Royal London life insurance review

Life insurance provides peace of mind for your family when you’re gone, but it can be hard to know what type of cover is best for you.

Royal London offers two types of life insurance policy, as well as income protection and serious illness cover. Find out how Royal London life insurance works in our review.

Royal London life insurance

• Different types of life insurance cover.
• Serious Illness Benefit cover available.
• Up to £500,000 single payment.
• Protect your family from just 23p a day.

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What is Royal London?

Royal London is one of the largest life insurance and pensions companies in the UK. It was founded in 1861 and has been operating for more than 150 years.

The Royal London Mutual Insurance Society Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

• Who underwrites the life insurance from Royal London?

  Royal London life insurance policies are underwritten by The Royal London Retention, Munich RE and Score.

What types of life insurance does Royal London offer?

Royal London offers two levels of life insurance policy, as well as specialised cover for those over 50 or looking to get income protection. Customers also have the option of adding optional critical illness cover or taking out a funeral plan.

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Name	Product	Age range at application	Cover range	Term	Pays out	Joint cover
	Royal London Level Cover	18-70	Up to £500,000	From 5 to 50 years (term must end before you turn 80)	If you die or get a terminal illness during the cover period	Yes, but the policy will only be paid out once	You select a level of cover and the length of time you want to be covered for. Your premiums remain consistent throughout the insurance term as does your potential payout	Compare	loading Fetching your data...
	Royal London Decreasing Cover	18-70	Up to £500,000	From 5 to 50 years (term must end before you turn 80)	If you die or get a terminal illness during the cover period	Yes, but the policy will only be paid out once	Your premiums and the size of the payout reduce over time in line with your outstanding mortgage amount.	Compare	loading Fetching your data...
	Royal London Serious Illness Cover	18-70	Up to £350,000	From 5 to 50 years (term must end before you turn 80)	If you’re diagnosed with a covered illness or condition	No	An optional extra that can be added to regular life insurance when you take out your policy. You get cover for a range of serious illnesses and conditions, and will receive a payout after being diagnosed with a listed condition.	Compare	loading Fetching your data...
	Royal London Family Income Benefit	18-70	Up to £2,500 per month	Not specified	If you’re unable to work due to injury or illness	No	If you’re unable to work due to injury or illness, this type of cover will give you a monthly payment up to £2,500 each month you remain unable to work.	Compare	loading Fetching your data...
	Royal London Over 50s Life Cover	50-80	Up to £10,000	Unlimited (you pay until you turn 90	If you die or get a terminal illness during the cover period	No	This will cover you for the remainder of your life, or until you stop paying your premiums. You can only be insured for a maximum of £10,000.	Compare	loading Fetching your data...

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• The Traditional Plan. This plan is for anyone wishing for a more conventional funeral and funeral service organised with the help of a funeral director.
• The Alternative Cremation Plan. This is for anyone wishing a no-fuss alternative such as a direct cremation without a funeral service.

Benefits of Royal London life insurance

• Level and decreasing term cover available
• Range of optional extras, including serious illness cover
• Specialised over 50s cover

Drawbacks of Royal London life insurance

• Does not offer whole-of-life insurance
• Low maximum cover limits

Royal London life insurance exclusions

Royal London’s life insurance policies are for protection only and have no cash value unless a claim is made. As with all insurance, there are exclusions. These include the following:

How do I make a claim with Royal London life insurance?

If you wish to make a claim, you will need to contact Royal London by calling 0345 266 5400, or by post to:

Customer Services
PO Box 409
Royal London House
Alderley Road
Wilmslow
SK9 0EG

Am I eligible for Royal London life insurance?

You can apply for a Royal London life insurance policy if you meet the following criteria:

• You are a UK resident
• You are aged between 18-70
• You are not a member of the Armed Forces, Army Reserve or Reservists

What affects the cost of Royal London life insurance?

• Age. Expect to pay more for a premium the older you get. The general rule of thumb for life insurance is that the younger you are when you take out a policy, the cheaper the premium is likely to be.
• Tobacco or alcohol use. How much or how little you smoke or drink can have an impact on the cost of your premium. Due to a proven link between smoking and serious illnesses, smokers can ultimately live shorter lives and are therefore likely to pay more.
• Cholesterol or other health criteria. Weight, cholesterol, psychiatric diagnoses and serious medical conditions can also affect your premiums. Your risk profile may not be rated as high if you can manage your condition with medication, therapy or other treatment.
• Family health history. There’s not a lot you can do about your family’s health, but if there’s a hereditary illness in your family, your premium is very likely to increase.
• Amount of cover needed. The greater the level of protection you choose, the higher the premium is likely to be.

Frequently asked questions

• How much does Royal London life insurance cost?

  Royal London life insurance costs from £7 per month, but this will vary depending on a number of factors including your age and health, and the level of cover you need.

• Can I add serious illness benefit after my policy has started?

  No, serious illness benefit cannot be added to a policy once it has already begun.

• What are the serious illnesses covered by the serious illness benefit?

  Royal London lists the following as its six serious illnesses that are covered by the serious illness benefit (although conditions do apply): Cancer, heart attack, stroke, multiple sclerosis, benign brain tumour and dementia.

• What changes can I make to a life insurance policy?

  You can reduce your monthly payments, but keep in mind that this will reduce your payout.
  You can also reduce the duration of your policy, but it cannot be to a term of less than five years.
  It’s also worth noting that if you do have the serious illness benefit included on your policy, you cannot increase the payout once your policy has begun.

• What happens if I miss a payment?

  Royal London will give you 60 days from the date of the missed payment to pay it. If you make up the payment within 60 days, your policy won’t be affected. However, if you miss a payment and you fail to make up the payment within 60 days, Royal London will cancel your policy immediately after the end of the 60-day period.

• Will my payout be taxed?

  Your Royal London payout is likely to be free from UK income tax and capital gains tax, but your beneficiary may need to pay inheritance tax as it may form part of your estate when you die. It’s also worth noting that tax rules could change in the future, which might affect the tax implications on your payout.