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Royal London's current sales pages focus on adviser arranged life insurance, including term life cover, whole of life insurance and specialist Diabetes Life Cover.
All arranged through an adviser.
Royal London still references Over 50 Life Insurance bought directly from Royal London within its existing customer support pages.
Royal London withdrew from the over 50s life insurance market in 2022 and continues to look after existing Over 50s customers. New customers cannot currently apply for a Royal London over 50s plan, so the options on this page are Royal London's adviser arranged products.
What Royal London life insurance can people over 50 consider?
The current range includes Advised Life Cover.
This can provide level or decreasing term insurance.
Term insurance protects you for a defined period and can be appropriate for a mortgage, family income or another financial responsibility that will eventually end.
Royal London also offers Whole of Life Insurance through advisers.
This is designed to remain in place throughout your lifetime, provided the required premiums continue and the policy conditions are met.
How does Royal London Whole of Life Insurance work?
Whole of life insurance is designed around an eventual payout rather than cover for a temporary period.
Royal London states that its current whole of life policy can pay following death or terminal illness under the policy terms.
The cover remains in place for life provided the required payments continue.
Royal London says monthly payments stay the same unless reviewable payments or increasing cover are chosen. Reviewable payments can go up after a review, so it is important to check which type applies.
This type of policy can be used for leaving money to family, estate planning, inheritance tax planning or other lifelong financial needs.
It should not be confused with simple guaranteed acceptance over 50s insurance.
Medical questions apply and Royal London may require additional medical information.
Does Royal London offer cover for people with diabetes?
Yes.
Royal London currently offers specialist Diabetes Life Cover designed for people with type 1 or type 2 diabetes.
It is adviser arranged and can provide level term life insurance.
This is particularly relevant to an over 50s audience because someone with diabetes should not automatically assume guaranteed acceptance insurance is their only option.
A specialist medically underwritten policy may provide much larger amounts of protection.
Related guideOver 50 life insurance with no medical questionsDo Royal London policies require an adviser?
Royal London's current new business protection range is presented as adviser arranged cover.
That means a qualified adviser assesses the customer's circumstances before arranging the policy.
This is different from buying a simple guaranteed acceptance over 50s plan directly online.
What happened to Royal London's direct Over 50 Life Insurance?
Royal London continues to provide support information for customers who bought Over 50 Life Insurance directly from Royal London.
Royal London withdrew from the over 50s life insurance market during 2022, citing a shrinking market and the rising cost of reinsurance. It says it remains committed to serving existing Over 50s customers, but new customers cannot currently apply for this plan.
Covered by Royal London's existing customer support pages.
Term life cover, whole of life insurance and diabetes life cover.
Existing customers should therefore use the support information relevant to their own policy rather than assuming current Royal London products have identical terms.
A policy taken out years ago could have different premiums, waiting periods, benefits and conditions from products available today.
Should an existing customer replace an older policy?
Not without comparing carefully.
If you replace life insurance at an older age, the new premium will normally reflect your current age.
Your health may also have changed since the original policy was taken out.
An old policy could therefore be difficult to reproduce on the same terms.
Before cancelling existing Royal London cover, establish what the current policy pays and what replacement insurance would cost. Some Royal London Over 50 Life Insurance policies bought directly include a Payout Promise, which can still pay at least half of the cover if you cancel or stop paying after making more than half of your payments. Check your policy documents before making any change.
What if you want guaranteed acceptance?
Royal London's current adviser range should not be assumed to work like a guaranteed acceptance over 50s plan.
If avoiding medical questions is your main priority, compare dedicated guaranteed acceptance products from the wider market.
If you are willing to answer health questions, Royal London's medically underwritten options may provide access to considerably larger levels of cover.
The right route depends on why you need insurance.
Someone wanting £5,000 towards final expenses has a different need from someone wanting £250,000 to protect a partner and mortgage.
Speak to a qualified UK life insurance adviser who can compare options available through their panel. Royal London's current plans are sold through financial advisers, but the adviser we introduce you to may not have Royal London on their panel. 50Life is not part of Royal London. We introduce you to the adviser and do not ourselves give personalised advice.
Related guideHow much over 50 life insurance do I need?
