Up to £350,000 payment
Lump sum payment with cover that suits you
Your monthly payments will never increase
Terminal illness cover
At no extra cost
Types of life insurance cover to suit you
Level Cover can pay out a fixed amount to protect an interest-only mortgage or provide a lump sum for your loved ones
Decreasing Cover can help cover a repayment mortgage or be used for inheritance tax planning
Family Income Benefit can provide your family with a monthly income of up to £2,500 a month for the length of the policy
7 good reasons choose us
- Be covered in minutes – with our easy online application.
- Money that can make a real difference – up to a £350,000 single payment or up to £2,500 a month.
- Payments start from only 17p a day!
- Extra peace of mind – we include Terminal Illness Cover, at no extra cost.
- Top-rated cover – 5 stars from Defaqto for cover, features and benefits.
- Three types of cover to suit your lifestyle and budget – Level Cover, Decreasing Cover and Family Income Benefit.
- 1 million trust us – join policyholders across the UK who rely on us to protect their families*
*Based on life and protection policies as at November 2015.
Answers to your questions
How much cover can I have?
The maximum cover amount you can apply for is £350,000 for Level and Decreasing Cover or £2,500 per month for Family Income Benefit.
The maximum payout limits apply across all Level Cover, Decreasing Cover and Family Income Benefit policies.
For example, if you have Decreasing Cover with an initial payout of £175,000 is in place, you will have used 50% of the £350,000 maximum cover available. You can use the remaining 50% (up to the maximum payout limit) towards applying for an additional policy. If you select a Level Cover or Decreasing Cover policy, the maximum payout would be £175,000. If you select a Family Income Benefit policy, the maximum would be £1,250 per month (50% of the £2,500 maximum monthly cover available).
Will I need to provide medical information?
Yes, when you apply you’ll need to answer a few simple health questions. You need to answer these questions accurately and honestly. Depending on your answers you could be covered in a few minutes.
How long do I need to make payments for?
You’ll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis has been confirmed. If that happens, we’ll pay out the single amount (or monthly cash payments if you chose Family Income Benefit).
You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.
Can I reduce my monthly payments?
Yes, you can reduce the payment at any time to any amount, subject to the minimum of £5 a month. If you choose to reduce your payment your cover amount will also reduce. Also, we will never increase your monthly payments.
Can I take out additional cover?
You cannot increase cover under your existing policy; however, you can apply for a new policy. Acceptance is subject to completion of our application process and the maximum cover limits which apply. Also, your partner can apply for a policy too – as long as they’re aged between 18 and 60, a UK resident and not a member of the Armed Forces, including Reservists.
What if I stop paying?
If you stop making your monthly payments then your cover will stop. It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So you can’t cash in your cover at any time.
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions and is a member of the Association of British Insurers and the Association of Financial Mutuals. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.