Claim on your insurance policy - Royal London (2024)

FAQs

How do I make a claim with Royal London? ›

Call 0345 850 8828 to speak to our claims team. We'll try and get as much information over the phone but depending on the type of claim, we may need you to send us more information. We might also ask for some documents to progress the claim such as: medical evidence.

Royal London, the UK's largest mutual life, pensions and investment company, paid 99% of all protection claims in 2023.

We'll tell you the name of the person handling your claim and they'll stay with you throughout the process. As soon as we have all the information we've asked for and your claim's been accepted, we make the payment, and funds usually clear in 3-5 working days.

ABOUT ROYAL LONDON LIFE INSURANCE

They are a highly rated provider, having won Money Marketing Best Protection Provider 2022 and Protection Guru's Best Insurer for Protecting Hard to Cover Clients 2022. They also have a rating of 4.6 out of 5.0 stars on independent customer review site Feefo.

It's important to remember that a life insurance policy isn't a savings or investment product and has no cash-in value. It's only paid out if you die or are diagnosed with a terminal illness, depending on the terms of your cover.

Our Serious Illness Benefit is designed to protect you, your family and your lifestyle if you've been diagnosed with one of our six defined conditions, and survive 30 days after your diagnosis. These conditions are cancer, heart attack, stroke, multiple sclerosis, dementia and benign brain tumour.

What is the average life insurance payout? The average life insurance payout in the U.S. is about $168,000, according to Aflac. However, the payout of your life insurance policy will depend on the amount of death benefit that you pay for, as well as any money borrowed against the policy prior to the payout.

1. Lehman Brothers — over $115B. No institution sums up the massive plunge of the 2008 economic crisis like Lehman Brothers, when the shuttered investment bank underwent what is believed to be the largest insurance payout in history.

Terminal illness benefit pays out the same amount of money that the policy would have paid to the policyholder's beneficiaries upon their death, had they not made a terminal illness benefit claim. If the policyholder makes a successful claim but then survives beyond 12 months, nothing is owed back to the insurer.

The lump sum allowance (LSA) was introduced from 6 April 2024, it replaced the lifetime allowance (LTA). The LSA limits the amount of tax-free cash you can access from your pension plan. Normally 25% of the pension savings you take can be paid tax-free, with an overall maximum limit of £268,275.

Can I take my Royal London pension at 55? ›

You can take the money built up in your pension savings as cash from the age of 55 (increasing to age 57 from April 2028). The first 25% of each cash payment will usually be paid tax free, while the rest will be taxed as income. If you're planning to take a cash lump sum, there's lots to think about.

We won't pay a claim if:

The claim is for death and is the result of intentional self-inflicted injury within 12 months of the date the cover started, The claim is for a terminal illness and the person covered doesn't meet the definition of terminal illness defined in our plan details (PDF); or.

As a mutual, we're owned by our customers. So when we say we'll put you and your employees at the heart of our business, we really mean it.

Over 50 life insurance is designed for people aged 50 and over. The maximum age to qualify varies between providers, but can be up to 85 years old with some.

Around a third of a billion (£312m) was paid in Whole of Life claims in 2022, with 99.9% of all claims paid. The mutual insurer paid 74,000 claims averaging £4,211 per claim.

If you choose to contact us by phone please have the details of your complaint available, our number is 03457 740 740. We're open Monday to Friday 8am-6:30pm, Saturday 8am-3pm and Sunday 9am-2pm. For some complaints you may be required to complete a “Loss, Damage or Delay” form available at royalmail.com/claims.

Claiming online

You can claim compensation on the Royal Mail website - it only takes a few minutes. You'll need to upload a digital photo or scan of: proof of the value of the item, for example a receipt or bank statement. proof of posting - for example your paper or online receipt or certificate of posting.

If the item was sent to somewhere within the UK, you must claim within 80 days from the date it was posted. If there's extra insurance for the item (called 'consequential loss insurance'), you must claim within 14 days from when it was posted.

Help with online service

If you have a Royal London Pension and need help with accessing online service or are having trouble logging into your account, our dedicated Web Support Team are available from 8am to 6pm Monday - Thursday and 8am to 5pm on Friday. Call us on 0345 602 1885.