Royal London Over 50 life insurance review

• Full cover after the first 12 months

• Flexible payments & payment holidays

• Immediate cover for accidental death

Royal London is one of the UK’s 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 50 life insurance, and have received a Platinum Trusted Service Award by Feefo, two years in a row.

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

• It allows you to reduce your premiums to a minimum of £3.95 a month should you be unable to continue paying a higher monthly amount.
• Your cash payout will also reduce accordingly. Other over 50 life cover providers may cancel your plan with no benefits if you can no longer make full payments.
• If you need to stop paying your premiums for any reason and are at least half way through your plan's term, Royal London will pay out at least 50% of the cash sum when you die*.
• Royal London also has a unique "switching" facility. If you have an over 50 plan with another provider, which is less than 12 months old, you can take out a new Royal London Over 50 Life insurance plan, plan without  the 12 month waiting period starting 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

• Unique payout promise protects some of your cover should you need to stop paying

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

See how Royal London compares to other over 50 life insurance providers

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