Royal London Over 50s Life Cover Review

Premiums start from £3.95 a month
Full cover after the first 12 months
Unique plan features & choices

Now with £100 Free Gift Card when you apply before 21st June 2019

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 in particular the over 50s life cover plan

The Royal London Over 50s 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 50s plan with another provider, which is less than 12 months old and you wish to take a new Royal London Over 50s Life Cover plan, they will allow you to take a new plan without starting the 12 month waiting period again.

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More features of the Royal London Over 50s Life Cover Plan

Cover from £3.95 to £100 a month
Full cover after an initial period of 12 months
Immediate cover should you die as a result of an accident
Guaranteed to pay our 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 90th birthday or 30 years of paying premiums, but cover continues
Royal London Over 50 Life Cover is rated for product features. No other over 50s plan has a 5 Star Rating from Fairer Finance

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 50s life cover plan.

All you need to do is to choose this option on the application form when you apply and you will receive an additional £300 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 £300 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 90th 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