Established in 1861, Royal London is the UK’s largest mutual life and pensions company with Group funds under management of £100 billion, providing around 9 million policies and employing 3,253 people. The company specialises in insurance, pension, retirement and funeral products.
Topics
Life Insurance
Royal London’s Life Insurance pays your family an amount of money if you die while covered. Payments start from £7 per month for cover up to £500,000. Terminal Illness Cover is included at no additional cost. You can apply if you’re a UK resident aged between 18 and 70, excluding members of the armed forces and reservists. You will only need to answer a few simple health questions when you apply.
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Over 50s Life Insurance
Choose how much you want to pay each month, with a minimum of £3.95 a month, to leave behind up to £10,000 when you die. The more you pay each month, the bigger the payout your family could get. Acceptance is guaranteed acceptance with no medical required, to qualify you must be a UK resident aged 50 to 80 years old.
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Mortgage Life Insurance
Royal London’s Decreasing Cover leaves your family a lump sum of up to £500,000 to help clear the debt on your family home if you die while covered by their Life Insurance. The cover reduces in line with a repayment mortgage with a fixed interest rate of 7%. Monthly payments never increase and start from £7 per month. Terminal Illness Cover included at no extra cost. You can apply if you’re a UK resident aged between 18 and 70 and not a member of the Armed Forces, Territorial Army or reservists.
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Critical Illness Cover
Royal London’s Critical Illness Cover pays out a lump sum or monthly income if you’re diagnosed with one of 47 critical illness or total permanent disability, covered by the plan. You can choose how much cover you want, how you want it to pay out and whether you want to combine different cover types. You can also choose to take out cover with your partner.
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Whole Life Insurance
Royal London’s Whole of Life Plan is designed for people who are thinking about inheritance tax (IHT), providing for their families after they’re gone or making sure their businesses are protected against their death. It pays out a lump sum when you die or are diagnosed with a terminal illness that meets their definition.
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Income Protection Insurance
Royal London’s Income Protection plans pay out an income if you’re off work because of illness, injury or a terminal illness. It covers up to 65% of the first £15,000 of your pre-tax earnings, plus up to 55% of the remainder, up to £250,000 a year. If you’re self employed, you can also include certain regular fixed overheads such as business rental costs. The policy also includes fracture cover and hospitalisation payment as standard.
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Other Services
Royal London offers a large range of insurance, pension, investment, retirement and funeral products.
Royal London Reviews and Ratings
Online reviews for Royal London are quite mixed: they are very poor on Facebook, average on Trust Pilot and excellent on Feefo. Unhappy reviewers have complained about misleading information and unprofessional, incompetent staff. Those giving positive feedback have, alternatively, praised the company for its easy, online process with well-explained policies and an excellent, professional service.
Trust Pilot – 3.9/5 (based on 225 reviews)
Feefo – 4.7/5 (based on 2306 reviews)
Facebook – 1.5/5 (based on 17 reviews)
Pros
- A popular, well established and respected brand
- The UK’s largest mutual life and pensions company
- Some excellent online reviews from happy customers
- Most life insurance products offered
- A large range of insurance, pension, investment, retirement and funeral products also offered
- Acceptance is guaranteed with no medical required
- Terminal Illness Cover included at no additional cost
- Critical Illness policy covers 47 critical illness or total permanent disability
- 2020 Platinum Trusted Service award winner
- A helpful website with decent access to FAQs and online resources
Cons
- Some negative reviews, particularly on social media
- Includes complaints about misleading information
- Members of the armed forces and reservists are excluded from policies
- Premiums from £7 per month not the cheapest
- Call centre not open on weekends
Website: Royal London