What is Life Insurance?
Protect your loved ones should the unexpected happen with a Life Insurance policy from the UK's biggest mutual insurer*, that wins awards from industry experts.
This money can go towards:-
- Pay off the mortgage to protect the family home
- Paying education costs
- Clearing outstanding debts
Key benefits of a Royal London Life Insurance policy:
Get cover in a few minutes
Answer a few questions and you could be protected
Payments start as low as £7 per month
That's just 23p per day
Terminal illness cover included
No additional cost
Awards and ratings from Industry Experts
Better than gold, Royal London get platinum...again! Royal London have won a Platinum Trusted Service award for two years in a row. They are very proud to be recognised by Feefo as providing exceptional levels of trusted service.
"Very prompt service
- so easy to use because it is all online. The format of everything is easy to read and understand".
Different types of Life Insurance cover to suit you
Level Term
Insurance
Pays out a fixed lump sum for your dependants. The level of cover will remain the same throughout your policy, so you know what will be paid out.
Get A Free Quote NowDecreasing Term
Insurance
The level of cover will reduce over time, as the term reduces and can be suited to cover things like a repayment mortgage.
Get A Free Quote NowFAQs about Royal London
Life Insurance
Q:
Who can apply for Royal London Life Insurance?
A: UK residents aged between 18 and 70. Members of the Armed Forces, Army Reserve (previously known as the TA) or Reservists cannot apply.
Q:
How long is the claims process?
A: If you pass away while covered, your family or whoever is making the claim can start the claims process once the death certificate is issued. Medical evidence might be required during the claims assessment. Once the claim is approved, the money is paid into a UK bank account by BACS. Typically, funds clear within three to five working days.
Q:
Does Royal London Serious Illness Benefit (SIB) cover coronavirus?
A: No. Royal London Serious Illness Benefit will make a one-off payout if you develop an illness that meets one of the six serious illness definitions and survive for 30 days.
Q:
Can I take a payment holiday from Royal London Life Insurance?
A: Payment holiday - After your first year, you can have a break from making your monthly payments for up to six months - and still stay insured. Not all providers let you do this.
You'll have to make up the missed payments or reduce your payout amount after your payment holiday finishes.
You can have up to two payment holidays during your policy - only one can be taken within any twelve month period.
Q:
How much cover can I have?
A: You can have a lump sum up to £500,000 for all Level Cover and Decreasing Cover policies.
Q:
How long do I need Life Insurance cover for?
A: It depends on your personal circumstances. With Royal London, it can be for as little as five years, or as long as 50 years. But the cover must end by age 80.
Q:
How long do I need to make payments for?
A: You'll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis has been confirmed. You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.
Q:
Can I reduce my monthly payments?
A: Yes, you can reduce the payment at any time to any amount, subject to the minimum of £7 a month for Life Insurance. If you choose to reduce your payment your cover amount will also reduce. If you have Serious Illness Benefit you may not be able to reduce your monthly payments to £7. This is because the cost of Serious Illness Benefit is worked out separately, even though Royal London take both payments at once. Also, Royal London will never increase your monthly payments.
Q:
Can I take out additional cover?
A: You cannot increase cover under your existing policy; however, you can apply for a new policy. Acceptance is subject to completion of Royal London's application process. Any additional Life Insurance policies taken out will be subject to the terms and conditions applicable to that policy at the time they are taken out. Also, your partner can apply for a policy too - as long as they're eligible for cover.
Q:
What if I stop paying?
A: If you stop making your monthly payments then your cover will stop. It is worth remembering that you won't get any money back, as this is a life insurance policy and not a savings plan. So you can't cash in your cover at any time.
Q:
What if I miss a payment?
A: Not to worry. Just make sure to pay the full amount within 60 days of the missed payment date and you'll be fine. If you don't pay in that time, Royal London will have to cancel your policy right after the 60th day. You will not get a refund, receive cover or be able to restart the policy.