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Request a payment holiday

Managing your finances in difficult times

We've pulled together lots of useful information to help support you to manage your finances and wellbeing during this challenging time.

Visit managing your finances section  

If COVID-19 (coronavirus) has affected your income and you're having difficulties making your payments, let us know. You may be able to take a payment holiday of up to six months.

This payment holiday is additional to the two you are entitled to within your terms and conditions. It won't count towards your payment holiday allowance.

Can I take a payment holiday?

You can apply for a payment holiday of up to six months if you have one of the following products, taken out directly with Royal London:

  • Over 50 Life Insurance
  • Life Insurance
    • Level Cover
    • Decreasing Cover
    • Family Income Benefit
  • Funeral Plan

You’ll also need to have made at least six monthly payments to your policy.

If a policy has been placed in trust, assigned or is paid for by a third party please call us on 0345 600 7788. 

If you took out your policy through a financial adviser you should speak to them about your options.

How it works

At any time after you have made six payments, you can ask us for a payment holiday.

Taking a payment holiday means you can have a break of up to six months from making your monthly payments and your policy will still continue.

Your payment holiday will start after you've made your last payment. If you already have outstanding payments, we'll backdate your payment holiday to cover those missed payments.

If your next payment is due to be paid in less than five working days, we won't be able to stop this payment and your payment holiday will start from the following month.

You can't take out another policy or make any changes to your current policy during a payment holiday. 

If you change your mind once you receive your confirmation letter, give us a call and we can cancel your payment holiday.

How will it affect my cover and future payments?

If you have Over 50 or Life Insurance:

  • Your payout amount will be reduced, you won’t need to pay any money back and your monthly payments will continue as normal afterwards.
  • Alternatively, you can make up all the missed payments and start your monthly payments again. This will mean there will be no change made to your payout amount.

If you have a Funeral Plan with us you must repay the payments you’ve missed.

When your payment holiday starts we’ll send you information about the affect it has on your policy. It’ll show you the amount you’d need to repay at the end of the holiday to keep your payout amount the same or by how much your payout amount will reduce if you don’t repay the payments you’ve missed.

If you change your mind you can cancel your payment holiday and restart your payments.

Important information

Before you apply, please make sure you meet the following criteria:

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Payment holiday request form

* Indicates a required field

1. Your details

Personal information collected on this form will be used to administer your request. To understand the detail of how we use your information you can read the privacy policy (opens in new window) or listen on 0800 085 8352.

Personal information
Title *
Please enter your first name as it appears on your account.
Please use the format DD/MM/YYYY
This is the email address we'll use to set up your online account. We'll also use it to send you updates about your policy.
Address

2. Policy details

You will find this on your statement or policy documents
Do you pay a monthly or annual premium amount? *

3. Declaration

I confirm that:

I declare that the details on this form are accurate and I understand that you will check my identity prior to proceeding with my request.

* Indicates a required field