Royal London Over 50 life insurance review

• Full cover after the first 12 months

• Flexible payments & payment holidays

• Immediate cover for accidental death

Special Offer: Now with £100 cash or choose a gift when you apply before the 14th May 2021. T&C's apply

Royal London is one of the UKs oldest and largest insurance companies, set up in 1861 with assets today of over £73bn. They have won awards for customer service and their over 50s life cover plan and have just received a Platinum Trusted Service Award by Feefo.

Royal London Over 50 life cover is different to other over 50 life insurance plans in several ways:

They will allow you to reduce your premiums to a minimum of £3.95 a month should you be unable to continue paying a higher monthly amount, this will also reduce your cash payout accordingly; other over 50 life cover providers may cancel your plan with no benefits when you can no longer make full payments.

Should you need to stop paying your premiums for any reason and you are at least half way through the plan's term you will qualify for their "protected payout", which means that they will pay at least 50% of the cash sum upon your death*

They also have a unique "switching" facility should you have taken out an over 50 plan with another provider, which is less than 12 months old and you wish to take a new Royal London Over 50 Life insurance plan, they will allow you to take a new plan without starting the 12 month waiting period again.

Features of Royal London Over 50 Life Insurance

• Flexible payments and payment holidays

• Full cover after an initial period of 12 months

• Immediate cover should you die as a result of an accident

• Guaranteed to pay a cash sum when you die

• Acceptance is guaranteed regardless of health issues

• Available to UK residents between the ages of 50 and 80

• Payments cease after your 95th birthday or 30 years of paying premiums, but cover continues

• Free Royal London gift or £100 when you apply before the 14th May 2021

• Unique Royal London over 50 life payout promise protects some of your cover should you need to stop paying*

Free Funeral Benefit Option

If you are looking to use your plan to help with funeral costs, you may wish to consider the funeral benefit option with your Royal London over 50 life cover plan. Although there is no Royal London funeral plan, they do offer a free funeral benefit option with their over 50 life insurance.

All you need to do is to choose this option on the application form when you apply and you will receive an additional £250 towards your funeral costs when the time comes.   

You agree for the cash sum to be paid directly to Dignity, one of the UK’s leading funeral service providers and as a thank you for choosing the Royal London funeral benefit option you receive £250 more life cover.   

When the time comes, the money is used to help pay for Dignity funeral services and in addition, your family will receive advice and guidance on all aspects of the funeral.   

Depending on the cash sum paid out, your family may still need to pay some of the funeral costs when the time comes. Alternatively, if the life cover paid out is greater than the funeral costs, any remaining balance will be paid to your estate

Things to consider

Depending on how long you live, there is a chance you could pay more in premiums than the cash sum paid out.

You need to continue paying your premiums until your 95th birthday. If you stop paying your monthly payments, your cover will cease and you won’t get anything back. 

Your premiums and the amount of cover paid out are fixed; therefore inflation will reduce the value of the cover. 

If you die in the initial 12 month period, the full cash sum would not be paid out however all premiums paid would be refunded. 

Payment is usually made to the estate and therefore could be subject to inheritance tax. 

There is a maximum cover level of £10,000

How to get a Royal London Over 50 life insurance quote

To see how Royal London compares to other plans please click on this link compare over 50 life insurance

* Free gift card payable after 8 monthly payments and based on your monthly premium of at least £7 a month.