Is Royal London a good insurance company?
ABOUT ROYAL LONDON LIFE INSURANCE
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.
In 2021, Royal London paid out 99.5% of all protection claims to more than 84,000 families. This means that it's highly likely that a claim will be successful if the worst were to happen. Royal London, like other insurers, will not pay out if: Your premiums are not up to date.
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.
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.
Today, Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £162 billion, 8.6 million policies in force and over 4,200 employees. (Figures quoted are as at 31 December 2023).
Royal London can help you build stronger relationships and grow your business with our wide range of sales tools, personalised marketing material and online calculators. Our Inheritance Tax toolkit gives you easy access to all the tools you need to support your Inheritance Tax conversations.
- MassMutual: Best overall.
- Guardian: Best for applicants with a history of HIV.
- Northwestern Mutual: Best for consumer experience.
- New York Life: Best for high coverage amounts.
- Pacific Life: Best range of permanent life insurance.
- State Farm: Best for customer satisfaction.
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.
As the largest life insurer by market share in the U.S., Northwestern Mutual is an established choice with a proven record.
Can life insurance refuse to pay?
But it's important to be aware that there are a few instances where life insurance won't pay out. Top reasons life insurance won't pay out may be because the policyholder lied on their application, their death was the result of suicide, or they passed away during the waiting period.
Our analysis of these funds found that 31 have consistently outperformed 75% of their peers with their returns considerably higher than the sector average. Royal London recently ranked number one in our fund manager league table for the performance of their unit trust range of funds over the past 1, 3 & 5 years.
If you cash in a policy that includes life cover, the life cover will stop, so we won't pay anything when the life assured dies. Before you decide to cash in your policy you should think about other options that you may have.
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.
ProfitShare3 of £163m (2022: £155m) to be shared in April 2024 with over two million eligible customers who have life and pensions policies with Royal London.
Our Illness and Income Protection products are designed to help if you become become critically ill or too sick or injured to do your job, by giving you a payout or steady income.
Co-operative Insurance Society has rebranded to Royal London. If that name doesn't ring any bells, we're the largest mutual life, pensions and investment company in the UK. If you had (or think you had) a policy with CIS and you'd like to find out more, we're here to help.
| Key Parameters | The Royal London Mutual Insurance Society Ltd | Just Group plc |
|---|---|---|
| City | London | Reigate |
| State/Province | England | England |
| No. of Employees | 4,330 | 1,124 |
| Entity Type | Private | Public |
Cancelling your plan
If, after taking out the plan, you feel it isn't suitable, you may cancel it by writing to us at the address shown on page 4. If you do this within 30 days of receiving your cover summary and plan details, we'll return any premiums you've paid.
Life insurance is a smart idea for most seniors. That's especially the case if you have a spouse, lack plans to cover end-of-life costs or don't have a long-term care insurance policy.
Is Royal London a mutual company?
We were founded as a Friendly Society in a coffee shop in 1861 by two men named Joseph Degge and Henry Ridge, before becoming a mutual in 1908. Today, we're the UK's largest mutual life, pensions and investment company and we're just as proud to be one of the remaining mutuals as we are to be one of the first.
| 1 Cornhill in London | |
|---|---|
| Defunct | 1996 |
| Fate | Merged with Sun Alliance |
| Successor | RSA Insurance Group |
| Headquarters | Liverpool |
| Company | Forbes Advisor Rating | Our expert take |
|---|---|---|
| Nationwide | 5.0 | Best overall |
| USAA | 4.8 | Best for military members and veterans |
| Travelers | 4.7 | Great for drivers with speeding tickets |
| Erie | 4.6 | Best for drivers who caused an accident |
| Company | Best for | AM Best Financial Strength Rating |
|---|---|---|
| Mass Mutual | Whole life insurance | A++ (Superior) |
| Mutual of Omaha | Digital accessibility | A+ (Superior) |
| Nationwide | Customer satisfaction | A+ (Superior) |
| Northwestern Mutual | Universal life insurance | A++ (Superior) |
