Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

Royal London

Royal London Life Insurance

Royal London’s Life Cover

Founded

1861

Company Type

Mutual

Company Overview

Royal London began as a friendly society in 1861, later changing to a mutual society in 1908. Today, Royal London is now the UK’s largest mutual life, pensions and investment company.

While several brands previously operated under Royal London, including Bright Grey and its sister brand Scottish Provident, in 2014 Royal London sought to unify them.

Today, the brands owned by Royal London all now operate solely beneath the Royal London banner.

Documentation

Royal London Life Insurance - Key Facts   Royal London Life Insurance - Policy Terms

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Overview of Royal London's Life Insurance policy

Royal London Life Insurance Overview

Royal London are one of the UK’s most well known providers of Life Insurance and offer a range of affordable options for people looking to protect their loved ones.
 

The premiums of Royal London’s Life Insurance policies are Guaranteed. This means that they won’t increase over time providing your cover stays the same.

 

When applying for your policy, any exclusions will be given to you upfront, so you know exactly what you are and are not covered for in your policy. This is because Royal London use Full Medical Underwriting.

 

Royal London offer Family Income Benefit to ensure that your loved ones are financially supported with regular payments rather than one lump sum.

 

This policy’s standard premiums are Guaranteed and stay the same throughout the term of your policy.

 

Waiver of Premium is separated into two optional parts, one for sickness and one for unemployment. You can choose which, if any, you want to add to your policy.

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Royal London Insurance conditions

Royal London Policy Conditions

Overview of Key Policy Details

Product

Life Insurance

Options

Level Term/Decreasing Term/ Increasing Term/Family Income Benefit/Increasing Family Income Benefit

Policy Coverage

Single/Joint Life First Event/Life of Another

Underwriting

Full Medical Underwriting

Premium Type

Guaranteed
If you choose increasing cover, your premiums will increase each year.

Terminal Illness Cover

Yes

Optional Critical Illness Cover

Yes

Critical Illnesses Covered

64
16 of these critical illnesses are covered by Additional Conditions Cover, which pays out 25% of the amount you’re insured for to a maximum of £25,000.

Children’s Critical Illness Cover

Included with Critical Illness Cover
Children are covered for 50% of your payout until age 21, with maximum cover of £25,000. 

Indexation

Optional
Maximum increase of 10%

Waiver of Premium

Optional
Waiver of Premium for unemployment and sickness are separate and need to be applied for separately.

Maximum Cover

Unlimited

Min. Entry Age

18 years old

Max. Entry Age

88 years old

Guaranteed Insurability

Available if policyholder:

  • changes their marital status or enters into/dissolves a civil partnership
  • increases their mortgage
  • has or adopts a child
  • gets a salary increase

Policy Exclusions

Self inflicted injury and suicide within 12 months of the policy start date.

We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.

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Royal London Life Insurance review from Drewberry

Drewberry’s Royal London Life Insurance Review

Royal London offer a flexible Life Cover policy, with a maximum term of 72 years and a cease age of 89 years old.
 

Key Comparison Points

  • Royal London are one of the few insurers that offer Increasing Cover Life Insurance as well as indexation. With this type of policy, you can choose to have your cover adjusted according to the RPI, or you could set your cover to increase at a fixed rate on a yearly basis.
  • Royal London’s payout rates are typically some of the highest, reaching as many as 98% of claims being paid by them in both 2014 and 2015.
  • Royal London have two separate options for Waiver of Premium – sickness or unemployment – rather than most insurers who have a general Waiver of Premium option that covers both sickness and unemployment.
 

Additional Benefits & Services

  • To ensure that your Life Insurance payout goes to the right people after you die, Royal London have teamed up with The Co-Operative Legal Services to provide easy services to write a will and set up a trust. As part of the service, they will provide legal advice and help you choose the best options to match your situation.
  • With its Life Cover, Royal London offer their Helping Hand service as standard. This free service provides valuable support for anyone dealing with an illness or recent death. You will receive a dedicated nurse to help you get the best practical and emotional support.
 

Financial strength

Royal London has more than a million members across the UK. In 2016 their EEV profit before tax was £321 million.

Royal London has stood the test of time, surviving the Great Depression as well as the financial crisis of 2008/09. More than 150 years after it was founded, it’s still providing people and businesses with protection across the UK.

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They were patient thorrgh and good value for money. I regret not using them before and I will use them again in the future.

Edward Brampton
13/01/2018
 

Royal London Life Cover: FAQs

Matteo Mockler, Health & Wellbeing Expert at Drewberry

We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.

Below, we have answered a few frequently asked questions given to us by our customers about your Royal London Life Insurance policy. If you need any further help, please do not hesitate to call us on 01273646484.

Matteo Mockler
Health & Wellbeing Expert at Drewberry

Q. How much will my premiums increase by each year if I choose a policy with increasing cover?

A. Royal London will base the increase of your premiums on several different factors: the amount your cover is increasing by, your age, your policy cease age, and your premiums at the start of your policy. Royal London will inform you of how much your premiums will increase by a month in advance.


Q. What is ‘Additional Conditions Cover’ with Royal London’s Life Insurance?

A. Additional Conditions Cover is an extension of Royal London’s Critical Illness Cover, which is available to any one with CIC or a combined Life Insurance and CIC policy.

Royal London’s CIC covers 60 conditions for which you can claim the full amount you are insured for. Additional Conditions Cover covers an additional 14 conditions for which you can claim 25% of the amount you are insured for. This conditions include minor cases of covered critical illnesses as well as some other conditions.

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Frequently Asked Life Insurance Questions

 
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REVIEWS
EXCELLENT
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1398 Reviews
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Very supportive and helped to choose effective product.
S Cutter
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Very professional and easy to deal with. Jake treated me like a human being and made me feel like a valued customer.
P
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Applied for an income protection plan and owing to medical condition had to make a few changes and Victoria from drewberry was really helpful
P Monaghan
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Courteous, prompt and clear service
D Lewis
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I was having trouble finding a suitable income protection policy online and was unclear about what I should be looking for, so I contacted Drewberry. The process was very quick and straightforward. They called me and explained how this type of insurance works, and then went through series of questions about my circumstances to try and find the right cover for me. They came back to me the next day with several suitable options and emailed all the relevant information clearly laid out. Michael Barrow, the advisor I spoke to, was happy to explain things in detail and answer any questions I had. I would definitely recommend Drewberry as they took all the hassle out of a confusing search.