Sainsburys Life Insurance

Sainsburys Life Insurance

Sainsbury’s Bank Plc is another service line provided by one of the largest UK retailer Sainsbury’s PLC which is engaged in food production and distribution to its chain of supermarkets and groceries selling sports, clothing, toys, home appliances and electronic gadgets.

With its financial muscle well grounded in the retail business, it provides financing services that include insurance, loans and mortgage management. With Legal and General Assurance Society Ltd as a business partner to underwrite its insurance business, Sainsbury’s Life offers the following key competitive insurance features:

Life Insurance Options

The Sainsbury’s Life Insurance is provided by the Legal and General Assurance Society LTD and offers two main cover or insurance options: Level Term Insurance, where your life coverage is fixed and a Decreasing Term Insurance which applies to covering your mortgage payments when you’re gone. The latter provides decreasing lump sum payout that is in line with the diminishing value of your mortgage over time and costs cheaper in premiums compared with the Level Term. Either options guarantee fixed monthly premium payments if the amount of cover remains unchanged for the duration of the policy.

Sainsbury’s also provide terminal illness insurance which becomes part of either Level Term or Decreasing Term cover if they are taken out with more than two-year terms. This cover is valid until the last 18 months of either policy. A joint cover plan for couples or business partners is also supported as part of its insurance product portfolio.

Why Choose Sainsbury’s

You can get instant life cover starting at a premium of £5 a month. Your cover depends on personal circumstances, specific needs and the premium you can afford to pay. If not insured outright when you apply, Sainsbury will provide you with free accidental death insurance for 90 days while your application is being processed.

You have the option to increase your coverage level as your personal and financial circumstances change at any time during the period of coverage subject to terms and conditions of the policy.

You are assured a lump sum payment if you die or are diagnosed with a qualified terminal illness during the coverage period subject to terms and conditions of the policy

There is no cash value for the life insurance policies and stopping the monthly premium payments before the expiry of the policy will end the life cover 30 days after your missed payment.

You get a promotional £50 Sainsbury's voucher for any policy taken out online before the 6th of October 2009. This voucher will be given once the policy is approved and the first 3 successive monthly premiums have been paid.

There is no online application but you can be given a cover quote within minutes online. Sainsbury advises that you read and understand a PDF document entitled Key Features of the Mortgage and Family Protection Plans which you can download to explain the finer details of the Sainsbury Life Insurance plan. A visit to the nearest Sainsbury branch office armed with your bank details and doctor’s name and contact information will get your application rolling. If you are taking out a joint policy, your partner should be present with you when applying.