Tesco Life Insurance Policy Review For 2024

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 4th November 2024

In 1997, The Royal Bank of Scotland (RBS) and Tesco plc, a UK-based global grocery and general merchandise retailer, entered a joint venture, launching Tesco Bank.

Tesco Life Insurance is a financial service designed to offer security by ensuring your family receives a predetermined amount of financial assistance in the event of your passing within the policy’s duration.

Compare Tesco Plans To Those From Other Providers – Completely Free Service With No Obligation

tesco life insurance and critical illness cover

Amount of cover?*Choose an amount that reflects your financial needs in the event of a claim. For instance you might want to pay off a mortgage or debts, or leave a lump sum to your family
First Name:*
Last Name:*
Date of Birth*Your age is one of the factors used to calculate your premium. You must be aged between 18 and 80.
Email*
Phone Number*
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Without proper life insurance protection, would your loved ones be able to do the following if you weren’t around to help?

Pay off the mortgage
Clear any outstanding debts in your name
Fund their current lifestyle
Buy a new home
Plan for a funeral
Deal with inheritance tax

It might be time to consider life insurance. Life insurance ensures that your loved ones are financially secure should something happen to you.

Thankfully, it doesn’t have to be expensive. You can get a no-obligation quote in minutes by completing one of our simple forms. So why wait? Protect yourself and your loved ones today with some peace of mind for the future.

Tesco Life Insurance UK

Level and decreasing term life insurance policies are available. Level coverage pays a cash sum if the insured dies or is diagnosed with a terminal illness during the policy term, which ranges from five to 40 years, subject to a maximum age of 84.

This benefit is designed to repay an interest-only mortgage or provide for beneficiaries, helping them to maintain their quality of life. Coverage and monthly premiums are fixed during the policy term.

What Tesco Bank Offers:

Compared with the competition, they have a smaller number of exclusions
Premiums for all ages are consistently much better than other insurers
They enjoy sound testimonials for customer care
Offer exceptional quotes for shared cover
Great rates are obtainable for cigarette smokers and those who vape

Level and Decreasing Term Life Insurance

Decreasing term life insurance covers a standard repayment mortgage. Also called mortgage life insurance, the coverage level decreases each year roughly in line with a repayment mortgage.

Monthly premiums are fixed for the policy term, which ranges from ten to 40 years, subject to a maximum age of 84.

Aviva, a leading UK financial product and service provider, provides their plans.

Level and decreasing term life policies include a terminal illness provision that pays the cash benefit if the insured is diagnosed with a terminal illness at least 18 months before the term end date.

Once this benefit is paid, the policy ends. A policy can be established to insure a single life or two lives.

With a joint policy, the cash benefit is paid only once, and then the policy ends. These policies do not have a cash-in value, and failing to pay premiums will cancel the coverage without a refund.

Level and decreasing term policy premiums are based on age, gender, lifestyle, occupation, family and personal medical history, smoking status, and coverage level and term.

Additional options are available for the level term plan to include a special events option for insured younger than age 50 and in good health that allows increasing the level of coverage (through the 55th birthday) upon the birth or adoption of a child, subject to limitations.

Save Money And Get A Quote Now. Protect Your Family Before Its Too Late

Amount of cover?*Choose an amount that reflects your financial needs in the event of a claim. For instance you might want to pay off a mortgage or debts, or leave a lump sum to your family
First Name:*
Last Name:*
Date of Birth*Your age is one of the factors used to calculate your premium. You must be aged between 18 and 80.
Email*
Phone Number*
Our price match promise means we will find you the right cover for your personal circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

Any insured person in good health and younger than 50 also has the option to increase coverage or extend the policy term due to an increase in the mortgage.

The decreasing term plan also offers mortgage increase and extension options. The insured can change the coverage level or policy term with a level or decreasing term policy.

Critical Illness

Critical illness coverage can be added to a level or decreasing term life insurance plan. It pays a cash sum if the insured dies or is diagnosed with one of 35 predefined critical illnesses during the policy term. Critical illness coverage is also available separately.

If this coverage is selected with a Tesco life insurance policy, a benefit is paid only once, even with a joint plan.

Premiums are fixed for the first five years of the policy and are then reviewed annually, at which time they may have increased or decreased.

The cash sum benefit from a critical illness plan could be used for many things, including adapting the home to accommodate the medical condition, repaying a mortgage, or settling household bills.

Free critical illness coverage for children, up to £20,000 for each child, is included in this plan.

Special events, mortgage increases, and extension options are available for this plan. The policy does not have a cash-in value, and if premium payment is stopped, coverage ends without a refund being paid.

Critical illness premiums are based on age, gender, lifestyle, smoking status, occupation, coverage level, term, and family and personal medical history.

More advanced stages of certain types of cancer, severe heart attack, coma, dementia, victims of strokes, Parkinson’s disease, and Alzheimer’s, resulting in permanent symptoms, are several illnesses covered.

Guaranteed Acceptance For The Over 50’s

Tesco also offers a guaranteed acceptance over 50s whole of life policy for UK residents aged 50 to 80.

No medical exam is required, and premiums are paid until age 90. After the policy is in force for two years, the cash benefit is paid upon the death of the insured.

Within the first two years, the plan pays for accidental death or one and a half times the premiums for any other cause of death.

Coverage level and monthly premiums are fixed for the duration of the policy. Premiums are based on age, gender, and coverage level and begin at just £7 per month.

In 2008, Tesco acquired the RBS share and became the full owner of Tesco Bank.

The bank offers credit cards, personal savings accounts, personal loans, and online utilities. Tesco Bank currently has 6.7 million consumer accounts.

Let us search life insurance plans to determine if one is right for you and which life insurance companies in the UK offer the best deals. Complete and submit our online quote request form so we can get started!

I think my partner could lose his job. Should I plan cover around this?

Suppose you are unsure about your family’s income or are confident about your income, not your partner’s.

In that case, it could be wise to get a single life insurance policy in your name instead of a joint life insurance policy or consider life insurance for dads or life insurance for mums.

If you have an existing policy with Tesco Bank, you can contact them here:

Tesco Customer Service Centre
Baird Avenue
Dundee
DD1 9NF

https://www.tescobank.com/life-insurance/existing-customers/

Main Telephone Numbers:

0800 50 5555
0330 123 4055