Royal London is a the UK's largest mutual life and pensions company offering a range of life insurance policies.
There are three types of life insurance:
- Level term life insurance
- Decreasing term life insurance
- Family income benefit
Serious illness benefit is also available as an add on to life cover, and Over-50's life insurance is also available.
Read on to learn about:
- Overview of the cover provided by Royal London life insurance
- How much does life insurance from Royal London cost?
- How does Royal London life insurance compare to other life insurance policies?
- Royal London life insurance reviews by customers
Overview of the cover provided by Royal London life insurance
Royal London began life as a friendly society in 1861, becoming a mutual firm 1908 and growing since then into a group that serves over five million policy holders and has half a million members. Group funds under management amount to some £73.5 billion and Royal London employs 2,900 people across its UK offices.
According to Royal London, its life insurance cover begins from just £5 a month. Its website states you can get an online quote in minutes
It’s quick and easy to buy online via desktop, tablet or mobile and customers have a choice of various types of cover:
- Level term life insurance cover offers a payout limit of £500,000
- Decreasing term life insurance cover offers a payout limit of £500,000
- Family income benefit offers a payout limit of £2,500 per month up to a total of £500,000
- Serious illness benefit-this is added onto your life insurance policy with Royal London. It offers cover up to £350,000 depending on your age
- Childrens benefit as part of your Serious illness benefit. This can help you financially if your children develop a serious illness. It'll pay out 25% of your Serious Illness benefit up to £25,000
- Over 50s life insurance
For customers who want to know more about life insurance in general, Royal London offers a useful life insurance guide and some frequently asked questions. Or you can see who features in our best life insurers article.
How much does life insurance from Royal London cost?
Based on a 35-year-old female non-smoker, £200,000 worth of Level life insurance cover (for 25 years) would cost £12.20 per month.
Quote obtained via ActiveQuote.
We chose £200,000 because customers may think about life insurance when applying for a mortgage and thinking of starting a family. £200,000 is the approximate price for a two bedroom house suitable for family in the BN area.
But of course your own situation might be very different so it's important always to carry out your own research and obtain a range of life insurance quotations based on your own individual circumstances.
Alternatively, you can see who features in our Top 10 best life insurance list.
Over 50's life insurance
The Royal London also offer Over 50's life insurance. This cover enables you to save a little bit of money each month through Royal London to put towards funeral expenses, or to leave to friends and family.
According to Royal London's website cover can start from £3.95 a month.
How does Royal London life insurance compare to other life insurance policies?
We ran a quote through Activequote to look for comparative policies. Aviva charge £11.78 a month for the same level of cover and Zurich charge £11.97. This can be compared to £12.20 for Royal London. There were also other providers available with different premiums.
Royal London is the UK’s largest mutual life and pensions company, which could be reassuring to some customers. It offers a range of life insurance and protection products, both available directly customers or through Financial Advisors.
Remember, life insurance comparison tables are only ever a guide to the likely costs of life insurance because the actual premiums you pay will be determined by your own personal circumstances, state of health, lifestyle and, of course, how much life cover you need and for how long.
Our research was generated using the same details to obtain life insurance quotes from a range of other life insurance providers, but rather than relying on typical examples you should always carry out your own research.
As well as comparing cost, pay attention to the percentage of claims that are typically paid out. Finding out that you are not actually insured due to an obscure exclusion or mis-understanding can be a nasty shock when you least need it.
Royal London life insurance reviews by customers
According to Fairer Finance Royal London’s claims rates and complaints record are not as good as some of its competitors.
Customers gave Royal London life insurance a satisfaction score of 72%, ranking it 15th out of 28 providers on the Fairer Finance website. This is an improvement on recent years, demonstrating that they're working on improving customer experience.
Over on Feefo a customer review platform, customers give Royal London 4.7 out of 5 for customer experience, and 4.8 out of 5 as a product rating.
Interested? You can get a Royal London quote via Activequote.com.