When applying for life insurance, many people worry about how much information they need to provide. With Royal London, our online application process for term life insurance is relatively straightforward.
Considerations when applying for life insurance
The main reason people take out life insurance is so that if they die during the length of the policy, their family is financially secure. If you’re thinking about applying for life insurance with Royal London you may be surprised at how affordable the payments can be.
Here are two things you may need to consider before applying:
1. How much cover do you need?
First, your cover level depends on your individual circumstances, so to find out how much cover you need:
- Work out what your loved ones would need if the main income earner was no longer around to provide financial support
- Would they have to pay off a mortgage or a loan?
- How much would they need to cover household bills or the cost of going to university?
2. How long do you need the cover for?
This may depend on many factors, such as when you expect to have paid off a mortgage, or when you expect your children to be financially independent. Also, your monthly payments depend on your answers to the application questions. For example, if you are a smoker/non-smoker, all of which is reflected in the amount you pay each month.
Filling in the application form
First, we ask a question to help you check the type of life insurance you’re applying for is suitable. Then we ask for your personal details like your name, address and date of birth. We also ask for your email address, marketing permissions, occupation and whether you’re a member of the armed forces. You would need to be a UK resident and aged 70, maximum, at the time of your application.
Next, there are some questions about you and your lifestyle. For example, whether you smoker and the amount of alcohol you drink. You'll also be asked about you past and present medical history. You will also be asked about any family history or if anyone in your family has had any serious illnesses.
It's important to answer the questions honestly and accurately. If you provide an incorrect answer, it could mean that you may not receive the full amount of your claim. In the worst case scenario, your policy could be cancelled and you would not be paid anything.
At this stage, depending on your answers to the questions we've asked, we may not be able to accept your application. If that's the case, we'll signpost you to a trusted partner who could help you find another insurer that has a policy that's right for you.
You may also want to add on the Serious Illness Benefit option if you’re eligible. It gives you a financial safety net if you are diagnosed with one of the six illnesses that we define, and survive for 30 days. It comes at additional cost, covers you and your children over 30 days old, and is only available when you’re applying for life insurance. Once life insurance is taken out, Serious Illness Benefit can’t then be added on. However, it can be cancelled.
Once you’ve answered the questions, you’ll receive a summary of the quote with key information to help you decide whether the amount and term of the policy is right for you.
Finally, you complete the direct debit details
What’s more, if you receive your policy and decide that you don’t want to continue, you have 30 days in which to change your mind. All you need to do is cancel your cover and Royal London will refund any payments made. If you cancel your policy at any other time, your cover will stop and you won't get anything back.
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