Tesco life insurance

Updated: Periodically. Details correct at the time of publication – April, 2008.

Tesco may be renowned as the country’s biggest supermarket chain; however, it has expanded far beyond groceries to offer massive savings on finance, telecoms and insurance. Tesco is one of the fastest-growing UK life insurance providers, with both fixed-term life insurance (also known as ‘life assurance’ or ‘term assurance’) and mortgage life insurance on offer.

As with most of its financial products, Tesco occasionally offers special deals for new customers taking out a life insurance policy. For example, if you take out the insurance before June 26, 2008, you will collect a £30 gift card. Check its website for the latest offers. Additionally, Tesco has a price promise that states that if you apply for its life insurance or mortgage life insurance and then get a cheaper like-for-like quote within three months, it will give you 1,000 ClubCard points.

Tesco mortgage life insurance offers cover designed to help pay off your repayment mortgage. It provides cover that decreases in line with your mortgage over a fixed term and pays out a guaranteed cash sum if you die during the policy term or are diagnosed with a terminal illness and have less than 12 months to live within this period (excluding the last 18 months of your policy). It also includes the option to add on critical illness cover.

The general fixed-term life insurance policy provides a lump cash sum if you die within the policy term. You can take out a joint policy and/or add-on critical illness cover. Tesco critical illness cover can only be bought alongside a Tesco life insurance policy – only the illnesses defined in the policy are covered.