Our 2022 claims experience - Royal London (2024)

FAQs

What is the claim settlement rate for Royal London? ›

Average payout rate: In 2022, Royal London paid 99.4% of claims received.

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.

Royal London is easy to do business with

We were awarded 5 stars at the Financial Adviser Service Awards 2023 for our pension service for the 15th year running and 5 stars for our protection service for the 10th year running, so you can recommend us to your clients with confidence.

Mutual insurer, Royal London, paid out on average over £52m a month on protection claims last year. In total it paid out over £631m, representing 99.4% of all claims to almost 80,000 customers and their families, helping them cope financially with life shocks when they needed it most.

The individual death claim settlement ratio of the life insurance industry was 98.45% in 2022-23. It means that the life insurance industry settled over 98% of the total individual death claim requests received during FY 2022-23. The overall claim settlement ratio was 98.64% in 2022-23.

Support for the unexpected. If you can't work due to illness or injury, an Income Protection Insurance policy will provide you with a regular income. Income Protection is available to those working more than 16 hours per week in paid employment or the self-employed.

Once you've reached 55, you can access your pension savings whenever the time is right for you. You can buy an pension annuity, dip in with pension drawdown or take it all as a cash lump sum. And, if you need more time to consider your options, that's fine too.

In many cases, it takes anywhere from 14 to 60 days for beneficiaries to receive a life insurance payout. But many factors impact this time frame. These include the insurance company's procedures, when the claim is filed, how long the policy was active, the cause of death, and state laws regarding insurance payouts.

We cover up to 65% of the first £15,000 of your pre-tax earnings, plus up to 55% of the remainder, up to £250,000 a year. And if you're self employed, you can also include certain regular fixed overheads such as business rental costs. We also include fracture cover and hospitalisation payment as standard.

Help and information on death and money matters

In 2022 we paid 99.4% of all claims received, helping over 79,000 customers and their families.

Who is Royal London owned by? ›

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.

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.

Royal London Reviews FAQs

Royal London has an overall rating of 3.7 out of 5, based on over 689 reviews left anonymously by employees. 69% of employees would recommend working at Royal London to a friend and 66% have a positive outlook for the business. This rating has improved by 1% over the last 12 months.

We don't charge to transfer your pension savings to another provider. But we may apply an early exit charge to your plan.

Royal London has been named the most recommended and preferred pension provider by advisers, according to Defaqto's pension-service review 2024.

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.

Our Governed Portfolios are designed to help you save for your retirement. They're made up of a mix of investments, including stocks and shares (equities), bonds, property and commodities.