UK residents aged between 18 and 70.
If you pass away while covered, your family or whoever is making the claim can start the claims process once the death certificate is issued. Medical evidence might be required during the claims assessment. Once the claim is approved, the money is paid into a UK bank accounts by BACS. Typically, funds clear within three to five working days.
No. Serious Illness Benefit will make a one-off payout if you develop an illness that meets one of the six serious illness definitions and survive for 30 days.
Payment holiday – After your first year, you can have a break from making your monthly payments for up to six months – and still stay insured. Not all providers let you do this.
You’ll have to make up the missed payments or reduce your payout amount after your payment holiday finishes.
You can have up to two payment holidays during your policy – only one can be taken within any twelve month period.
You can have a lump sum up to £500,000 for all Level Cover and Decreasing Cover policies.
It depends on your personal circumstances. It can be for as little as five years, or as long as 50 years. But the cover must end by age 80.
You’ll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis 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.
Yes, you can reduce the payment at any time to any amount, subject to the minimum of £7 a month for Life Insurance. 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 Royal London take both payments at once. Also your monthly payments will never increase.
You cannot increase cover under your existing policy; however, you can apply for a new policy. Acceptance is subject to completion of Royal London’s application process. Any additional Life Cover policies taken out will be subject to the terms and conditions applicable to that policy at the time they are taken out. Also, your partner can apply for a policy too – as long as they’re eligible for cover.
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.
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, Royal London will have to cancel your policy right after the 60th day. You will not get a refund, receive cover or be able to restart the policy.
Doddle introduces clients to Royal London and receives a single commission payment at the start of this policy. The amount of commission is a fixed percentage of the total payments you make to Royal London in one year. This doesn’t affect the amount you pay for this cover.
