional Benefits

Digital GP Service

The 'Helping Hand' support service gives people who have policies access to:

  • 'HealthHero': You can chat with a doctor online whenever you want, day or night.
  • 'Thrive': A service to help you with your mental health.

Flexibility Options

  • Increase Options: You can increase your coverage amount when your life changes. You do not need to provide extra medical details.
  • Joint Policy Separation: You can split a joint policy into two separate single life covers.

Waiver of Premium

  • You can choose to get it as an extra option.

This is for people who want better financial security.

Types of Life Insurance Policies Offered by Royal London

1. Term Life Insurance

Royal London's term life insurance gives protection for a specific period, usually from 5 to 40 years. If the policyholder passes away during this time, their beneficiaries receive a lump sum that is free from tax.

Key features:

  • Easy terms for the policy
  • Set premiums that keep costs steady
  • A lump sum payout that does not have taxes
  • A straightforward online application process
  • A choice of cover levels

Recent information shows that term life insurance is the most common choice. Around 35% of adults in the UK have this type of policy.

Royal Term Life Insurance

2. Whole of Life Insurance

This protection policy is for life. It ensures a payment to the policyholder's beneficiaries when they pass away, regardless of when that occurs.

Key features:

  • Coverage that lasts forever
  • A payout you can rely on
  • No change in premiums, so it's easy to budget
  • You get to pick how much coverage you need
  • An opportunity to plan for inheritance tax

Statistics show that 15% of life insurance holders in the UK pick whole of life insurance. They prefer it because it offers guaranteed coverage.

3. Over 50s Life Insurance

This policy is designed for people who are 50 to 80 years old. You can get it without any checks and you are guaranteed to be accepted.

Key features:

  • People aged 50 to 80 are guaranteed acceptance.
  • Premiums stay the same.
  • You will get a lump sum payout.
  • There is a waiting time, usually lasting 1 to 2 years.
  • Coverage amounts are limited.

Life insurance for people over 50 is now more popular. In the past five years, the number of people getting these policies has gone up by 20%.

Critical Illness Cover

4. Critical Illness Cover

This policy gives financial help if the policyholder has a critical illness while the policy is active.

Key features:

  • Coverage for some serious illnesses
  • A tax-free lump sum payment
  • Often offered as an extra with life insurance
  • Options for adjustable coverage
  • A waiting period might be needed

Recent studies say that 1 in 5 adults in the UK feel critical illness cover is important for their financial future.

5. Income Protection

Royal London's income protection insurance helps to cover some of your income if you cannot work due to an illness or injury.

Key features:

  • A reliable income replacement (often part of your salary)
  • Benefits that do not get taxed
  • Flexible options for coverage
  • Work and health checks
  • Help for rehabilitation is usually included

Income protection policies are now 15% more popular since the COVID-19 pandemic. This shows how important income protection has become.

Why Choose Royal London Life Insurance?

  • Financial Stability: Royal London is under the watch of the Prudential Regulation Authority and the Financial Conduct Authority. This provides you with peace of mind about their strong financial health.
  • Customer-Focused: Royal London is a mutual company. This means they focus on the needs of policyholders first, rather than trying to satisfy shareholders.
  • Flexible Coverage: They provide several types of policies that fit different stages of life and financial needs.
  • Competitive Pricing: Royal London often has good rates, especially for term life insurance and level term life insurance.
  • Additional Benefits: Many of their policies come with extra benefits like terminal illness cover or the Helping Hand service.

How to Choose the Right Royal London Life Insurance Policy

  • Assess Your Needs: Think about how much money you need, who depends on you, and what your future goals are.
  • Determine Coverage Amount: Find out how much money your family would need if you weren’t around to support them.
  • Choose Policy Type: Decide between term insurance, whole of life insurance, or plans like over 50s cover.
  • Consider Add-Ons: Check if critical illness cover or income protection would be useful for you.
  • Consult an Independent Financial Adviser: A financial adviser can help you choose the best option based on your personal details and situation.
Choose Right Royal London Life Insurance Policy

Applying for Royal London Life Insurance

  • You can apply for several policies using the online form on the Royal London website.
  • If your needs are more complex, you can talk to a financial adviser. They can help you find the right cover.
  • Royal London also offers phone support if you want to speak with someone directly.
Making a Claim

Making a Claim

Royal London aims to simplify the claims process for you when you are going through difficult times.

  • Dedicated Claims Specialist: A specialist handles each claim to provide personal support.
  • Multiple Claim Options: You can start claims online, by phone, or with a financial adviser.
  • Quick Processing: Royal London aims to process claims quickly, with many being settled in just a few weeks.

What Are the Different Types of Life Insurance Offered by Royal London?

Royal London offers a variety of life cover options. These options are made to fit different needs.

  • Level Term Insurance: This gives a fixed sum of money if you pass away during the term of the policy.
  • Decreasing Term Insurance: The amount of cover gets smaller as time goes on in the plan. This is often used to cover a mortgage.
  • Family Income Benefit: Instead of a lump sum, it gives you regular income if you die during the policy term.
  • Whole of Life Insurance: This protects you for the rest of your life, not just for a specific term.

Each type of policy has its own unique features. This makes it easier to find the right coverage for your needs.

How Does Royal London Handle Term Life Insurance Claims?

Royal London aims to make the claims process simple during a difficult time. Their expert teams are ready to assist you quickly and kindly. The process typically involves:

  • Notification: The family or executor informs Royal London that the policyholder has passed away.
  • Documentation: Royal London requests important documents, such as the death certificate.
  • Assessment: Claims specialists review the claim and policy details closely.
  • Payout: Once approved, Royal London pays the sum of money stated in the policy.

Royal London wants to process claims quickly, often in just a few weeks. They seek to provide timely support to families who are experiencing grief.

What Happens When Your Royal London Life Cover Ends?

When your life cover ends depends on the type of policy you choose.

  • With term policies, the cover ends when the policy term is over. If you live longer than the term, you won't get any payout.
  • With whole of life policies, the cover lasts until you die. This is true as long as you keep paying your premiums.

Royal London often informs policyholders before their term cover ends. They offer choices such as renewing the policy or switching to a different type of cover.

What Happens When Your Royal London Life Cover Ends

How Can I Ensure I'm Getting the Right Amount of Cover?

Finding the right amount of cover is very important. Here are some things to think about:

  • Bills that you haven't paid, like home loans
  • Costs you will have in the future, such as your kids’ schooling
  • Money required to support your dependents
  • Expenses for funeral services

Royal London offers useful information and online tools to help you with your calculations. But, if you want personal advice, it's better to speak with an independent financial adviser. They can assist you in finding the right coverage while keeping your premiums at a reasonable level.

What Support Services Does Royal London Offer Beyond Financial Payout?

Royal London does more than give financial help. They offer a package of support services.

  • Helping Hand: Provides practical and emotional support to policyholders and their families during difficult times.
  • Legal helpline: Offers legal advice for personal matters.
  • Nurse support service: Lets you connect with qualified nurses for health-related questions.
  • Bereavement counselling: Helps families who are dealing with the loss.

These services are usually included in your insurance contract. You do not have to pay extra for them.

Royal London Support a Healthy Lifestyle

How Does Royal London Support a Healthy Lifestyle?

Royal London understands that a healthy lifestyle is very important. They might offer:

  • Reduced insurance costs for non-smokers
  • Access to health and wellness resources
  • Opportunities for rewards for a healthy lifestyle

Some plans may let you see a doctor online or get health check-ups. This is good for encouraging preventive care.

What Should I Expect in My First Meeting with a Royal London Adviser?

Your first meeting with a Royal London adviser or an independent financial adviser about Royal London products often includes:

  • Share your money situation and your goals.
  • Talk about the different types of life insurance.
  • Answer your questions on coverage choices.
  • Provide quotes that fit your needs.
  • Explain how the application process works and if any medical tests are required.

This meeting is a good time for you to learn about the products. You can also find the right cover for what you need.

How Does Royal London Handle Sensitive Medical Information?

Royal London protects your medical information. They make sure it is private and safe when you apply.

  • You may need to share your medical history.
  • Sometimes, you might need a medical checkup.
  • Royal London can contact your GP for more details, but only if you say yes.
Handle Sensitive Medical Information

FAQs about Royal London Life Insurance

If you miss a payment, Royal London usually offers a grace period. This grace period is about 30 days. During these days, you can pay without losing your policy. If you have money troubles, contact Royal London as soon as possible. They can assist you by going over your options. These options might include a payment break or adjusting your coverage. However, if your payment is five weeks overdue, Royal London will cancel your plan and you will no longer be covered. They will write to you to inform you of the cancellation. If this happens, you have the option to request for your plan to be restarted within six months of the first missed payment. Simply get in touch with Royal London and they will provide you with the necessary steps to restart your plan.

Kids are often not part of regular life insurance policies. However, Royal London offers a Children's Critical Illness benefit. You can add this to certain plans. If your child gets diagnosed with a critical illness, you could get a lump sum payment. For more details on the newest options, check with Royal London or speak to your financial adviser. Additionally, Royal London offers a Helping Hand service which gives you access to wellbeing support services including a range of hand-picked early care medical services, and a dedicated nurse. And you don’t have to make a claim to use it.

Most Royal London life insurance plans include a benefit for terminal illness. If you are diagnosed with a terminal illness and have less than 12 months to live, you can receive your full life insurance payout sooner. This can provide important financial support during a difficult time.

Yes, Royal London has online tools and guides. These tools can help you see how much life insurance you may need. They consider your debts, income, and family situation, and allow you to choose as much or as little cover as you'd like. However, if you want a more personal look at your needs, it's a good idea to talk to an independent financial adviser.

It's a good idea to check your life insurance policy regularly. You should do this after big life changes, like getting married, having kids, buying a house, or switching jobs. A yearly review helps make sure your coverage matches your needs. If you are an existing customer, you can speak with Royal London or your financial adviser. They can assist you with any changes you may need for your policy.

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Page last updated on: 28/08/2024

Page reviewed by: Shay Ramani

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