Life Insurance - Level Term Cover

Get protection for your family from only £7 a month - that's 23p a day!

With our Level Cover, you could leave your loved ones a fixed amount of money if you pass away during the term of your plan.

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Good reasons to buy

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Terminal Illness Cover

Included at no extra cost

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A fixed amount

For an interest-only mortgage, your family or to pay off a debt

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Affordable

From only £7 a month

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How it works

Level Cover Life Insurance has a payout amount that stays the same for the term of the policy, as does how much you pay each month.

As the payout amount does not change over time, it won't increase in line with inflation. The monthly payment for Level Cover is set, so is the length of time you pay for – you decide the term and payout amount when you take out a policy.

For example, you may set the length of the policy term to 25 years and the payout amount to £100,000. So, if you were to pass away at any time during that 25 year term, the payout to your loved ones would be £100,000.

It doesn't matter if you die after the first year or in the last year of the policy the payout would be the same.

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Who is it for?

A Level Cover Life Insurance policy can be used by homeowners to protect an interest-only mortgage. For those who don’t have a mortgage, it can be used to cover any other fixed debt. Or if you have dependants, it can be used to help support them in the future.

Because the payout amount of a Level Cover policy is set, it can be matched to a mortgage. So homeowners can take out a policy where the cover amount is the same as the loan amount of their interest-only mortgage. When they die, the insurance payout can then help their family clear the mortgage.

With Level Cover, the payout amount stays the same, whether you’ve made one mortgage repayment or you’ve only got one left. If you die with the majority of your mortgage paid off, the leftover amount could be handed down to your dependants. Or, a family could invest the payout for them or use it to support them in the future.

Loved ones with a fixed debt other than a mortgage could benefit from a one-off payment. Or it could simply be used as a gift for your family so they aren’t struggling with monthly household payments.

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Six reasons to get Level Cover

Still wondering why you should get the Royal London Level Cover Life Insurance?

Here are a few reasons:

  1. A payout to help cover the mortgage so they don't lose the family home
  2. Fixed payout and monthly payments so you can plan for the future
  3. Terminal Illness Cover included at no extra cost
  4. Be covered in minutes with our easy online application
  5. Leave up to £500,000 to make a real difference for your family
  6. From just £7 a month, that’s only 23p a day to protect your family!

Important things to know

Our Life Insurance has no cash-in value – it’s a protection policy only.

If you stop making payments, your cover ends and you won’t get anything back.

You can apply if you’re a UK resident aged between 18 and 70 and not a member of the Armed Forces, Territorial Army or reservists. 

Frequently asked questions

Level Cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy. When a claim is paid, your family will get the amount of money you took the policy out for.

You can apply for our Level Cover as long as you are aged between 18 and 70, a UK resident and not a member of the Armed Forces or reservists.

You can have Level Cover cover up to £500,000 and a total of £500,000 across all life insurance policies you have with us.

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.

You specify how long you want the cover to last for when you apply for the policy. The term can be as little as 5 years or as long as 50 years, but the cover must end by age 80.

If you are eligible and you wish to go ahead, you will be covered straight away.

Yes. A Level Cover 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.

You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.

No. We’ll never increase your 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. If you have Serious Illness Benefit you may not be able to reduce your monthly payments to £7 a month. This is because the cost of Serious Illness Benefit is worked out separately, even though we take both payments at once.

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.

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.

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.

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.

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.

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:

Customer Services
PO Box 409
Royal London House
Alderley Road
Wilmslow
SK9 0EG

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.

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.

Prefer to leave your loved ones a regular income?

You may be interested in our Family Income Benefit life insurance, available from just £7 a month.

Find out more about Family Income Benefit

Serious Illness Benefit option

For an additional monthly cost you could add this extra protection (to Life Insurance) for you and your children over 30 days old. 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.

If you add Serious Illness Benefit and a claim is paid, this cover ends, but Life Insurance continues.

Find out more about Serious Illness Benefit

Useful info

Making a claim

Important Documents and Guides

Policy summary

Terms and conditions

Got a question?

Call us, we're here to help 

0800 085 4201

Free from UK landlines and mobiles

Mon to Fri: 8am-7pm. Sat: 9am-5pm. Sun: 10am-4pm.