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We’re here for you

It’s a trying time for all of us. The coronavirus has many of us worried. So we wanted to reassure you about the life insurance policies and funeral plans that you’ve taken out with us.

To make things easier, we’ve put together answers to your most frequently asked questions about coronavirus:

You can also find out more on protecting your personal information and take a look at our related links on financial planning in tough times.

Over 50 Life Insurance

Our Over 50 Life Insurance pays out an amount of money to your loved ones in the event of your death.

After the first year of payments, we pay out in full for any death.

If you pass away in the first year of your policy we return your payments. If you die of an accident we pay out the full amount.

As soon as the claim’s been approved and we have all the paperwork we’ve asked for, we make the payment and funds via BACS transfer. The funds usually clear within three to five working days.

You can find out more about making a claim here.

If you stop paying altogether you could lose your insurance. We want to keep you covered and our Over 50 Life Insurance has ways to help you do that:

Flexible payments – you can reduce your monthly payments by bringing down your payout amount, as long as you’re paying at least £3.95 a month. Later, if you want to leave more money behind, you won’t be able to increase your payments – but, you may be able to take out an extra policy depending on the terms and conditions at the time.

Payment holiday – you can have a break from making your payments for up to six months – and still stay insured. Usually you can do this after you’ve made 12 monthly payments. But at the moment, many need relief sooner rather than later. So, until 30th September 2020, you can now apply to take a payment holiday after you’ve made only six payments. And this is on top of the usual two holidays you can take. After the payment holiday, you’ll have to make up the missed payments or reduce your payout amount.

Payout Promise – If you need to stop paying altogether, your family can still get at least half of the payout when you die. As long as you’re at least halfway through paying, from the start of the policy until the policy anniversary date after you turn 90 – you stop paying then or when you die, whichever comes first.

If you would like us to get back to you directly about your Over 50 Life Insurance, please send us an email with the subject line: ‘I have a question about my Over 50 Life Insurance and coronavirus’.

If you have a specific question about payment holidays, please send us an email with the subject line: ‘I have a question about payment holidays and my Over 50 Life Insurance plan’.

More information about our Over 50 Life Insurance is available here.

Alternatively, you can download the Policy Summary (PDF - 0.53MB).

Life Insurance

If you pass away from a disease such as the coronavirus during the term of your Life Insurance, then your family may receive the payout, as long as the medical questions when making the original application were answered correctly. Medical evidence might be needed when processing the claim.

Your family or whoever is making the claim can start the claims process once the death certificate is issued. We will need to approve the claim before it can be paid, and further medical evidence might be needed during the assessment. Once the claim has been approved, typically, we pay the money into a UK bank account via BACS transfer within three to five working days.

You will not be able to claim on your Serious Illness Benefit (SIB) as coronavirus is not one of the six illnesses that the SIB covers. The conditions that our Serious Illness Benefit covers are Cancer, Heart Attack, Stroke, Multiple Sclerosis, Benign Brain Tumour and Dementia.

You can claim for Serious Illness Benefit if you develop one of these six illnesses and which meets the relevant medical definition while your policy is in place. To be eligible to claim for Serious Illness Benefit, you must survive for 30 days from the date you meet the relevant medical definition.

Flexible payments – you can reduce your monthly payments by bringing down your payout amount, as long as you’re paying at least £7 a month. Later, if you want to leave more money behind, you won’t be able to increase your payments – but, you may be able to take out an extra policy depending on the terms and conditions at the time.

Payment holiday – you can have a break from making your payments for up to six months – and still stay insured. Usually you can do this after you’ve made 12 monthly payments. But at the moment, many need relief sooner rather than later. So, until 30th September 2020, you can now apply to take a payment holiday after you’ve made only six payments. And this is on top of the usual two holidays you can take. After the payment holiday, you’ll have to make up the missed payments or reduce your payout amount.

If you would like us to get back to you directly about your Life Insurance, please send us an email with the subject line: ‘I have a question about my Life Insurance and coronavirus’.

If you have a specific question about payment holidays, please send us an email with the subject line: ‘I have a question about payment holidays and my Life Insurance’

More information about our Life Insurance is available here.

Alternatively, you can download the Policy Summary (PDF - 0.87MB).

Funeral Plans

Full cover for our Funeral Plans starts after one year, after which the chosen funeral would be covered. If you were to pass away from any death, including coronavirus, within 12 months, the payments made to that point would be returned to the estate.

As soon as the claim has been approved and we have all the paperwork we’ve asked for, we make the payment to your personal representatives. Funds usually clear within three to five working days by BACS transfer.

Payment holiday – you can have a break from making your payments for up to six months – and still stay insured. Usually you can do this after you’ve made 12 monthly payments. But at the moment, many need relief sooner rather than later. So, until 30th September 2020, you can now apply to take a payment holiday after you’ve made only six payments. And this is on top of the usual two holidays you can take. After the payment holiday, you’ll have to make up the missed payments.

A contribution promise – If you need to stop paying altogether, your family can still get a contribution towards your funeral when you die. As long as you’re at least halfway through paying, from the start of the funeral plan until the plan’s anniversary date after you turn 90 – you stop paying then or when you die, whichever comes first.

If you need to stop paying altogether, we’ll pay a contribution towards a funeral to your personal representatives when you die. As long as you’re at least halfway through paying, from the start of the policy until the policy anniversary date after you turn 90. If you stop paying before the halfway point, your plan will be cancelled and your chosen funeral service will not be delivered.

 

If you would like us to get back to you directly about your Funeral Plan, please send us an email with the subject line: ‘I have a question about my Funeral Plan and coronavirus’.

If you have a specific question about payment holidays, please send us an email with the subject line: ‘I have a question about payment holidays and my Funeral Plan’

More information about our Funeral Plans is available here.

Alternatively, you can download the Policy Summary (PDF - 0.42MB).

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Be safe – protect your personal information

With the current threat, things are mostly safe and sound. However, some unscrupulous people have developed even more sophisticated ways of preying on vulnerable and savvy people alike. Ultimately, their aim is to get personal information from you that they can use for their own benefit.

If you get unsolicited emails, phone calls, social media, text or Whatsapp messages telling you that your life insurance policy or funeral plan is in crisis, and that you should transfer your money or policy to a bank or another life insurance provider, hang up or ignore them. Do not engage at all.

You can also email us if you think you’ve been contacted by someone claiming to be from Royal London and you would like confirmation that this is the case.

To summarise: do not give out your personal details (bank details, address, existing insurance/pensions/investment details) to unsolicited callers.

Find out more about potential coronavirus (Covid-19) scams and how to protect yourself.

You can also use this form to report a scam to the Financial Conduct Authority.