At Life Insurance Cover we search all of the UK providers of Life Insurance. Comparing and providing Life protection quotes for our customers. Royal London have been providing protection policies since 1861. Although Royal London is not the oldest Life Insurance provider, they are the largest Life Insurer. Within this guide we look into who they are and some of the policies they offer.
Who Are Royal London?
Royal London was initially founded as a friendly society by Joseph Degge and Henry Ridge. Created in the city of London to provide financial security for its members. The decision was made in 1908 to convert from a Friendly Society to a Mutual. And they have remained that way ever since. Today, Royal London is the largest mutual life, pensions and Investment Company in the UK. The company opened its first office in London and currently has multiple offices around the world.
Throughout its 160 year history Royal London has acquired many other providers. This ensures that they are able to provide substantial protection to its members. Notably at the beginning of the new millennium, Royal London began acquiring many providers including:
- Scottish Life
- United Assurance Group PLC
- Scottish Provident, Scottish Mutual, Phoenix Life Assurance Limited
- Royal Liver Assurance
Subsequently in 2015 Royal London rebranded its acquisitions. Including other parts of the business to become the easily identifiable Royal London we know today
Royal London Life Insurance and the many other protection polices currently protect in excess of 8.8 million people. Throughout their history they have maintained a presence in the city of London including its offices today.
Royal London Life Insurance
Royal London Life Insurance products are currently available to people in the UK. Including the Channel Islands, Isle of Man and Gibraltar. You can either obtain a Royal London Life Insurance directly. Or through an FCA regulated broker, like Life Insurance Cover.
Royal London Life Insurance Policy Types:
Term Based Life Insurance
A Term Based Life Insurance policy is a popular choice when compared with all of the different types of Life Insurance Cover available. A Royal London Term Life Insurance policy will pay a lump sum to your family if you pass away during the policy term. However, if you survive the length of the policy a claim payment will not be made.
A policy term with Royal London can be selected from 5 years to a maximum of 52 years. They also have a term end date of the day before your 80th birthday. All Royal London Term Life Insurance policies are available to people aged from 18 to a maximum age of 70. This includes both single and joint policy types.
Royal London Level Term Life Cover
A Level Term Life Insurance policy from Royal London will pay an agreed fixed amount of money to your family. Up to a policy maximum of £500,000. A claim payment will be made to your family if you pass away during the length of the policy. The sum assured will remain the same (or level) throughout the length of the policy term.
Many people choose a Level term Life policy to protect either an interest only mortgage. Or any potential outstanding debt that might require payment. A Level Term Policy can also be used help your family with day to day living costs. A level term policy can help to protect your family after you have passed away. Another common use for a Level Term policy is to help to cover funeral costs or leave an inheritance for your family.
At Life Insurance Cover we search and compare all of the Life Insurance protection companies to find the best level term cover for you. Simply get a Life Insurance Quote today. Let us compare Royal London Life Insurance and many others to find the best insurer for you.
We compare the benefits of a combined Level Term Life Insurance policy with Critical Illness cover against all of the UK providers. Ensuring that your individual needs are met and if the cover is as beneficial as potentially two separate policies.
Decreasing Term Life Insurance
Another popular choice provided by Royal London is a Decreasing Term Life Insurance policy. This policy type can protect a repayment mortgage or a large financial outgoing. This is a very common choice of policy because a Decreasing Term policy provides a cost effective solution. With reducing amount of protection to mirror a repayment mortgage. To buy a Royal London Decreasing Term Life Insurance Policy you must be between 18 to a maximum age of 70.
A key point to remember is that the amount you insure or sum assured will decrease over time. But the monthly premium will remain the same during the policy duration. A Decreasing Term Life Insurance policy can be the most cost effective policy available. This is because to the level of risk to the insurer reduces over the length of the policy term.
Many young families and first time house buyers choose to buy a Decreasing Term Life Insurance policy. This is because the monthly cost is cheaper than many of the other Life Protection policies available. When arranging a new mortgage or re-mortgaging a current property you may choose to have a repayment type mortgage. So a Decreasing Term Life Insurance policy might be beneficial for you.
At Life Insurance Cover we can help you to save time and money by comparing all of the Life Insurance providers. We search for the best available Decreasing Term Life Cover protection for you and your family’s future.
Can I Have Life Cover And Critical Illness Cover?
Unfortunately Royal London only offers either Life Insurance or Critical Illness Cover separately, if you were to obtain a policy directly. However, because Life Insurance Cover is an FCA regulated Life Insurance broker. We are able to offer a Life or Critical Illness Cover policy provided by Royal London.
This policy type is commonly referred to as a combined cover policy which will offer a claim payment for either a Critical Illness or if you were to pass away. Once a claim payment has been made, the policy will lapse and not provide further protection.
At Life Insurance Cover we search and compare all of the UK providers for all of the protection policies available including combined policy types. Our specialist team can help you find either the best Life Insurance/Critical Illness protection available. Or if it may be more beneficial to obtain two separate policies depending on your own specific requirements.
Can I Buy Just Critical Illness Cover From Royal London?
This provider does offer a standalone Critical Illness Cover protection policy to their customers, unlike some providers who only offer combined policies. However, the only way to obtain this policy type is through an FCA regulated broker, like Life Insurance Cover. A Critical Illness Cover policy from Royal London offers:
- Either a lump sum payment or a monthly payment
- Various cover options
- Joint or single cover protection
The minimum age that you are able to buy a Royal London Critical Illness Cover policy is 18 with a maximum entry age of 69. The Critical Illness Cover protection policy can remain in place until your 84th birthday.
Is Critical Illness Cover Important?
Critical Illness Cover is an important level of Insurance protection. At Life Insurance Cover we have extensively reviewed the subject within The Critical Illness Cover Guide. This policy type can provide either a tax-free lump sum or monthly payment if you receive a diagnosis of a non-life-threatening illness. A claim payment would be made directly to the policyholder to help them with their day to day needs. Unlike a Life Insurance policy which will make a payment to your family or loved ones.
A Claim against a Critical Illness Cover policy could help with:
- Ongoing long term care or private medical treatment
- Home adaptations to make it more accessible
- Replace an income that is lost due to the inability to work
A Royal London Critical Illness Cover offers protection for many different illnesses or operations, including many different forms of cancer, heart attack and stroke. Also if you chose to have a Critical Illness Policy, you may wish to add your children to your policy.
Additionally Royal London offers an additional protection benefit option to add to a Critical Illness Cover policy for a small increase to your monthly premium:
Total Permanent Disability, this policy benefit offers protection for permanent disability. This means your claim payment would be received for the full policy sum assured after 26 weeks.
Over 50s Life Cover
An over 50s plan, also known as over 50s Life Insurance protection. Guarantees a pay out to your loved ones after you pass away. One of the most common uses for an over 50s Life Policy is to cover funeral costs, clear outstanding debt or potentially leave an inheritance for the family. A Royal London over 50s Life Insurance policy guarantees acceptance for UK applicants aged 50 – 80.
One of the key points about this policy type is that you will not need to provide any medical information when you apply. This makes over 50s Life Insurance an ideal choice if you have a poor medical history.
Royal London Over 50s Life Insurance Includes:
Flexible Payments: If you stop paying altogether you could lose your insurance. With us, you can reduce your monthly payments by bringing down your claim payment amount, as long as you’re paying at least £3.95 a month.
Fully Insured: After paying the first 12 months of your policy, you will be fully insured. Unlike other Life Insurance providers who require 24 months before being fully insured.
Payment Holidays: With a Royal London over 50’s policy you can take a break from paying for up to 6 months. After your first year of cover, you can have a break from making your monthly payments for up to six months and still stay insured. Not all providers offer this option to their customers. You will have to make up the missed payments or reduce your potential claim payment amount after your payment holiday finishes.
Royal London Whole of Life Insurance
A Royal London Whole of Life Insurance policy will provide protection for the entirety of your life, rather than just a fixed period of time. The key benefit of this policy type is that it guarantees a payment to your family and loved ones after you pass away.
Usually this policy type will be a little more expensive than a standard fixed term policy as the benefit payment made to family’s is usually higher. You may choose to purchase a Whole of Life policy from Royal London if you would like your policy to leave behind a guaranteed amount for your family which could help with:
- Paying off a mortgage
- Ongoing household bills and day to day family living costs
- An inheritance for your family
- Any Funeral costs
A Royal London Whole of Life policy is only available via an FCA regulated Broker or financial advisor as this provider does not offer this policy directly. To be able to purchase a policy you must be aged 18 – 70 and can be taken out as single or joint life cover. Royal London also offer a Whole of Life policy with either level or decreasing cover.
At Life Insurance Cover we compare all of the UK Life Insurance providers including Royal London. Simply complete an application to get a free new Life Cover Quote for Whole of Life Insurance protection for you and your family.
How Much Does Royal London Life Insurance Cost?
A monthly premium cost of getting your Life Insurance protection with Royal London is calculated on multiple factors which includes your age, overall health, smoking and your lifestyle choices. The largest factor which will determine your monthly premium cost will be the amount of Life Insurance protection that you need. With all of the different policy types available including Level term, Decreasing Term, Critical Illness Cover and Whole of Life. It can be quite a hard process to decide on which level of protection that you will need for you and your family.
With Royal London Life Insurance policies starting from £7 a month it is worth getting your protection in place for the future. As detailed in our guide section, it is better to obtain Life Insurance before any potential problems occur, which may increase the premium cost. After you choose which policy you need, you can also add on other benefits they offer. Some of the additional benefits will add a little more to your monthly premium cost.
To get protected with Royal London Life Insurance simply obtain a quote and we will help you compare the protection policies you need. We help to save you time and money on your Life Insurance Protection.
Making A Claim
When the time comes to make a claim against a long term protection policy from Royal London, they make it as easy as possible. Although it will be a very distressing time for your family after you have passed away, Royal London will help them with every step of the process. A key point to remember is to make your family aware that you have Life Insurance Cover and the location of your policy documents. When your loved ones initially contact Royal London it is advisable to have all the relevant paperwork to hand. They will confirm some of the details of the policy including name of the policyholder, policy number and if the policy is in trust.
During the claim process, your family or loved ones will also need to provide a copy of the death certificate for the claim to be completed. If you are making a critical illness claim, Royal London will need your doctor’s contact details, details of any treatments and details from any other medical professionals.
The Claims team at Royal London can be contacted by:
Telephone: 0345 050 2020
Online Form: Tell us about a bereavement
Terminal Illness Cover
Similar to all the other UK Life Insurance protection policies provided through Life Insurance Cover. All protection policies provided by Royal London come with terminal illness cover as standard. Terminal illness cover allows you and your family to make a claim on your Life Insurance prior to passing away. If you are diagnosed with a terminal illness whilst protected by a Life Insurance Policy and expected to pass away within 12 months, a claim payment will be made. Once you receive the claim payment, you can use the money in any way you choose, without any restrictions.
You may choose to hire a private carer or cover the cost for private medical care. Whilst planning your protection policies for the future, it is also possible with any policy secured with Life Insurance Cover to add other products like critical illness cover. These add on products may add a few pounds to a monthly premium, but it will provide further protection for you and your family.
Compare Royal London Life Insurance Quotes
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With quotes from all of the major UK companies you can be sure to find the right cover for you and your family. Our service is free to make it as easy as possible for you. Simply fill in the quick form now to get Royal London life Insurance quotes. Our website uses the latest encryption to keep your quote safe and secure at all times.