Royal London relevant life insurance

Royal London is the UK’s largest mutual life, pensions and investment company and is one of the best-known providers of relevant life insurance.

Its Relevant Life Plan is designed for employers who want to provide tax-efficient life cover for an employee or company director without using a registered group life scheme.

Royal London is regularly included by independent financial advisers when comparing relevant life insurance providers.

Key features

Royal London’s Relevant Life Plan offers a number of options depending on the cover selected.

These include:

• • • A flexible choice of level, increasing or decreasing life cover
    • Guaranteed premiums that remain fixed throughout the policy term
    • Terminal illness benefit is included as standard
    • A choice of five or ten-year renewable cover on level and increasing policies
    • Online relevant life trust documentation with signature-free processing
    • Access to the comprehensive Helping Hand support services
    • Underwrite Later, a feature allowing eligible cover to start immediately while medical evidence is being obtained

The amount of cover available will depend on the applicant’s age and total remuneration.

Cover limits

One of Royal London’s distinguishing features is the way it calculates the maximum amount of cover.

Depending on age, cover is available up to a multiple of total annual remuneration, with remuneration potentially including:

• • • salary
    • dividends
    • bonuses
    • benefits in kind

This can be particularly relevant for limited company directors whose remuneration is not made up solely of salary.

Applying for Royal London relevant life insurance

Every application is individually underwritten.

Royal London will normally consider factors such as:

• • • age
    • medical history
    • smoking status
    • occupation
    • the amount of cover requested
    • the policy term

Many applications can be processed electronically. Where additional medical evidence is required, eligible applicants may be able to use Royal London’s Underwrite Later option, allowing cover to begin while underwriting continues.

Who might consider Royal London?

Royal London is often included in adviser recommendations for limited company directors and businesses looking for an established business protection provider.

Its mutual structure, flexible cover options and approach to remuneration mean it is regularly considered alongside other leading relevant life insurers.

Whether it represents the most suitable option will depend on the applicant’s individual circumstances and the insurer’s underwriting assessment.

Points worth considering

When comparing Royal London with other providers, it is sensible to look beyond the monthly premium.

Other factors include:

• • • the maximum amount of cover available
    • how remuneration is assessed
    • trust arrangements
    • policy flexibility
    • underwriting requirements
    • the overall suitability of the policy

Different insurers may offer different premiums or reach different underwriting decisions for applicants with similar circumstances.

Compare relevant life insurance quotes

Obtaining quotations from more than one insurer is often the best way to assess the options available.

Our independent financial adviser partner, Broadbench Ltd (FCA No. 590288), can compare policies from a range of leading insurers and recommend suitable cover based on your circumstances.

Get a free quote More Providers