Is Royal Bank of Scotland The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of Royal Bank of Scotland life insurance. You might already know that Royal Bank of Scotland has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Royal Bank of Scotland the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

Royal Bank of Scotland life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Royal Bank of Scotland. 

4 Safe overall rating for Royal Bank of Scotland

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

Support Services like Smart Health are provided
3 star rating on Defaqto
Policy documents are readily available on the website
No live chat option
1.7/5 rating on TrustPilot

Coverage options

Increasing and Decreasing Covers are provided
Cover for policy holders over the age of 60 is provided
Both single and joint insurance policies are available
Critical illness cover for children is not included in the policy document
The Critical illness cover provided by AIG only covers 3 critical medical conditions
Whole life cover is not provided

Value for money

£75 gift card for Argos, B&Q or M&S is given to policyholders
Cover can be gotten for as low as £5 a month
The payout amount to be provided by the insurance company is not stated

Financial strength

AIG which is in charge of the life insurance service that the Royal Bank of Scotland provides was first founded and has been in operation since in 1919

Apps and technologies

Quotations can be gotten online
An online Smart Health option is available for all policyholders
There is an easy transition from the Royal Bank of Scotland’s website to AIG’s website
No livebot or chatbot option

Safe rating for Royal Bank of Scotland Life insurance

Expert and customer satisfaction reviews for Royal Bank of Scotland

Review organisationConsumer satisfaction rates for Royal Bank of Scotland Life insurance
Trustpilot1.7/5 based on 404 reviews (General reviews)
Defaqto3 stars
Experts rating for Royal Bank of Scotland

Royal Bank of Scotland insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Royal Bank of Scotland. 

CriteriaRoyal Bank of Scotland details
Minimum age17 years
Maximum age 86 years
Pay-outNot Stated
Life insurance with free gifts£75 gift card for Argos, B&Q or M&S is given to policyholders.
Extras

A life insurance calculator is available on the website.

Terminal illnessYes
Royal Bank of Scotland life insurance in a nutshell

What are Royal Bank of Scotland life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is Royal Bank of Scotland term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaRoyal Bank of Scotland life insurance
Minimum term2 years
Maximum term70 years
Pay-outNot Stated
Minimum monthly premium£5
Extras or any interesting facts 

The Smart Health app and website gives easy access to a 24/7 virtual GP

Royal Bank of Scotland term life insurance

Should you take level or decreasing term life insurance?

Royal Bank of Scotland offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
Royal Bank of Scotland term life insurance (level)
  • AIG provides Term Insurance which provides cover against death and critical illnesses
  • Accidental Death Benefit is provided for the family of the policyholder in the event that the policyholder dies before the end of the policy term as a result of an accident
  • AIG also provides Increasing and Decreasing cover
Royal Bank of Scotland decreasing term life insurance, also known as life insurance for mortgage
  • The rates offered for the Decreasing Life Insurance offered by AIG are specifically designed to match the interest rate of the policyholder’s mortgage
  • An annual interest rate of 8% is charged for the duration of the insurance
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

AIG life insurance offers increasing life cover which includes the following:

  • A maximum annual increase of 10% in line with the Retail Prices Index to be paid on the anniversary of every policy term.

Can you take out Royal Bank of Scotland life insurance plan with someone else?

Yes, you can either have a single or a joint policy at Royal Bank of Scotland.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are Royal Bank of Scotland life insurance extras? 

You can add these extras at additional cost to your Royal Bank of Scotland life insurance: 

Details Reviews
Funeral Pledge

Financial Support is offered to the family of the policyholder in the case that he/she dies

Accidental Death Benefit

The policyholder is entitled to a sum in the case that he/she dies accidentally while in the process of taking out a Life Insurance policy with AIG and waiting to have his/her policy underwritten.

Smart Health App

This support service provides policyholders with 24/7 access to medical practitioners for medical help and advice.

Protected Insurance

This is only available with the Guaranteed Sixty-Plus Life Insurance cover option, If monthly payments are stopped, insurance will still be provided at a minimal amount.

Terminal Illness benefit

Cover is provided in the case that a policyholder dies as a result of a terminal illness

Royal Bank of Scotland life insurance extras

Should you take out Royal Bank of Scotland life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is Royal Bank of Scotland the best critical illness cover? 

Here are the main features when you take out Royal Bank of Scotland life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that AIG provides for Royal Bank of Scotland is called Critical 3 and it can only be added to an already existing insurance policy and it offers the following:

  • Insurance is provided for three specific conditions, in addition to the life insurance
  • Cover is provided for only three critical conditions which are Stroke, Cancer and Heart attack
  • The insurance cover can last between 3 – 50 years
  • It is only available to policyholders between the ages of 17 – 75
Children’s Cover

No mention of children cover

What should you know about Royal Bank of Scotland critical illness cover?
  • The Critical Illness Cover provided by AIG has won many awards. An example is the 2017’s Moneyfacts’ ‘Best Critical Illness Provider’ award.
Royal Bank of Scotland life insurance

How much is Royal Bank of Scotland life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact Royal Bank of Scotland life insurance?

Here are all the important phone numbers for contacting Royal Bank of Scotland life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Royal Bank of Scotland0330 390 0512Monday to Friday 8:00am – 7:00pm
Saturday 10.00am – 3:30 pm
How to claim at Royal Bank of Scotland0330 390 0511Monday to Thursday from 8:30am – 8:00pm
Friday 8:30am – 5:30 pm
How to cancel at Royal Bank of Scotland

0330 390 0510

Monday to Thursday from 8:30am – 8:00pm
Friday 8:30am – 5:30 pm
Royal Bank of Scotland phone numbers

What are Royal Bank of Scotland general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Royal Bank of Scotland life insurance: 

General contacts
Mailing address

RBS: Royal Bank of Scotland
36 St Andrew Square
Edinburgh
EH2 2YB

AIG: The AIG Building
58 Fenchurch Street
London
EC3M
4AB

Social media 

Facebook, Twitter, LinkedIn

Chatbot

No

Royal Bank of Scotland general contacts

How to claim at Royal Bank of Scotland life insurance? 

You will find on this table the different possibilities for reporting a claim on your Royal Bank of Scotland life insurance: 

How to claim on your life insurance at Royal Bank of Scotland?
When to claim?

Claims should be made as soon as possible.

Claim by mail

Claims Team,
AIG Life Limited,
PO Box 12010,
Harlow,
CM20 9LG

Claim by email[email protected]
Claim online

Not available

Claim by phone0330 390 0511
Claim at Royal Bank of Scotland life insurance

How to cancel my Royal Bank of Scotland life insurance? 

You will find on this table the different ways to cancel your Royal Bank of Scotland life insurance: 

How to cancel your life insurance at Royal Bank of Scotland
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

Customer Services Team,
AIG Life Limited,
Box 12010,
Harlow,
CM20 9LG

Cancel by email

[email protected]

Cancel onlineNot available
Cancel by phone

0330 390 0510

How to cancel my Royal Bank of Scotland life insurance?

How do I get Royal Bank of Scotland life insurance quotes? 

Here are the different ways to get a life insurance quote at Royal Bank of Scotland: 

How to get a life insurance quote at Royal Bank of Scotland
Quote online
  • Click on the "Get a Quote" option at the bottom of the Homepage
  • The policyholder will be directed to the AIG website.
Quote phone0330 390 0512
Get a quote at Royal Bank of Scotland

How do I log into Royal Bank of Scotland life insurance?

Click on the "Log in" option on the Homepage

Do we recommend Royal Bank of Scotland life insurance?

Royal Bank of Scotland (RBS) offers life insurance services which is provided by AIG and it is valid for UK residents age 17 to 86 years. It provides coverage options like term life insurance (increasing and decreasing) and over 60’s cover. Critical illness cover is also provided and it offers cover for 25 major conditions or illnesses, including stroke, heart attack, and certain cancers. No mention of critical illness cover for children on both the website and policy documents. The ratings of 3 for Defaqto and 1.7 on TrustPilot are not on the high side. There are other better life insurance services that can be recommended, and policyholders can also make adequate research to find one better suited to their needs.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.