The importance of being a parent
Children need friends. But they also need parental guidance. As much as you want to be their best friend, you have responsibilities that go beyond that. There are the basics, of course, such as feeding, clothing and providing a roof over their head. But they need parental love and order in their lives to help them find standards of conduct to give them some sort of moral compass. It’s a big responsibility and can sometime be hard finding a balance to suit you and your child.
Doing it right
Whichever parenting style you choose, bringing up a child is challenging and exciting. What will this new person in your life be like? What will they do when they grow up? Of course, you want them to reach their full potential and you may already have ideas in mind to help them do this. Some plans are bound to go out the window – no junk food, minimal TV, etc. But essentially you want them to have options to develop and grow. Options that need funding.
Just simply bringing up a child is costly, let alone if you have ambitions for their future. Sooner or later, it may be helpful to tot up a bill. Start with childcare, education and hobbies, and then there could be university fees . And later, the occasional hand out to get them on their feet. Plus, providing a stable home life as they grow up – it can all rest on your income. But by protecting yourself, you can still give them financial help for their future if you’re not there. With our Life Insurance in place, some of your parental responsibilities can go on even though you’re not there.
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
- If you’re a UK resident aged between 18 and 70, excluding members of the Armed Forces and reservists, you can apply
Seven good reasons to choose Life Insurance from Royal London
- Be covered in minutes – with our easy online application
- Make a real difference for your child – up to a £500,000 single payment or up to £2,500 a month for the remainder of your policy
- Affordable, from just £7 a month – that’s only 23p a day!
- Extra peace of mind for you and your family – we include Terminal Illness Cover, at no extra cost
- Serious Illness Benefit – includes Children’s Benefit. Add on at an extra cost
- Three types of cover to suit your lifestyle and budget – Level Cover, Decreasing Cover and Family Income Benefit
- 2 million trust us – join policyholders across the UK who rely on us to protect their families - based on Royal London Group life policies as at December 2017
Answers to your questions
Will having a baby affect whether I need life insurance?
With a new person in your family it’s a good time to think about life insurance. You want to be sure the life you want for your child is protected financially, no matter what happens to you. Having life insurance in place can help ensure you have the right protection, giving you peace of mind.
How much cover can I have?
The maximum cover amount you can apply for is £500,000 for Level and Decreasing Cover or £2,500 per month for Family Income Benefit with all life insurance policies you have with us.
The maximum payout limits apply across all Level Cover, Decreasing Cover and Family Income Benefit policies.
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, though, and we won’t ask for any.
How do I answer the health questions when I'm pregnant?
We need to work out your body mass index, your BMI, as part of our health questionnaire. However we will use your pre-pregnancy weight to determine your BMI. Also, you don’t need to tell us about routine trimester scans you’re having in your application.
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 £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. This is because the cost of Serious Illness Benefit is worked out separately, even though we take both payments at once. Also, we will never increase your monthly payments.
Does being pregnant affect how much I pay each month?
If you’re looking for life insurance when you’re pregnant and have had no complications, it won’t affect how much you pay.
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 at the time. Also, your partner can apply for a policy too – as long as they’re aged between 18 and 70, 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.
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 and won't be able to restart the policy.
Got a question?
Call us, we're here to help
Free from UK landlines and mobiles
Mon to Fri: 8am-7pm. Sat: 9am-5pm. Sun: 10am-4pm.