About Royal London

Royal London is a mutual life, pensions and investment company – the largest in the UK, with almost 9 million policies held by customers. Its ‘mutual’ status means it’s owned by members, not investors, allowing for greater interaction and accountability with members and customers. This enables Royal London to continually improve its products and customer service.


Royal London life insurance policy features

If you buy life insurance through Royal London, your policy is likely to come with the following features:

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance cover after certain life changes. In a Royal London policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your mortgage.
Payment delay You’ll be able to delay the payment of your monthly life insurance premiums beyond your usual pay date – giving you a little extra flexibility, if needed.
Reinstatement If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive).
Terminal illness benefit If you fall terminally ill while you hold a Royal London life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

Royal London life insurance extra benefits

Royal London life insurance policies also come with extra benefits, outlined below. This is ‘non-contractual’, which means it’s not related to the contractual conditions of your own policy. Everyone is eligible – though this service is usually only made available if you buy your policy through an adviser.

Helping Hand A support service providing access to a second medical opinion; bereavement counselling; and to legal, career-related, and medical helplines.

Royal London life insurance claim rate

In 2018, Royal London paid out 99% of all protection policy claims, including life insurance. In the same year, it paid out 95.2% of life insurance claims made via the terminal illness benefit – a feature which allows the lump sum to be paid out early if you’re diagnosed with a terminal illness. Claims not paid out are usually due to misrepresentation (providing inaccurate information when you apply for the policy) or because the claim doesn’t meet the required definition stated in the policy.


Royal London life insurance prices

The following prices are based on:

  • Healthy 25-year old male or female
  • £150,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £5.30 £8.10 £5 £6.90
20 years £5.60 £8.90 £5 £7.30
30 years £6.50 £11 £5.10 £8
  • Healthy 25-year old male or female
  • £250,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £7.40 £10.90 £6 £9.80
20 years £7.90 £12.20 £6.50 £10.20
30 years £8.70 £15.80 £6.50 £11.40
  • Healthy 35-year old male or female
  • £150,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £7.40 £13.30 £5.10 £9.30
20 years £8.40 £16.90 £5.90 £11.30
30 years £11.10 £24.20 £7.50 £14.80
  • Healthy 35-year old male or female
  • £250,000 of level life insurance cover
Term Level cover Decreasing cover
Non-smoker Smoker Non-smoker Smoker
10 years £10.10 £19.60 £7.10 £13.50
20 years £12.10 £25.70 £8.30 £17.10
30 years £15.70 £36.40 £10.70 £22.40

Quoted on 14/02/2020


It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).
What is life insurance?
An insurance policy that pays out a tax-free lump sum to your partner or family if you die. It’s designed to make sure your loved ones would be financially secure without you and your income.
Who needs life insurance?
Anyone who has financial dependents. In other words: other people who rely on your income. If you have a partner or children who’d be financially affected by you dying, you should consider having some life insurance in place.
How much does life insurance cost?
Life insurance is often very affordable, but the cost will be different per person. This is because it depends on the cover you buy and how much of a risk you are to insure (based on your age, health and lifestyle). Generally speaking, it's cheapest when you’re young, fit and healthy.
Does life insurance always pay out?
Life insurance will pay out if you die while you’re insured and you were honest about your health when you applied. It won’t pay out if you die after your policy runs out or you cancel it – and might not if you meet an exclusion (e.g. many insurers exclude death by suicide within the first year).
Is it easy to claim?
Claiming on a life insurance policy is straightforward – your partner or family simply claim directly with your insurance company. Making sure they know about your policy and have the details in case the worst happens can be helpful.

This review is intended for informative purposes only and does not constitute advice.