Key comparison points

• The biggest – Royal London are the biggest mutual life insurer in the UK
• Low premiums – start at £3.95 per month
• Unique protected payout – you can stop paying once you’ve paid for half your payment term and still be covered
• Cover capped – maximum £10,000 cover
• Quick cover – you are covered after just 12 payments
• Better prices – Non-smokers get better rates than those that smoke
• Great gift – £85 gift but after you have made six payments
• Stop paying – payments automatically stop on the anniversary of your policy after your 90th birthday
• Reduce cover – you can reduce your premiums if you ever find them too expensive
• £300 Funeral Benefit Option

Our Opinion

The Royal London Over 50 Life policy has some of the best product features around and is competitively priced for non-smokers.  They offer a unique feature that allows you to stop paying once your half way through your payment term and still get a payout when you die – albeit the payout is less than you would get if you had carried on paying.  Cover levels only reach £10,000 which is less than some other providers but you can take cover with other providers as well if you need more than £10,000 cover.  If you think you will live beyond 90 years old and are looking for a product where you change or even stop payments then Royal London’s Over 50s Life Insurance might be right for you.

What is protected payout ?

Royal London offer a unique feature they call Protected Payout.  It allows you to stop paying once you have paid half your premiums and still get a payout when you die – albeit the payout is reduced.  This is a valuable feature as you never know what might happen in the future and you may not be able to afford to keep paying so it does give you options which we like.  Remember with most Over 50 Life Insurance policies you have to pay every month until the end of the payment or until you die to ensure you get a payout.

How long do you have to wait before you can protect your payout ?

The easiest way to explain this is to show you an example.  If you took out your policy on your 60th birthday then you would normally pay until you are 90 years old – so for 30 years.  Royal London Protected Payout lets you stop paying when you are half way through – so in this example, after you have paid for 15 years (your 80th birthday).  The amount of the payout won’t be your full amount of cover and Royal London would advise the amount of cover when you opt for the protected payout and stop paying your premiums.

If you want to see how Royal London products compare then check out of comparison page.

Looking for a payout that is guaranteed to cover your funeral ?

If you are looking for insurance that is guaranteed to pay out enough to cover your funeral then you may be better off looking at a funeral plan rather than Over 50 Life Insurance.  Funeral Plans will typically guarantee to cover the cost of your funeral in exchange for either a lump sum of money or a monthly payment which is paid until you are 90 years old.

Check out our guide to funeral plans if you are unsure which you are looking for.

We always recommend you read the small print before you buy, Royal London’s Over 50 Life Insurance Terms & Conditions.