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'Royal London Insurance Review'
Royal London Insurance Review MSE
Is Royal London Good? (2024 Update)
What's Royal London Life Insurance like in 2024? Competitive UK Insurer ticks 7 boxes in 'life insurance Royal London reviews'. (PROS) 1: Mutual Insurer 2: Reliable Reputable 3: Claims Payout 4: Family & Business Plans 5: Defaqto Rated 6: Rider Benefits 7: Broker Only Deals. (CONS) Customer Services?
- Financial Strength S&P: Good
- Wide range of Personal & Business Protection
- Broker Only Deals
- Is Royal London a Legit Company
Royal London Insurance Claims Statistics:
- Does Royal London Insurance Payout
- Insurance UK claims record: Good
- Royal London – 99% protection claims stats| ABI
- 99% whole life insurance / 95% term life insurance
- 93% critical illness / 93% income protection / 88% terminal illness
Royal London Insurance claims their most common reasons for typical Critical Illness payouts were - Cancer, Heart attack and Stroke. Their most common reasons for typical Income Protection payouts were Musculoskeletal, Cancer & Mental health disorders.
Background - Royal London Insurance Review
Review: Royal London Insurance Group originated back in 1861 when the founders met up in a London coffee shop. It then went on to become one of Britain's largest friendly society mutual life insurers. They operate from their Royal London London based office Group headquarters.
In 2000, Royal London then took over both Refuge Assurance, United Friendly and then also Scottish Life from 2001.
Bright Grey was launched by Royal London in 2003 as the new brand name. In 2008, they then acquired a range of businesses that included Scottish Provident. From 2011, Royal Liver also became part of the group. From 2015, these various brands were dropped, to become just one name in Royal London. Moving forwards they decided it was one single protection insurance message.
In 2020, Royal London as a then fellow mutual insurer expressed interest in merging with LV= Insurance, prompting a potential new 'London Victoria' or Royal Victoria insurance brand. This LV= Insurance link up currently has failed to materialize from 2020's but their expressed interest is ongoing, after the Bain Capital LV= deal fell through. Financial Advisers had also argued any deal with LV= would create less consumer choice and fewer mutuals?
The Royal London Plus brand today helps administer various other old Insurers policies that directly closed to protection business eg; Co-op Insurance, Abbey National / Santander, Royal Liver etc;
NOTE: From 2023, a recent competitor Aegon UK advised they would now transfer their protection customer base over to Royal London to administer & all subject to legal approval, which was then completed 2024.
London Royal Life Insurance Review 2024
In this Royal London Life Cover reviews below, we will look at some broker only plans, key features and FAQ. All 'Royal London insurance reviews' show their protection products give free access to various benefits ...
- Helping Hand:- support service available only via london royal life insurance intermediary plans
- Available the day a policy starts for all family and children if you experience serious illness, injury or bereavement during the term of the plan
- Access to a dedicated nurse who'll provide tailored and personal support for as long as needed
- Funeral payments pledge
- Legal / Career / Medical helplines
'Royal London Helping Hand' Service
Is Royal London Helping Hand Service any good?
As a policy holder Royal London Helping Hand reviews shows you that you may have - FREE valuable & unlimited access to either online, telephone and video GP appointments plus access to a range of health & wellbeing services.
Once your Royal London plan begins, they’ll email you inviting you to register for My Royal London, via their online customer portal.
- From there you’ll be able to register with LiveSmart
- You may then complete a brief personal health questionnaire.
- From this you will then get your own personalised health report via LiveSmart plus full access to their Helping Hand wellbeing services.
- Your health report includes tips on how to improve or maintain your health.
- It also provides recommendations of their wellbeing service that can best support you with some of your life goals.
This Royal London Helping Hand service is available 24 hours a day, 365 days a year and at no additional costs. These 3rd party services are also available to your partner and also any children up to the age of 21.
5 Key 'Helping Hand Royal London' Benefits:
- HealthHero - 24/7 GP. Access to virtual GP consultations by experienced, NHS doctors. Handy if you are struggling to see your regular GP with any medical concerns, prescriptions or specialist referral. Consultation slots often longer than traditional face-to-face appointments
- Thrive: Mental Wellbeing support & counselling - With this NHS approved app, you get personalised recommendations to help prevent, detect & self-manage mental health conditions, such as stress & anxiety. They have a range of techniques to help you build your resilience & improve your overall mental wellbeing.
- TrackActiveMe - Created by physiotherapists, this app can help diagnose a musculoskeletal problem and gives you access to physiotherapy advice and personalised exercises to support your recovery from a wide range of injuries and conditions. You also have access to a library of exercises for the home or workplace, to help you stay strong and injury-free.
- A Helping Hand with recovery via Red Arc - You or family can contact RedArc, who’ll give you regular support from a dedicated nurse. They will provide tailored & personal support whenever it’s needed, for as long as it’s needed. Your dedicated Red Arc nurse can also give you relevant literature & help to find useful organisations. They can also organise additional services such as therapies, counselling if it’s needed.
- 2nd medical opinion - This service gives you access to some world-leading experts who will help assess your diagnosis and then provide recommendations for treatment
Conclusion: As brokers we would say this Helping Hand Royal London service is an excellent inclusive feature & a valuable benefit in todays ongoing NHS over burdened work load situation.
They do point out that any information you share with their well-being partners won’t affect the terms of your Royal London policy T&C's, or be taken into account should you need to make a claim. They also say this complimentary additional service could be withdrawn at any time in the future, should the Insurers so choose.
*What's Martin Lewis Royal London Insurance Review?
In terms of the range of Royal London Insurance products in 2024, MoneySavingExpert (MSE) are fully impartial in all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.
Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.
What does Martin Lewis say about Royal London Life Insurance?
Money Saving Expert Martin Lewis has often used Royal London surveys in some of their various news and articles to help them stack up.
For example, they wrote a few years ago about an MP campaigning over child funeral costs which said the average cost of a child's funeral back in 2016 was £3,675, according to a survey by insurers *Royal London.
That cost varies depending on where you live, whether you want a burial or cremation, and how elaborate you'd like the ceremony to be.
As MSE said the death of a child is every parent's worst nightmare. But sadly it's one that becomes a reality for many families every year.
Martin Lewis hasn't specifically commented on any other particular Royal London Life Insurance policies & how it stacks up against the competition. But Royal London life insurance plans are a discussed MSE forum topic.
The MoneySavingExpert however says that he does '100% recommend Life Insurance', especially if you have any dependants. MSE says YES it's a cheap financial lifeline but the ultimate monthly costs choice is always yours.
MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'.
So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.
He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.
Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.
To help you calculate a figure that works for you, Martin Lewis on Life Insurance says it's worth ensuring any policy covers:
- Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
- Immediate Outgoings: regular bills dependants would need to pay
- Future Spending: you may have wished to make eg; university fees
- Additional Expenses: a death may trigger eg; funeral costs
Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.
Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites. As brokers, we would also agree here - so let us help you shop around for your best broker deals.
ROYAL LONDON MORTGAGE PROTECTION Reviews
Designed to help cover a repayment mortgage on death or terminal illness (with optional earlier critical illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, the Royal London mortgage insurance term policy is designed to help mirror that of the mortgage. It is protecting what is for the majority of us, our biggest debt & to remain in their family home, our biggest asset.
Key Features
- Guaranteed fixed level premiums [ no cash value ]
- Decreasing loan interest rate flexibility
- Optional critical illness cover
- Single or Joint life 1st death
- Royal London dual life mortgage protection option
- Mortgage repayment guarantee
- Terminal Illness means less than 12 months to live
- Waiver of premium option with flexible deferred periods
- Free purchase cover
Summary
Royal London mortgage protection decreasing life insurance is part of their Personal Menu Plan. Mortgage protection Royal London cover is usually cheaper then their mortgage level term insurance (which maybe also used to insure interest only style mortgages). If you were to sadly die during its term, your family would be able to use the Royal London mortgage life insurance to protect the mortgage & so help stay in the family home.
LIFE INSURANCE ROYAL LONDON Reviews
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during its term. Also with optional earlier critical illness at extra cost. The london royal life insurance level term plan is available on either on single or joint life 1’st death insurance basis.
Key Features
- Lump Sums or Family Income Benefits options
- Guaranteed premiums [ no cash value ]
- Terminal Illness means less than 12 months to live
- Cover upto age 90
- Level or Increasing cover
- Specialist Royal London diabetes life cover plan
- Life change and separation benefits
- Waiver of premium option with flexible deferred periods
Summary
The Royal London life insurance reviews of their term life insurance range, shows it is also part of their Personal Menu Plan. Designed with many useful features to help protect your family & loved ones if you were to sadly die during its term. Range of complimentary life insurance with Royal London protection online trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
Royal London Diabetes Life Cover
The Royal London diabetes life insurance is a policy type only available through a broker. Royal London diabetes cover is designed for people with either type 1 or type 2 diabetes.
You are required to present to Insurers your HBA1c / MOL official readings within 3 months to proove these acceptance terms or they may withdraw any deal.
Note: Should you also have some associated diabetic complications, they could also refuse to offer this instant deal. Likewise, if you do have other health issues they may still request a GP report after agreeing instant cover.
Royal London diabetes life pays a level lump sum of money if you die or become terminally ill during the term of the plan. It offers instant life cover upto £1 million for those concerned about underwriting delays but perhaps at an increased cost risk.
ROYAL LONDON WHOLE OF LIFE INSURANCE Review
Royal London whole of life insurance policy is one that will always payout (whenever death may occur). Is available on either on single, joint life 1’st death or joint life 2’nd death basis. Ideal for people looking for ongoing life assurance, with no end or fixed term.
Key features
- Guaranteed or reviewable premiums
- Level or indexed cover
- Entry age maximum 89
- Waiver of premium option with flexible deferred periods
- Life change, IHT and separation benefits
Summary
The Royal London Pegasus whole of life insurance plan is a flexible solution to help provide a legacy gift for the family. Alternatively, its ideal for those wishing to potentially mitigate IHT inheritance tax liabilities. Range of complimentary Royal London life protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
ROYAL LONDON OVER 50's
A no medical cover whole of life style policy that will always payout (with no end or fixed term) but after an initial period, and is available on single life basis only. Royal London Over 50 Life Insurance is reviewed as a cost effective way to help provide small lump sum lifecover as legacy or funeral funding.
Key features
- No medical lifestyle questions for over 50 life insurance Royal London
- 1 year exclusion period before any natural causes death claims
- Accidental death cover during initial 1 year waiting period
- May stop taking premiums from age 90 but still maintain your over 50's lifecover
- Provider limit on total amount of Lifecover per person
- Payment holidays & Payout Promise options
- Many use Over 50’s plans toward Funeral funding.
- No cash in value. No advice given.
Summary
This Royal London over 50 plan is a 'direct to customer' plan. It is an ideal solution only for those with poor health lifestyle issues or unable to get an underwritten whole life insurance. Lower life insurance levels generally offered for a fixed monthly cost.
Royal London Over 50 insurance is often sold with a free gift or once you have made several premiums via the provider. Our Royal London over 50s life insurance reviews show these plan types are usually bought direct.
ROYAL LONDON CRITICAL ILLNESS Definitions
Helps ease financial worries if you or one of your children are diagnosed with various listed critical illness, as specified by Royal London Insurance. Their critical illness term plan is paid tax free and available on either on single or joint life 1’st claim basis.
Key features
- Level, decreasing, increasing, family income cover (all available optional lifecover and critical illness.)
- Guaranteed or reviewable premiums [ no cash value ]
- Waiver of premium option with flexible deferred periods
- Total permanent disability
- Option allows wether or not to include children on their own plan with upgrade
- Additional critical illness benefit covers further payment conditions & enhanced payments
- Life change and separation benefits
Summary
Royal London Critical Illness review offering is part of their Personal Menu Plan. It is usually highly competitive in the UK critical illness market with useful option for some being the ability to include or exclude child benefit.
Like most UK Insurers Royal London critical illness definitions & conditions often change regularly, so please call us for latest advice or check these updates out when doing your comparison quotes.
ROYAL LONDON INCOME PROTECTION
Providing longer term security by way of a tax free monthly income if you are off longer term sick or have an accident or disability as specified by Royal London Insurance. Available as a short or longer term policy. It pays out if you can’t work and so suffer a loss of earnings due to illness or injury during the policy term.
Key Features
- Level or increasing cover
- Risk class assessed based on occupation
- Fixed guaranteed premiums [ no cash in value ]
- The cover amount paid tax free calculated on % of annual salary
- Full cover to term or budget 1/2 year limited payment term
- Initial multiple waiting, deferred periods of 4, 8, 13, 26, 52 weeks or dual deferred
- Waiver of premium to tie in with income benefit
- Fracture & Hospitalisation cover included
- Back to work payment and death benefits
- £1,500pm benefit guarantee
- Guarantee arrangement specially for Frontline NHS medical staff
Summary
Royal London Income Protection review offers numerous flexible priced plans, when reviewed against some other Income Protection PHI Insurers. Check their terms when doing a quote or call us as to whether their PHI policy being offered to you is paid under own occupation, any occupation or specified work tasks.
ROYAL LONDON BUSINESS PROTECTION
Offering company protection for a variety of reasons (with optional earlier critical illness at extra cost). Key person cover, loan or share protection or an employee dies, is diagnosed with a critical or terminal illness during the term.
Key Features
- Relevant life or business loan cover options
- Royal London relevant lifecover has tax benefits
- Guaranteed premiums [ no cash value ]
- Lump sum level, Decreasing or Increasing cover with installment option
- Waiver of premium option with variable deferred periods
- Conversion or renewal options
Summary
Royal London Business Protection Review shows it is usually competitive in the business protection market. It helps insure your business life & employees against life’s challenges during its policy term. Range of complimentary Royal London business protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
'LIFE INSURANCE ROYAL LONDON' - Broker FAQ
Can you make changes to your Royal London life insurance policy?
For any Royal London Life cover reviews in terms of changing your life cover policy, often you can request some of the following:
- reduce or perhaps extend the period of cover
- decrease or increase the amount of lifecover
- remove indexation option or any specific paid for policy features
- change the collection date of your usual premiums
- remove a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
How do I cancel my 'Royal London Life Insurance' Policy?
You may cancel your Royal London Life Insurance plan at any time, if your circumstances change. Like all life insurance, you do have the right to change your mind within 30 days of your policy starting. The Insurers will then refund any premiums taken and your london royal life insurance cover would then end.
However, if you should cancel the policy at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your Royal London life insurance policy is put back onto cover again, this maybe declined.
We suggest you seek professional advice before taking this course of action.
Single v Royal London Joint life Insurance?
A single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life. The benefit of having 2 seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy.
Royal London 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death or claim' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays benefits once ) but conversely leaving the surviving partner without any cover.
Death Claims, Life Insurance Trusts & Life of Another
Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.
If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor.
However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly.
Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.
Should I put my Life Insurance policy into Trust?
When any life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland.
If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the london royal life insurance plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.
Importance of Disclosure & Claims - Royal London Review
Royal London like all Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Royal London policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.
The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of raised blood pressure or cholesterol (even if it costs more). If so, it may not payout !
Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details.
They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at the Insurers recent claims payout, you will see that it is Good (but like most Insurers - not 100%).
What if my health or lifestyle changes after I have taken the policy out?
Any health or lifestyle changes since, usually does not void your existing Royal London policy, if it wasn't relevant at that time of initial application. For example, later on diagnosed with a heart condition.
It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not. Perhaps they put in some policy exclusions?
So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check & review Royal London original T&C's.
What if I re-start smoking afterwards will Royal London Insurance Review?
If you had legitimately quit smoking for over 12 months at that time of original london royal life insurance application, you may wish to advise the Insurers you have started smoking again. This should not affect the original Royal London underwritten insurance policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.
Article on Life Insurance with Royal London Review by Martyn Spencer Financial Adviser (2024)
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