Royal London Life Insurance
Royal London life insurance has been established for over 150 years and is the largest mutual life insurance and pension company in the UK. Royal London specialises in a number of different protection products.
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Why Royal London Life Insurance?
Royal London life insurance has three distinct packages:
- Level Cover
- Family Income Benefit
- Decreasing Cover
Over 50s Life Cover
To qualify, the applicants must be aged between 18 and 70. Members of the Armed Forces, Army Reserve or Reservists cannot apply. The minimum length of policy is 5 years with a maximum cap of 50, the cover ceases at age 80. A simple medical history questionnaire is required.
Royal London life insurance recorded the following results as of 2017:
• Almost £175m was paid in life and terminal illness claims
• 97.3% of term insurance claims paid
• An average of £113,000 per claim
Serious illness benefit can be purchased, which offers extra protection for insured party’s and their children. This add-on gives cover for six defined illnesses. Children’s benefit is also offered, which provides cover for children over 30 days old on the same conditions as serious illness benefit, paying out at a maximum of £25,000. Terminal illness cover is included for no extra cost with all packages.
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A Comprehensive Guide to Royal London Life Insurance
Introduction
Royal London is one of the largest life insurance and pensions companies in the United Kingdom. The mutual insurer was established in 1861, and it has been providing life insurance policies for over 160 years. In this guide, we will dive into the details of Royal London life insurance, its offerings, key benefits, and how it stands out from its competitors.
Life Insurance: The Basics
Before delving into the specifics of Royal London’s offerings, let’s cover the basics. Life insurance is a contract between a policyholder and an insurer. The policyholder pays premiums (regular payments), and in return, the insurer provides a lump sum payment, known as the death benefit, to beneficiaries upon the death of the insured.
There are two main types of life insurance:
Term Life Insurance: This covers the insured for a specified term (usually 10, 20, or 30 years). If the insured dies during the term, the insurer pays the death benefit. If the insured survives the term, coverage ends unless the policy is renewed.
Whole Life Insurance: This provides coverage for the insured’s entire lifetime. It also has a cash value component that grows over time.
Royal London Life Insurance Offerings
Royal London offers both term and whole life insurance options.
Term Life Insurance: Royal London’s term life insurance is flexible and can be tailored to meet your needs. You can choose the length of your term, the amount of coverage, and add optional extras.
Whole of Life Insurance: Royal London’s whole of life insurance guarantees a payout whenever the insured person dies, as long as the premiums are up to date.
Over 50s Life Insurance: This is a form of whole life insurance specifically designed for those over 50. Royal London guarantees acceptance for those aged 50-80, with no medical examination required.
Key Features of Royal London Life Insurance
Flexible Coverage
Royal London allows you to tailor your policy according to your needs. You can choose the term length for term insurance and the coverage amount for both term and whole life insurance.
Additional Coverage
Royal London offers additional coverage options, or riders, that can be added to a policy for extra protection. Some of these include Critical Illness Cover, which pays out a lump sum if you’re diagnosed with a serious illness, and Children’s Critical Illness Cover.
Terminal Illness Cover
This feature is included as standard in all of Royal London’s life insurance policies. If you’re diagnosed with a terminal illness with a life expectancy of less than 12 months, Royal London will pay out your policy’s value in advance.
Help When You Need It
Royal London provides a range of support services to policyholders. This includes a dedicated claims team and a Helping Hand service, which offers one-to-one support from a dedicated nurse if you’re diagnosed with a serious illness.
How to Apply for Royal London Life Insurance
Applying for a Royal London life insurance policy can be done online, over the phone, or through a financial adviser. The process typically involves providing personal information, health history, and lifestyle details.
Conclusion
Royal London’s life insurance offerings provide comprehensive coverage that can be tailored to individual needs. Their additional support services and terminal illness cover set them apart from other insurers. It’s essential to understand your needs and review your options before choosing a life insurance policy. Always consider consulting with a financial advisor if you’re unsure.
Disclaimer
This guide is intended to provide general information about Royal London Life Insurance. It does not constitute financial advice. Always conduct thorough research and consider seeking professional advice before purchasing a life insurance policy.
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Losing a loved one is never easy…
but having life insurance in place can ease the financial burden at an emotionally difficult time. Our team of protection specialists can help you find the RIGHT policy at the RIGHT price. We even help you put your policy into TRUST for FREE which could protect it from the TAXMAN. Simply fill out the form and we will get everything ready and start preparing your quotes.
Ask Yourself:
- Who would pay the rent or mortgage if you were to pass away suddenly?
- Who would pay your children’s university fees or provide money for childcare whilst your surviving partner goes out to work?
- Who would provide the money for your family’s food, clothing or lifestyle?
- Who would pay for your funeral or clear your debts?
These are just a few things to think about when obtaining life insurance. If you pass away the policy will pay out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle in the event of your death.
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We Provide Complete Cover For:
Life Insurance
Make sure your family have financial security in the event of your passing…
Income Protection
Protect your income if you’re unable to work due to illness or injury…
Critical Illness
Get a lump sum payment if you’re diagnosed with a serious illness…
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Frequently Asked Questions
Whose Products Do We Sell?
- We offer products from a range of insurers for life insurance and critical illness cover.
- We offer protection products from a limited number of insurers for Whole of Life and Over 50s plans. A list of insurers we offer insurance from is available on request.
- As we’re not tied to any ONE provider we are able to search our panel of insurers and find you the best price available to us.
- We sometimes get preferential rates on selling policies which we pass on to you.
- We are paid a commission by each insurer for setting up your policy – it costs you nothing to use our service.
What Service Do We Offer?
- We are authorised by the FCA to advise our client on their protection needs. Our advisers will assess your demands and needs and recommend a suitable product that will protect you and your family. We get to know our clients and help them to decide on the right cover for the right price from a panel of leading UK insurers.
- We will ask you a number of questions designed to make you think about the shortfall in your income in the event of the death of a partner or breadwinner. Our questions are simple and our advisers avoid jargon making it easy for clients to understand.
How Much Does Our Service Cost?
- NOTHING – We do not charge a fee for our service; however, if you take a policy out through us we will be paid by commission from the insurer, but it still costs you nothing.
- You will receive a quotation which will tell you about any policy premiums relating to any particular insurance policy.
- We will put your life insurance policy into TRUST for FREE – this means that it may not be counted as part of your estate when you pass away and could secure it from the taxman – why should you lose your payout to the taxman’s inheritance tax?