Good reasons to buy
Up to £2,500 a month for the remainder of the policy
Terminal Illness Cover
Included at no extra cost
From just £7 a month - that's just 23p a day!
Who is it for?
For young growing families, Family Income Benefit insurance can provide some reassurance, at a reasonable cost.
Also, this insurance pays out an income rather than a sum of money. For many families, a regular income is an easier, more reliable and better way than a one-off payout to help secure their financial future. The money doesn’t need to be invested to produce an on-going income. And an income is easier to manage, making it less likely that it will be frittered away.
If you have a young family, you might want cover until your children grow up. This income could be used to meet everyday expenses or on-going bills, such as school or university fees.
Frequently asked questions
What is Royal London Family Income Benefit?
If you're covered when you pass away, our Family Income Benefit pays out a regular tax-free income to your loved ones until the end of the term. Level or decreasing life insurance policies pay a single amount of money.
Who can apply?
You can apply for our Family Income Benefit as long as you are aged between 18 and 70, a UK resident and not a member of the Armed Forces or reservists.
How much cover can I have?
The payout limit for our Family Income Benefit is £2,500 a month, up to a total of £500,000 across all life insurance policies you have with us.
Will I need to provide medical information?
You’ll only need to answer a few simple health questions when you apply. We don’t need proof from your doctor and we won’t ask for any. So it’s a good idea to be as accurate as you can – if your family need to claim in the future this could save them a lot of heartbreak if the claim was denied.
How long does cover last?
You specify how long you want the cover to last for when you apply for the policy. The term can be as little as five years or as long as 50 years, but the cover must end by age 80.
When does cover begin?
If you are eligible and you wish to go ahead, you will be covered straight away.
Is Terminal Illness Cover included?
Yes. A Family Income Benefit policy pays out on diagnosis of an illness that has no cure or cannot be cured and which is expected to lead to death within 12 months.
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 that meets our definition has been confirmed. You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.
Will my payments go up in the future?
No. We’ll never increase your monthly payments.
Can I reduce my monthly payments?
Yes, you can reduce the payment at any time to any amount, down to £7 a month. If you choose to reduce your payment your cover amount will also reduce.
What if I miss a payment?
Not to worry. Just make sure to pay the full amount within 60 days of the missed payment date and you’ll be fine. If you don’t pay in that time, we’ll have to cancel your policy right after the 60th day. You won’t get a refund, won’t have cover anymore and won’t be able to restart the policy.
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.
What if I change my mind?
If you cancel your policy within 30 days, we will refund any premiums you have paid. If you cancel your policy at any other time, your cover will stop and you won’t get anything back.
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. Any additional policy taken out will be subject to the terms and conditions applicable to that policy at the time it is taken out. Also, your partner can apply for a policy too – as long as they’re eligible for cover.
Who does the payout go to?
Your life insurance payout will be made to your estate and settled in accordance with your wishes laid out in your will or as directed by your personal representative(s). If you need more information or advice on making a will you can refer to the Money Advice Service.
How do my family claim?
Please call us and our trained staff will deal with the claim with kindness and sympathy. Please call our UK-based call centre on our dedicated claims line:
0345 266 5400
Mon to Fri: 8am–7pm. Sat: 9am–5pm. Sun: 10am–4pm.
Or they can post to:
PO Box 409
Royal London House
To make it easier for your family at a difficult time, please keep your policy documents safe and let your next of kin know where to find them.
How quickly will you pay out?
We realise that it may be a difficult time when a claim is being made, so we’ll deal with the claim as quickly as we can. Once we’ve received all the information we need, we will make payment within 10 working days.
Got a question?
Call us, we're here to help
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Mon to Fri: 8am-7pm. Sat: 9am-5pm. Sun: 10am-4pm.