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Royal London Life Insurance Review

Who are Royal London?

Royal London is the biggest public financial services company currently trading in the United Kingdom. Formed in a coffee shop in 1861 for the benefit of the working poor, Royal London has a long history of providing dedicated mutual life cover and insurance packages to British citizens. Royal London also incorporates some paid insurance and pension schemes from historic, owned, or defunct companies they have acquired. These include schemes from organisations such as Bright Grey. More than two million customers in the United Kingdom currently have a life insurance policy that may be fulfilled by Royal London.

What Services can Royal London Offer?

Today, Royal London offers life cover, illness cover, life insurance, pension management, and ISA and cash investment services to British citizens over the age of 18. Typically, these services are offered through a variable monthly payment scheme rather than as services purchased for a fixed lump sum. Royal London particularly specialises in end-of-life and critical care insurance for the over 50s. They can also offer dedicated asset management and financial investment schemes for any customers who are looking to make a large deposit with the company.

What can Royal London Life Insurance Provide for me?

Life Insurance with Royal London will provide a set sum of cash to a spouse, relatives, or other named individuals upon the death of the named policyholder. This service is provided by Royal London in exchange for fixed cash payments made by (or on behalf) of that person over a number of years. These payments are usually made via a direct debit. Payments will not be made after any fixed-term life insurance contract expires, in contrast to Royal London’s Life Cover lifelong agreements.

Royal London Life Insurance offers customers three standard schemes, allowing you to pick the right package for your needs. All of these packages will offer a payout to your named relatives (or other beneficiaries) when you pass on. However, the way in which this payment is delivered may vary greatly depending on the insurance option that you pick. All of Royal London’s insurance offers are made on a case-by-case basis. Whatever option you may pick, an individual insurance quote will be provided to you by Royal London, based on your past health, current age, lifestyle, and circumstances. Royal London offers standard life insurance policies to customers aged 18-70.

Royal London does consider individuals up to the age of 81 for a fixed-term paid insurance scheme under their separate Over 50s Life Cover program. Your payments will continue until the first policy anniversary date after your 90th birthday. While similar in nature to the Royal London Life Insurance packages offered, Over 50s Life Cover will only provide a payment when the named policyholder passes away. As with life insurance, you cannot ‘cash out’ some or any of your contributions to the scheme early if you choose to stop paying Royal London for Life Cover.

If you are currently a serving member of any branch of the UK armed forces Royal London cannot offer you a life insurance policy (in lieu of a spousal or parental army pension) for accidental or combat role death, under any circumstances. Similar, high-risk roles or activities may also affect your insurance payout(s) or eligibility with Royal London.

Royal London’s Set Insurance Policies

Level Cover life Insurance offers a fixed amount payout if the policyholder dies during a set period of time. This pre-agreed amount of money will not change in line with inflation and cannot be changed from the original contract. However, the same amount is paid out regardless of circumstances. Payments will be fixed by quote for the set duration of the policy. There is no cash payout or refund with this scheme for reaching the end of the set term or withdrawing from the contract early. Payouts can be made up to a maximum of £350,000, determined by the monthly payments that the policyholder (or beneficiaries) are willing to make. Any payment made from Royal London for this scheme will be in the form of a lump sum transferred to a trusted individual.

Decreasing Term Life Insurance is similar. However, the amount you pay in as a policyholder will steadily drop to nothing over a pre-agreed period. It is intended for customers who have a mortgage or loan commitment that is also being paid off. Later awards will subsequently pay out significantly less money to anyone taking on the debts of the deceased. However, there should be a smaller lump sum repayment to be made if the money is paid out by Royal London at a later date. The same terms and conditions as other Royal London policies apply.

Family Income Benefit is another way of organising your insurance so that it pays out as regular income, much like a pension. Arranged payments of up to £2500 can be made to beneficiaries to cover living expenses and other needs. However, these payments have a pre-agreed time limit. If the policyholder dies 15 years into a pre-arranged 20-year policy, Royal London will provide monthly payments based on their insurance contributions for another 5 years. It is aimed at those with children under the age of 18. Again, the same terms and conditions apply.

It should be noted that Royal London reserves the right to invalidate any life insurance policy if the policyholder dies as a result of suicide or entirely preventable self-inflicted harm or injury within the first twelve months of the insurance policy. Royal Life also requires any pre-existing terminal (or potentially terminal) illness to be declared while applying. Policies may not be honoured if the policyholder dies of a medically recognised terminal condition (such as cancer or complications from Alzheimer’s disease) within the first twelve months. Unexpected Terminal Illness Cover is now integrated into most policies.

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