Sainsburys Life Insurance
- Prices From: £5 per month
- Maximum Term: 40 years
- Age Cover Expires: 79 years
- Max Total Cover: Unlimited
Sainsbury's Bank is a joint venture between a top UK food retailer and Bank of Scotland, a subsidiary of Lloyds Banking Group. The company is the first of its kind, pioneering the supermarket-turned-bank trend that has gained momentum over the past decade. The FSA issued the company its own banking license, which is separate from the license under which the Bank of Scotland and Lloyds Banking Group operates.
Sainsbury’s Bank offers a variety of financial products and services for its customers, ranging from credit cards to savings accounts and a variety of insurance options. It is a publically traded company, so it can afford to offer insurance plans with extremely low premiums because of its sheer size.
If you select Sainsbury’s, you will be able to take advantage of these inexpensive plans and have the comfort of knowing a well-established company backs your policy.
Sainsbury offers three types of cover: level term insurance, mortgage term insurance, and mortgage decreasing term insurance. The company offers premiums starting at just £5 per month. If you die during the term of your policy, the company will pay out a cash lump sum to your estate or mortgage. In addition, if you die while the company is processing your application, they will pay out a free accidental death benefit.
The best way to provide a safety net for your family is by choosing Sainsbury’s level term plan. This will enable your loved ones to pay the bills if you pass away. The cash lump sum paid out in the event of your death remains the same throughout the term of the policy unless you decide to increase your cover. In addition, your monthly payments will remain the same for the life of your policy. There is an early payment if you are diagnosed with a terminal illness during the term of your policy as well.
If you are concerned about what will happen with the mortgage on your home if you die, then Sainsbury’s mortgage insurance is the answer. The plan serves one main purpose: to pay your outstanding mortgage in the event of your death. It will give your family true peace of mind to know that they will be able to remain in their home if you unexpectedly pass away.
Sainsbury’s offers two kinds of mortgage insurance: mortgage term insurance and mortgage decreasing term insurance. The former protects an interest-only mortgage, and the latter protects a repayment mortgage.
Critical Illness Cover
One of Sainsbury’s optional extras you can add to any life insurance plan is their award-winning critical illness cover. If you add it to your plan, you may receive a cash lump sum if a doctor diagnoses you with an illness listed in your policy. You can add this to your policy for an additional fee. The fee is wholly worthwhile, because you will rest easy knowing that your policy will cover you for up to 39 critical illnesses that could affect your livelihood and ability to work. That’s 16 more critical illnesses than the Association of British Insurers recommends.
Your critical illness cover could help you with things such as mortgage repayment, loans, or other personal expenses you and your family may incur if you fall ill, and you will still have only one low monthly payment if you add it to your policy. The financial research company Defaqto rated Sainsbury’s critical illness cover 5 stars, and cover for your children is automatically included in your policy for no additional charge.
Over 50s Fixed Plan
Sainsbury’s Over 50s Fixed Life Insurance Plan is provided by Legal & General and offers an easy solution in the event of your death. After 2 years, the company will pay out a lump sum if you die, regardless of the cause. Your family can use the funds any way they choose – whether it is to pay for funeral arrangements, pay off your outstanding debts, or set aside the money for other things.
The Over 50s Plan starts at just £5 per month, and there is guaranteed acceptance if you're a UK resident aged 50 to 80. You don’t need to complete a medical or health assessment when you apply, and you can select the level of cover or premium that best fits your situation. The best part is that the premiums never go up once you have taken out cover, and you will stop paying your premiums at the age of 90, but your cover will continue for the rest of your life.
If you select waiver of premium, Sainsbury will waive your premiums if you become seriously ill or injured and you cannot work. The company also has an exclusive offer for Nectar cardholders for a limited time only. Buy a life cover today and receive a £50 gift card along with double Nectar points for 2 years at Sainsbury's.
Sainsbury’s Life Insurance is provided by Legal & General Assurance Society Limited. Legal & General do not offer advice or any kind of personal recommendations on insurance products offered by the company. You should always check with your own financial advisor and/or attorney to determine which insurance product will best suit your needs.