Review: Royal London Life Insurance

Hazel McHugh By Hazel McHugh

In summary

Independent financial researcher Defaqto has rated Royal London's Life Insurance as 5 Star. With over 5 million customers, Royal London is a the UK's largest mutual life and pensions company.

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.

You can get a quote for Royal London life insurance at Activequote.com.

According to Royal London, its life insurance cover begins from just £5 a month. Its website promises a simple and straightforward application process with only two medical questions for most customers and guarantees that the price they quote is the price that customers pay.

It’s quick and easy to buy online via desktop, tablet or mobile and customers have a choice of various types of cover:

  • Level life insurance cover offering up to £250,000 single payment
  • Decreasing life insurance cover offering up to £250,000 single payment
  • Family income benefit covering up to £1,750 income per month
  • Over 50s life cover

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, £170,000 worth of life insurance cover (for 25 years) would cost £9.56 per month.

Applicant details

- 35 years old

- Female

- Non-smoker

Life Insurance Cover Required

- £170,000 (typical size of a UK mortgage)

- Level term life insurance

- Over 25 years

Example cost

£9.56 per month

We chose £170,000 because many customers first think about life insurance when applying for a mortgage and £170,000 is the typical loan size amongst new mortgage applicants at the time of writing, but of course your own situation might be very different so its important always to carry out your own research and obtain a range of life insurance quotations based on your own individual circumstances.

You can compare Royal London's prices with other life insurance companies at Activequote.com. Or you can see who features in our best life insurers article here.

What we say

Royal London is the UK’s largest mutual life and pensions company, which could be reassuring to some customers; however, it has only recently begun offering life insurance deals directly to personal customers (it previously sold its life policies via financial advisors). According to Fairer Finance (see below), Royal London’s claims rates and complaints record are not as good as some of its competitors.

Based on the example life insurance quotes we obtained, Royal London also appears to be slightly more expensive than other well-known life cover providers such as Zurich or Aviva. A customer paying £8.62 to be insured with Zurich would be charged £9.56 by Royal London for the same cover.

It is refreshing, however, that the most recent Royal London life insurance advert, part of the “We’re So Yesterday” campaign is focused on simplifying the world of life insurance which Royal London have described as “unnecessarily complex” so perhaps its service it set to improve. Its website certainly seems to have made a good start in offering clear and simple advice, and is easy to use on a mobile.

What Royal London life insurance customers say

According to consumer finance website Fairer Finance, customers gave Royal London life insurance a satisfaction score of 72%, ranking it 21st out of 28 providers.

How does Royal London life insurance compare to other life insurance policies?

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 variety of life insurance providers, but rather than relying on typical examples or a Royal London life insurance advert make sure you 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.

Convinced? Then compare Royal London with other life insurance providers at Activequote.com.

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