Royal London Life Insurance

Royal London Life Insurance – Introduction

Royal London is the UK’s largest mutual life, investments and pensions company.  It was founded in 1862 as a friendly society, becoming a mutual society in 1908.  Since 2003, Royal London has owned the Bright Grey insurance brand.

Bright Grey has a sister brand, Scottish Provident which both operate under the Royal London main brand.

In 2017, Royal London paid out 97.3% of term insurance claims and 92.3% of terminal illness claims.

This insurer offers a range of affordable life insurance options.

How Financially Strong is Royal London?

In 2018, Royal London experienced a record year in their financial results, with an operating profit before tax of £396 million.  As a mutual, they shared profits with their members to a total of £150 million that year.

Royal London Life Insurance.  Your At-a-Glance and Comparison Guide

Life insurance offers financial protection if you die or develop a critical or serious illness.  A pay out (or series of pay outs) will be made to your family to address the potentially serious fall out of no money coming in, should you be the sole earner.

If you died, would you family have enough money to live on?

None of want to think about the worst happening, so it could be comforting to know that your life insurance policy can “quietly exist” in the background, then step up to the mark if the worst does indeed occur.  Although no amount of money will reduce your family’s grief, we’re sure you’ll find it comforting that they will be taken care of from a financial point of view after your passing.

Taking out life insurance cover is an important step.  Ensuring that you’ve got the right cover is vital.

Your At a Glance Guide to Royal London Life Insurance

• Remember that Royal London is a mutual society. Therefore, it can fully support the needs of its members and policyholders – there are no shareholders to keep happy.
• This insurer uses full medical underwriting, so you will know where you stand regarding what you’re covered for – and what you’re not.
• With Royal London life insurance your premiums are guaranteed and will remain constant throughout your policy’s term.
• However, Royal London also offer an increasing cover option, with the premium increase dependent on a number of factors, for example, your age, policy cease age etc.
• This insurer offers additional conditions cover as an extension of their critical illness This adds 14 additional conditions to your CIC, which covers 60 conditions.
• You may wish your family to receive their pay out in monthly instalments, so Royal London can offer family income benefit to support this.
• You may choose increasing cover life insurance, which adjusts your cover according to inflation. Alternatively, you can increase your cover on a fixed annual basis.
• Royal London offer a premium waiver in two optional parts: sickness and unemployment. You may add these to your policy if you so choose.
• In association with The Co-Op Legal Service, you will have access to their services to help you write a will and set up a trust.
• Royal London’s Helping Hand service is automatically included – access to a nurse, who will offer emotional and practical support.

Overview of Key Policy Details – Royal London life insurance

Policy Type	Life Insurance
Options	Level Term, Decreasing Term, Increasing Term, Family Income Benefit, Increasing Family Income Benefit
Policy Coverage	Single Cover, Joint life first event, life of another
Type of premium	Guaranteed (although you can choose increasing cover)
Terminal Illness Cover	Yes, included
Optional Critical Illness Cover	Yes
Critical Illnesses Covered	64 16 of these are covered by Additional Conditions Cover (pays out 25% of the amount you’re insured for to a max of £25,000)
Indexation	Optional
Waiver of premium	Optional
Maximum Cover	Unlimited
Minimum Entry Age	18 years
Maximum Entry Age	88 years
Guaranteed insurability option	Yes Marriage or civil partnership Birth or adoption of a child Increase in mortgage Salary increase Divorce or dissolution of civil partnership
Policy Exclusions	Suicide with the first 12 months of the life of your policy Self inflicted injury

Do YOU need advice from Black Lion Insurance?

Life insurance is designed to pay out a cash lump sum to mitigate any financial difficulties that your loved ones may experience after your death, or if you develop a critical illness.

There are no restrictions on how your family may use the money.  Perhaps they would pay off the mortgage or fund everyday living expenses.  The choice is theirs.

As you can see, Royal London life insurance offers a good range of additional benefits but as with all insurance, it’s well worth talking to an experienced insurance consultant. Black Lion specialise in policies to help protect your personal or business and have access to an extensive panel of insurers.