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
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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.
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.
The company offers three types of 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;
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.
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.
How to get a Royal London life insurance plan quote
To compare life insurance quotes, you can use an online comparison service or find a local financial adviser, Unbiased.co.uk could help you find a suitable FCA regulated adviser.
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