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Fixed monthly payments that never increase
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Typically costs less than Level Cover Life Insurance
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Affordable monthly payments from just £7 a month
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You can choose for the policy to last for between 5 and 50 years
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No medical – get an instant decision
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Terminal Illness Cover included at no extra cost- see terms and conditions document for further details
Important things to know
- You can apply if you’re a UK resident aged between 18 and 70
- The plan must end when you reach age 80
- If you use this to cover a repayment mortgage, the amount of cover you have reduces over time, roughly in line with a debt that has an interest rate of 7%. Therefore, if your mortgage interest rate is higher than this, the policy may not fully repay your mortgage.
- Our Life Insurance has no cash-in value – it’s a protection policy only
- If you stop paying for your plan, your cover ends and you won’t get anything back
Difference between decreasing term and level term
Decreasing Term Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for Level Term Cover life insurance. You could use it to help cover a repayment mortgage or any other loan that gradually gets repaid.
Level Term Cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy. When a claim is paid, your family will get the amount of money you took the policy out for.
How to claim
We make things as clear and easy as possible and give you a dedicated claims specialist to manage your claim from start to finish.
You’ll need a few documents before you get in touch with us and we have helpful information to make the process easier. Learn about starting the claims process.
95.4%
of Term Life Insurance claims paid in 2022*
*Royal London Protection business claims paid (1 January to 31 December 2022)
Why choose Royal London?
We're a mutual
We're a mutual, so we're not answerable to shareholders. We can make our decisions in the best interests of you, our customers.
Immediate decision
Unlike some life insurance providers, we don’t need a doctor’s report or need to send you off for a medical. We can give you a decision straight away.
Our awards
Whether it's for our outstanding products or first-class service, we're delighted to have received several awards over the years.
Frequently Asked Questions
Our Decreasing Term Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for Level Term Cover. Our decreasing cover falls roughly in line with the reducing balance on a repayment mortgage*. So you can use it to cover a repayment mortgage or any other loan that gradually gets repaid.
*This policy may not pay off the full outstanding mortgage amount. The amount of cover you have reduces over time, roughly in line with a debt that has an interest rate of 7%. Therefore, if your mortgage interest rate is higher than this, the policy may not fully repay your mortgage.
You're still covered if you miss your payments within a 60-day period. If you do not pay your outstanding payments within that period, you will no longer be covered and we'll have to cancel your policy on the 61st day.
Life Insurance has no cash in value – it’s not a savings plan and it will only pay out on death or a terminal illness diagnosis that meets our policy definitions.
We make things as clear and easy as possible and give your family a dedicated claims specialist. Please use this link to find which team you need to speak to depending on the type of policy and claim you need to make.
When you've been around for as long as we have, you know that life is full of changes. If you need to update details such as your name, address or bank details, we can help you make the changes you want. Update my policy
To put it simply, Level Term Cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.
With Decreasing Term Cover, the payout amount reduces over the term. This could be used in line with a repayment mortgage or similar loan. Your monthly payments stay the same throughout but are generally less than with a Level Term Cover policy.
We offer single life policies only.
Our Decreasing Term Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for Level Term Cover. Our decreasing cover falls roughly in line with the reducing balance on a repayment mortgage*. So you can use it to cover a repayment mortgage or any other loan that gradually gets repaid.
*This policy may not pay off the full outstanding mortgage amount. The amount of cover you have reduces over time, roughly in line with a debt that has an interest rate of 7%. Therefore, if your mortgage interest rate is higher than this, the policy may not fully repay your mortgage.
You're still covered if you miss your payments within a 60-day period. If you do not pay your outstanding payments within that period, you will no longer be covered and we'll have to cancel your policy on the 61st day.
Life Insurance has no cash in value – it’s not a savings plan and it will only pay out on death or a terminal illness diagnosis that meets our policy definitions.
We make things as clear and easy as possible and give your family a dedicated claims specialist. Please use this link to find which team you need to speak to depending on the type of policy and claim you need to make.
When you've been around for as long as we have, you know that life is full of changes. If you need to update details such as your name, address or bank details, we can help you make the changes you want. Update my policy
To put it simply, Level Term Cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.
With Decreasing Term Cover, the payout amount reduces over the term. This could be used in line with a repayment mortgage or similar loan. Your monthly payments stay the same throughout but are generally less than with a Level Term Cover policy.
We offer single life policies only.
Got a question?
Call us, we're here to help
0800 085 4201
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Monday to Friday 8 am to 6pm