Tesco Life Insurance

Tesco  Life Insurance

Tesco Life Insurance gets financial backing as an affiliate of its UK-based retail giant Tesco. It offers a whole range of financial services offering credit cards, life insurance, car insurance, travel insurance, savings and loans, as well as credit cards. Its life insurance products enjoy the following features that are competitive with any in the UK markets.

Insurance Options

Tesco Life Insurance offers the following insurance packages:

Fixed Term Life Insurance. This is the more common life insurance package with fixed monthly premiums depending on age and personal circumstance. You are covered as long as the fixed premiums are paid.

Decreasing Term or Mortgage Life Insurance. This covers your family’s ability to meet its mortgage payments when you’re gone. While the premium remains the same, the lump sum paid diminishes in proportion to the decreasing value of your mortgage over time.

The premiums on either plan are guaranteed to remain unchanged over their coverage periods. On top of these two, the following may be added to afford the consumer extra protection for a minimal increment on either plan.

Critical Illness coverage can be added that will pay you the insurance lump sum once you get diagnosed with a qualified critical or terminal disease for which little or no life expectancy exist. This feature adds to the monthly premium and can apply to either fixed term of mortgage insurance.

Single or Joint Insurance Coverage can apply to either plans as well. A joint plan pays your beneficiary the insurance lump sum at the first instance of death or when either party to a joint plan dies. The insurance coverage ends with the payment. This can be a good alternative for a husband and wife or to a business partner where you have a joint or shared financial stake.

Trust Insurance

Tesco will assist you to put your fixed term insurance policy as a trust fund. This ensures that your named beneficiary gets the lump sum cash payout sooner than if no trust was set up. This precludes any inheritance tax that will be levied otherwise when under the law, any insurance policy becomes part of the deceased person’s estate.

Online Services

The Tesco life Insurance website offers an online calculator service that helps you decide what the right insurance coverage is for your family when you leave them. You only need to input your age, mortgage information, educational expenses of your kids, typical household expenses, credit card balances and any outstanding debts and anticipated funeral costs and the site returns with a recommended insurance coverage.

You can apply over the phone or online and you can get instance insurance coverage in well under 15 minutes. You get a £50 gift card with your approved application.

Over 50 Life Cover

UK residents between the ages 50 to 75 can enjoy guaranteed coverage starting at a slightly higher monthly premium of £10. You get a £20 gift card with your approved application. And when you reach above 90, you can cease all premium payments and you still enjoy continued coverage.