Royal London Life Insurance Review

  • A large friendly society with long-established and extensive British roots
  • Specialises in simple procedures and affordable cover to suit all budgets
  • Monthly income option under life insurance

When you have read this review and would like to make life insurance comparisons please click on the "Get a Quote" button.

About Royal London  

Royal London is the largest mutual life, pensions and investment company in the UK.

As at February 2018, it has group funds under management of approximately £106 billion and employs nearly 3,500 people. It has around 9million policies under management with 2 million customers.

Its origins go back to 1861 when it was founded in a London coffee shop as a Friendly Society with the original objective of helping people to save to avoid what at the time was the stigma of a “pauper’s grave”.

For your peace of mind, Royal London is regulated by the Financial Conduct Authority (FCA).

Royal London’s life insurance options

Royal London’s product portfolio includes the following.

Life Insurance

The company offers three types of cover:

  • level cover.

This offers a single payment of up to £350,000

You pay a fixed amount per month over the term and both it and the pay-out amount stay the same over the period. This is sometimes used to ensure the clearing of a mortgage debt or to support your family after your death;

  • decreasing cover.

Again, cover is available as a lump-sum single payment of up to £350,000

The amount paid out decreases over the term of the policy. That means typically it will cost less than level cover although payments do stay the same over the term of the policy. This type of cover is often linked to a standard repayment mortgage or any other commitment where the sum required to clear the debt decreases over time.

  • family income benefit

This pays out a fixed regular amount of up to £2,500 a month to your loved ones. The payments commence at your death and they continue until the end of the policy’s term. This sort of regular payment can be used as a form of income to help pay bills and maintain your family’s lifestyle once you’ve gone.

Over 50s life cover

The Royal London Over 50 life insurance plan is a policy that you take out and pay a set, typically modest, monthly sum for.

In return, when you death, the policy will pay out the lump sum you selected to your family and those left behind. It is often associated with people wishing to make some provision for their funeral and other costs.

Important Information

Important – Please remember that Royal London’s life insurance products are not savings or investment plans of any kind. These policies have no cash-in value and should not be considered as any form of investment.

Your premium provides you with life cover. If you stop paying your premiums, your cover will cease, unless you have stopped paying for approved reasons under the “waiver of premiums” options listed below. If you cease paying for other reasons, there would be no money due back to you from previously paid premiums.

Reasons why you may consider Royal London's plans

The main attractions of these plans and ones which might make Royal London’s life insurance quotes interesting include:

  • a very large and well-known British provider with an extensive history in the UK;
  • their social dimension and credentials as a friendly society;
  • having no shareholders means that their concentration is exclusively on their members and customers;
  • 5-Star rating (Defaqto 2018 - over 50s cover);
  • Feefo service rating of 4.7/5 as surveyed with over 1,000 customers;
  • fast cover options available and simplified procedures. A stated corporate objective of making everything as easy as possible for customers;
  • very low-cost starter options for cover. It brings life insurance quotes and cover within the reach of many individuals and families;
  • Royal London offers family income benefit, which may provide an easier to manage way of providing ongoing financial stability over time. This may suit some families better than a large one-off lump-sum payment. The choice remains with the customer/policyholder;
  • the policy’s standard premiums are guaranteed to remain unchanged for the entire term of your policy (unless you decide to reduce them – see below);
  • extra peace of mind available through terminal illness cover - included at no extra cost. That means that the policy will pay out in the event of your diagnosis with one of a specified range of terminal conditions;
  • waiver of premium is separated into two optional parts, one for sickness and one for unemployment. You can choose which of these, if either, you wish to add to your policy. These options, if selected, mean that cover would continue even if you’re unable to maintain the payment of your premiums through sickness or unemployment;
  • the option to reduce your premiums if you need to (your cover levels will decrease correspondingly). Minimum premium levels of £5 apply (currently £3.65 for over 50s cover);
  • guaranteed acceptance without medical on over 50s cover – available to UK residents aged 50-80;
  • immediate accidental death cover on over 50s policies – should you die from an accident in the first year;
  • full over 50s cover available after one year.

As with all life insurance, qualifying conditions and terms may apply. These should always be noted carefully and complied with to ensure that cover remains fully in place.

See how Royal London Life Insurance Compares

Company Monthly Premium  Cover Amount

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£22.00 £100,000
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Based on male non smoker aged 50 yrs of age for 20 years - no health questions answered. This is for illustration purposes only & you should obtain a personal health quotation as policies do vary. Correct as at 11/01/2018

How to get a Royal London life insurance plan quote

To compare Royal London’s life insurance quotes, you can use our life insurance comparison service through our partner Reassured. They are regulated by the FCA and will, on your behalf, look at the whole of the market for similar plans being offered at the same price, ensuring that you get advice on all providers’ plans that suit your circumstances and budget.

You could start by getting an online life insurance quote here and then if you wish, call them on 0808 301 2291 to discuss your options and how they can keep the monthly costs as attractive as possible for you.

Royal London

Life Insurance

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