Canceling Royal London Life Insurance: A Step-By-Step Guide

If you're considering cancelling your life insurance policy with Royal London, there are a few things you should know. Firstly, it's important to understand that life insurance provides financial protection for your loved ones in the event of your death. It can help cover regular income loss, pay off debts, or even cover funeral costs. Before cancelling, reflect on your reasons for wanting to do so, such as improved health, a change in employment benefits, or financial struggles. Remember, life insurance typically becomes more expensive as you age, and new medical conditions can impact future plans. Additionally, cancelling your policy means forfeiting any coverage for your family, partner, or household. If you still decide to cancel, you can do so by calling Royal London's customer service department or by submitting an online cancellation form.

Cancelling within 30 days

If you've recently taken out a life insurance policy with Royal London and are having second thoughts, you have the option to cancel within 30 days of the start date. This is known as the "cooling-off" period, during which you can change your mind without penalty. Here's a step-by-step guide on how to cancel your Royal London life insurance within the first 30 days:

• Understand your reasons: Before initiating the cancellation process, it's important to consider your motivations for wanting to cancel. Ask yourself if there are any underlying issues that can be addressed without cancelling the policy. For example, if affordability is a concern, are there any alternative options, such as reducing the coverage or increasing the term?
• Review the potential consequences: It's worth noting that life insurance premiums typically increase with age. Cancelling your policy may result in higher premiums if you decide to take out a new policy later on. Additionally, any changes in your health or family medical history could also impact the cost of future insurance plans.
• Contact Royal London: If you've considered your options and still wish to proceed with the cancellation, you can contact Royal London's customer service department. They can be reached by phone at 0345 602 1885. It's recommended to have your policy details on hand when making the call.
• Request a refund: Since you are cancelling within the 30-day cooling-off period, you are entitled to a refund of any premiums you have paid. Be sure to discuss this with the customer service representative and confirm the process for receiving your refund.
• Explore alternative options: If your reasons for cancelling are related to cost or level of coverage, consider enquiring about alternative plans offered by Royal London. They may be able to provide you with a more suitable option that better meets your needs.
• Consider other providers: If you decide that life insurance is not for you, it's worth exploring other insurance providers to find a plan that aligns with your requirements and budget. Remember to carefully review the terms and conditions of any new policy before committing.

Remember, life insurance is intended to provide financial peace of mind for you and your loved ones. While cancelling your policy is your prerogative, it's important to make an informed decision by weighing the potential consequences and exploring all available options.

Cancelling after the 30-day window

If you cancel your Royal London life insurance policy after the 30-day window, you will not be refunded any premiums you have paid. Your cover will stop, and you will not be eligible for a refund. Before you decide to cancel, it's important to consider the implications of doing so. Life insurance provides financial protection for your loved ones in the event of your death. It can help replace lost income, pay off debts, or cover funeral costs.

Additionally, life insurance typically becomes more expensive as you get older, so if you cancel your policy now, you may face higher costs if you decide to take out a new policy later on. Your family medical history may have changed since you first took out your policy, which could also affect the cost of a new plan. It's also important to note that many life insurance policies have no element of savings or investment and no cash value, so you may not get anything back if you cancel.

If you're considering cancelling because your policy no longer meets your needs, it may be possible to upgrade, increase, or change your plan without cancelling it completely. You can contact Royal London's customer service team to discuss your options and get help with making changes to your policy.

To cancel your Royal London life insurance policy, you can do so online by visiting their website and downloading the relevant form. Alternatively, you can call their customer service department at 0345 602 1885.

Reasons to cancel

There are several reasons why you might want to cancel your life insurance policy. Here are some of the most common situations when it could make sense to stop paying for it:

You no longer need coverage

Your children may have grown up, and your spouse or partner may be able to manage financially independently without a death benefit. In such cases, the death benefit of your life insurance policy may not be worth the amount you'll save on premiums.

You can't afford the premiums

If you're struggling to afford your life insurance premium, you may consider cancelling your policy. However, before you do, it's important to explore alternative options, such as reducing your coverage amount or switching to a more affordable plan.

You've paid off your debts

If you initially took out a life insurance policy to ensure your loved ones could pay off any business debts or mortgages in the event of your passing, you may no longer need it once these debts are cleared.

You want to change your investment strategy

Over time, changes in the market, tax laws, or your personal circumstances may prompt you to reconsider your investment strategies. In such cases, cancelling your life insurance policy might free up funds to invest in other financial vehicles, such as annuities or mutual funds.

You're switching policies or insurance companies

If you've found a new policy that better suits your needs, it's generally advisable to wait until the new policy is in force before cancelling your existing one. This ensures you're not left without coverage during the transition period, maintaining protection for you and your loved ones.

Reasons to reconsider cancellation

Before cancelling your life insurance policy with Royal London, there are a few things you might want to consider.

Firstly, it might be more expensive to take out a new policy at a later date. Life insurance typically becomes more costly as you get older, and your family medical history may have changed, affecting the cost of a new plan. Additionally, if your health has changed, you might not be able to replace the cover.

Secondly, many life insurance policies do not have any savings or investment elements and have no cash value at any time. Therefore, if you stop making your monthly payments, your cover will usually stop, and you might not get anything back.

Cancelling your policy could also leave your family, partner, or household without a financial safety net. Life insurance protects your family when you die, and some policies also pay out if you are diagnosed with a terminal illness from which you are expected to die within 12 months. If you have dependants, life insurance can offer peace of mind and financial security.

Finally, if you need more cover or a longer term, there may be options to change or modify your existing policy rather than cancelling it. It is worth seeking advice and asking questions before making a decision.

Contacting Royal London

If you want to cancel your Royal London life insurance policy, you can do so at any time by contacting their customer service department. You can do this by phone or online.

To cancel your policy over the phone, call Royal London on 0345 602 1885. Phone lines are open from 8 am to 6 pm, Monday to Friday, excluding bank holidays. If calling from abroad, the number to contact is +44 1625 718 989. Please note that call charges will vary depending on your local network provider's rates.

When contacting Royal London by phone, it is recommended that you have your policy number ready. You can find this on any paperwork that Royal London has sent you, and it may be referred to as your policy, plan, or scheme number or reference.

Alternatively, you can cancel your policy online by visiting the following link: https://www.royallondon.com/siteassets/site-docs/insurance/life-insurance/rl_terms_conditions_life_insurance.pdf. Here, you will be able to access and review the terms and conditions of your life insurance policy and initiate the cancellation process.

If you prefer to communicate by mail, you can write to Royal London at the appropriate address for your specific enquiry. The relevant address can be found on the Royal London website or by contacting their customer service team.

It is important to note that if you cancel your policy within 30 days of the start date, you will be refunded any premiums you have paid. However, if you cancel your policy at any other time, your cover will stop, and you will not be eligible for a refund.

Frequently asked questions