Who can apply?
You can apply for any of our types of life insurance as long as you are aged between 18 and 70, a UK resident and not a member of the Armed Forces including Reservists.
How much cover can I have?
The maximum cover amount you can apply for is £350,000 for Level and Decreasing Cover or £2,500 per month for Family Income Benefit.
The maximum payout limits apply across all Level Cover, Decreasing Cover and Family Income Benefit policies.
For example, if you have Decreasing Cover with an initial payout of £175,000 is in place, you will have used 50% of the £350,000 maximum cover available. You can use the remaining 50% (up to the maximum payout limit) towards applying for an additional policy. If you select a Level Cover or Decreasing Cover policy, the maximum payout would be £175,000. If you select a Family Income Benefit policy, the maximum would be £1,250 per month (50% of the £2,500 maximum monthly cover available).
Will I need to provide medical information?
Yes, when you apply you’ll need to answer a few simple health questions. You need to answer these questions accurately and honestly. Depending on your answers you could be covered in a few minutes.
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 £5 a month. If you choose to reduce your payment your cover amount will also reduce. Also, we will never increase your monthly payments.
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. Also, your partner can apply for a policy too – as long as they’re aged between 18 and 60, 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.
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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.