ROYAL INSURANCE

History

Founded in the 1800's, their origins make the Royal Insurance one of the Uk's older insurance companies based from their Liverpool head office. 

Previously, Royal Life operated in various sectors of the Financial Services marketplace - Investment, Pensions, Insurance & Protection via either brokers or their own direct salesforce.

In the mid 1990's, Royal Life Insurance merged with Sun Alliance Insurance & thus created the Royal & SunAlliance insurance brand. 

In 2004 however, Resolution group bought their UK life operations which by then had closed to all new life insurance business from 2002. 

Subsequently Resolution integrated the former UK life business (R & SA Life) into one group called Phoenix Life Insurance.

ROYAL INSURANCE - OLD PRODUCT REVIEW 2020

Although no longer available for new UK protection business in 2021, you maybe able to amend or adjust your existing old Royal life policy by contacting either Phoenix Life Insurance or an Independant Broker.

ROYAL INSURANCE - WHOLE LIFE COVER 

A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.

ROYAL INSURANCE - MORTGAGE PROTECTION 

Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

ROYAL INSURANCE - LIFE COVER

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Plan can be guaranteed or reviewable premiums.

ROYAL INSURANCE - CRITICAL ILLNESS  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Royal Life Insurance.

ROYAL INSURANCE - INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

ROYAL INSURANCE ENDOWMENT POLICY 

Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; designed to provide a lump sum at the end to be used usually toward repayment of an Endowment interest only mortgage loan.

Compare Royal Insurance against other Insurers

ROYAL INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Royal Insurance Life policy ?

In terms of changing your life insurance policy, often you can request some of the following via Phoenix Life:

• reduce or perhaps extend the period of cover
• decrease or increase the amount of lifecover
• remove indexation option or any specific paid for policy features
• change the collection date of your usual premiums
• remove a life assured from a joint policy
• joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Royal Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

Is e-cigarettes (Vaping), Gum or Patches - still classed as Smoker or Ex Smoker for Life Insurance ?

These newer alternative liquid form vaping smoker products may state they reduce the risk on your health, but many Insurers can still classify this as smoking ( but some may apply better terms...please ask us for advice here.) ie; No nicotine based products for at least 12 months.

If I started smoking after taking out Life Insurance - Do I need to now tell Royal Insurance ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Article on: Royal Life Insurance ~ for more visit www.uk.rsagroup.com or www.phoenix.co.uk *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS
For products with an investment element we will introduce you to an authorised adviser

Royal Insurance Company Review 2020 

Royal Insurance

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