Joe Davine

Review of Royal London Life Insurance

Royal London is the largest life insurance and pensions provider in the UK with 5 million customers. Royal London has been around since 1861. Royal London insurance plans start at affordable premiums and have an excellent staff of advisers to guide you through their different policy options. Below is the Royal London life insurance review.

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  • Fixed Premiums
  • Terminal Illness coverage included
  • Simple application process
  • Quick, free quotes
  • Apply from mobile, tablet or desktop
  • Plans start at 17p per day

About Friends Life

In UK Royal London is the largest pension and mutual life insurance company. The Royal London insurance review delivered by Defaqto, an independent life insurance ratings agency, gave it 5 stars.

According to Royal London insurance website, their policy advisers are readily available to work one-on-one guiding customers through the details of their different plan options. The company does employ about 2,900 people throughout the UK.

Benefits of Using Friends Life

Royal London is a mutual, so they have no shareholders. Because of this, they can use their profits to invest back into growing and improving the company rather than paying shareholders. The Royal London insurance was given a Best Life Insurance Provider award by Money Pages two years in a row.

Royal Life advertise the fact that they only ask applicants 2 health questions, which is minimal for most life insurance providers. However, some applicants will have to answer more questions depending on their medical history and plan needs. Between April and August 2016, 78% of online applicants only had to answer 2 questions on Royal London insurance forms.

Life Insurance Offers at Royal London

Royal London life insurance policies are protection policies only, meaning they have no cash-in value. Coverage varies by plan, but they have three types of basic coverage plans.

Level Cover has a maximum cover amount of £350,000. Your monthly payments as well as your payout amount stays the same for the policy’s term, so you can use it to clear a mortgage or use it to support dependents.

Decreasing Cover of the Royal London insurance has a maximum cover amount of £350,000 as well. The payout amount decreases over the policy’s term, but monthly payments stay the same. Your premium is usually more affordable than Level Cover, however this may not be enough coverage, particularly if you have a mortgage with an interest rate above 7%.

Family Income Benefit pays out a fixed amount to your beneficiary each month, with a maximum of £2,500 per month. Payments continue until the end of the policy.

Terminal illness coverage is included. Royal London terminal illness insurance pays you out upon a terminal illness diagnosis that has no cure and is expected to lead to death within one year.

Monthly premiums will never increase. Royal London insurance plans start at £3.95 per month.

Insurance Options: Our Honest Breakdown

A Royal London insurance comes with different coverage options. Both Life Insurance and Over 50s Life Cover can be applied for online. On Fairer Finance, an independent consumer finance website, Royal London life insurance review showed a 72% satisfaction score.

Life Insurance

Royal London life insurance protection pays out to your family in the event of your death. It’s offered as Level Cover or Decreasing Cover of up to £350,000 or a Family Income Benefit of up to £2,500 per month.

You must be within the ages of 18-70 to apply. Monthly payments start at £5.

Your premiums are fixed as well with Royal London insurance, so this means that they will never increase as long as your policy is still in place. At no additional cost, terminal illness coverage is included.

Quick, free quotes are offered online, and most people are only asked 2 health questions throughout the application process.

Over 50s Life Cover

Royal London insurance policies offer Over 50s Life Cover starting at only £3.95 per month. Common reasons for taking out Over 50s Life Cover are to help with funeral costs or taxes involved in giving a gift to family.

This plan offers coverage for life, and acceptance is guaranteed for UK residents who are 50-80 year of age. They also offer the flexibility to reduce your monthly payments. You are covered immediately for accidental death within the first year, and you receive full cover after the first year.

Royal London insurance may offer bigger payouts for Over 50s Life Cover than many other providers. According to their website review, Royal London life insurance has paid out more than SunLife 95% of the time in July 2016.

The policy also offers a funeral benefit option, which allows your payout to go directly to funeral services and includes an extra £300 toward funeral costs.

Advised Life Insurance

Rather than apply online, you can also discuss and receive Royal London life insurance and protection plans with one of their financial advisers. This is for people who aren’t quite sure what coverage they need.

The Personal Menu Plan they offer lets you customize your Royal London insurance coverage a bit more, choosing different types of cover for different lengths of time depending on your needs. It can include Life Cover, Critical Illness Cover, and Income Protection.

Their Advised Life Insurance also includes a waiver of your premium in certain circumstances that render you unable to make your monthly payments, practical and emotional help and advising, and an option for Unemployment Cover which insures up to 55% of your pre-tax earnings up to £36,000 per year.

Although, Royal London life insurance review has shown that it is not the best ranked life insurance in the UK overall, it is highly rated and has many pros. Their Over 50s Life Cover is one of the best policies available.

We thoroughly developed Royal London life insurance review for you to understand the pros and cons of it. If we dealt with your concerns, get your free quote now