Over 50 life Insurance is a simple way to leave your loved ones money when you die, as a gift or to help pay for your funeral.
Choose how much you can afford to pay each month, so you can leave your family money when you die, or to help with your funeral costs. The maximum payout you can get is £10,000. The more you pay each month, the bigger the payout your family could get.
You can have more than one Royal London Over 50 Life Insurance policy, but you cannot exceed the total payout amount of £10,000. If you then want to leave more money for your family at a later date you may be able to take out an extra policy.
Yes, you’re covered for any death, including death resulting from coronavirus, after your first year, as long as your payments are up to date.
Yes. As long as you’re aged 50 to 80 and a UK resident, you qualify for Over 50 Life Insurance from Royal London.
If you die in the first year of your policy, Royal London return your payments. However, if you die in an accident (as defined in the terms and conditions), in the first year of your policy, Royal London pay out the full amount.
If you die after the first year of your policy, the full sum assured will be paid out.
Royal London will automatically stop collecting payments on the policy anniversary following your 95th birthday, or if you die, whichever comes first, but your insurance will continue for the rest of your life.
If you stop paying altogether you could lose your insurance. Royal London want to keep you covered and Over 50 Life Insurance has ways to help you do that:
Flexible payments – you can reduce your monthly payments by bringing down your payout amount, as long as you’re paying at least £3.95 a month.
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.
Payout Promise – If you need to stop paying altogether, Royal London promise that your family can still get at least half of the payout when you die, as long as you’re at least halfway through paying for your policy. That’s halfway from the start of the policy until the policy anniversary date after you turn 95. You stop paying at that policy anniversary or when you die, whichever comes first. Many don’t give you this protection.
If you go on to buy from Royal London from this web site, Doddle will receive a single commission payment from Royal London if you take out a policy for the introduction. 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.
