Marks and Spencer Life Insurance

Marks & Spencer has been a household name for decades now as a leading retail for upscale fashion and personal merchandise items. Like many UK business in the retail and consumer business, M&S has expanded its consumer line with home furniture, consumer technology, food and beverages and also into personal money matters like loans, investments and insurance. In the insurance industry, it has life and non-life insurance, special events insurance like weddings, travel insurance, car and home insurance and life insurance. M&S has been acclaimed the Most Competitive Direct Term Assurance Provider in two consecutive years, 2007 and 2008 by MoneyFacts.

Life Insurance Products

The M&S Life Insurance is supported and underwritten by the HSBC Life UK Limited, a wholly-owned affiliate of the HSBC Bank, PLC. So you can be sure the life cover package you are getting has the backing of people in the know and has the financial prowess to make good future claims. The Marks & Spencer life insurance package provides two main options:

Life Cover: Your dependents are your beneficiaries and they get to receive a lump sum payment if you die or are diagnosed with serious terminal illness or condition at any time during the term of the policy.

Mortgage Life Cover: This is designed to cover your mortgage payments when you die or diagnosed with illness that renders you incapable of gainful work to continue paying your mortgage or loan payments during the policy term. The premiums are cheaper than that in the Life Cover but your get progressively diminishing payouts in line with the remaining mortgage or loan value.

Joint insurance plans can be made on either options. This is a good option to consider for couples or business partners. Both covers include accidental death which you also get for free for 60 days while your application is being processed until it gets approved.

Convenient Online Services

Applying is a breeze as you can do so online or over the phone. Should there be any medical questions, you have a registered Nurse on the phone to discuss them with you.

Claiming your insurance is greatly simplified by asking a claim form over the phone or through post. The details are all contained in a PDF documents your can download form their site

Competitive Fixed Term Provisions

It’s very easy to budget M&S premiums as they are fixed and will not change for the entire policy term. You can cancel your policy at anytime during its term. As a fixed term insurance, it has no cash value and the cover ends when you stop paying the premiums. In addition, should you cancel the policy in 30 days from date of first payment, you get a full refund.

Your policy cover can be customized to your personal and financial situation. You decide how much cover you want from £15,000 to £1 million as well as how long you want the period of coverage anywhere from 2 to 50 years for Life Cover and 5 to 35 years for Mortgage Life Cover.