Our life insurance at a glance
| Type of life insurance | Monthly cost | Amount of cover available | Eligibility | Additional cover options | Additional features | Availability |
|---|---|---|---|---|---|---|
| Whole of life | Variable | Unlimited* |
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Through a financial advisor | |
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Life insurance through an adviser |
Variable |
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Through a financial advisor | |
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Life insurance direct |
From £7 a month | Up to £750,000 depending on entry age |
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Direct from Royal London |
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| Diabetes life cover | Variable | Up to £1,000,000 |
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Through a financial advisor |
* Unlimited cover, or up to a maximum of £5 million when an increasing cover option is chosen.
Looking for something different?
Our Illness and Income Protection products are designed to help if you become become critically ill or too sick or injured to do your job, by giving you a payout or steady income.
Life insurance explained
What is life insurance?
Life insurance is a type of insurance that pays money to your family if you die or become terminally ill while covered by the policy. Your family or dependants can use the money to help them manage their financial future. It could go towards:
- providing financial security in the future
- paying off a repayment mortgage
- funeral costs
- day to day living costs.
It's important to remember that a life insurance policy isn't a savings or investment product and has no cash-in value. It's only paid out if you die or are diagnosed with a terminal illness, depending on the terms of your cover.
For more details, take a look at our "What is life insurance?" guide.
How does life insurance work?
When you buy a life insurance policy, you agree to pay a monthly amount (called a premium) and if you die or are diagnosed with a terminal illness, we pay a sum of money to your family.
How much the policy pays out and the monthly premiums you'll have to pay depend on your personal circumstances, and the type of policy and level of cover you choose.
What are the different types of life insurance?
Because everyone is different, with different budgets, circumstances and priorities, Royal London offers a range of life insurance policies to help you find cover that fits your needs. The main types of life cover we offer are:
- Level term life insurance - Lets you choose how much cover you want and how long you want to be covered for and pays out that amount if you die if you are still covered by the policy. You're covered for the same amount through the policy and your monthly premium stays the same throughout.
- Decreasing term life insurance - Designed to help repay a repayment mortgage and or another debt. The amount of cover goes down over the course of the policy as you repay your mortgage. Premiums tend to be lower than level term polices.
- Whole of life insurance - Designed to cover you for your whole life and pay out when you die, no matter when that is. You can choose the amount of cover you get but because the policy can last as long as you wish to pay for it, whole of life policies tend to be more expensive than term policies.
Of course, these are just some of the types of life insurance available. If you'd like more detail, our guide to different types of life insurance policies has what you're looking for.
Do I need life insurance?
Whether you need life insurance depends on your personal circumstances, your lifestyle and your priorities. If you have a family or people financially dependent on you, life insurance is a way to offer them some financial security after you're gone.
A payout from a life insurance policy could go towards paying off a mortgage, covering monthly bills, childcare, education or any number of other financial commitments your family might face in the future.
How much life insurance do I need?
How much cover you need depends entirely on what you want to protect, for how long and for how much. In general, the more cover you need and the longer you need that cover for, the more money you can expect to pay as a premium each month.