Is Sainsbury Life Insurance The Best Life Insurance Policy For You

Is Sainsbury Life Insurance The Best Life Insurance Policy For You

Sainsbury life insurance: Supermarkets are a place where you can buy financial products as well as fruits and vegetables. In this article, we describe the types of life insurance policies you can buy through Sainsbury’s bank, with a special focus on quality and price so you know if they are a good buy.

We’ll also share an extensive search that can help you find the best and cheapest life insurance policy for your circumstances and you can also get back up to £100.

Who is Sainsbury’s Bank?

Sainsbury’s Bank was the first supermarket to set up a bank in the UK in 1997. The intention was to offer financial products and services under Sainsbury’s banner, including credit cards, loans, travel money, as well as cars, homes, pets, and travel, all of which can be purchased online or over the phone. Sainsbury’s Bank is registered and authorized by the Financial Conduct Authority (FCA) under registration number 837287.

Sainsbury’s Bank sells life insurance, mortgage life insurance and over 50s life insurance, all offered by Legal & General, one of the UK’s largest life insurance companies.

Types of life insurance you can buy through Sainsbury’s Bank

You can buy life insurance from Sainsbury’s Bank on a tier, declining balance and 50+ basis. You can add critical illness coverage to your life insurance policy to also cover any critical illness diagnoses.

Sainsbury life insurance options include:

  • Level Life Insurance – A very basic life insurance policy that pays out a lump sum of cash if you die within the term of the policy.
  • Declining life insurance – This life insurance pays out a fixed amount if you die within the term, but the amount you are insured for is continually reduced each year, so it decreases according to the balance of your mortgage payment and as such it is only suitable for coverage of an amortizing mortgage.
  • 50+ Life Insurance: This life insurance doesn’t ask any health questions, so you’re guaranteed to be accepted for as long as you qualify. It will pay if you die as long as that happens so it will cover you for the rest of your life but you are limited to a small amount of cover which is usually enough to pay for a funeral or leave a small gift before you die.
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How does Sainsbury life insurance work?

Sainsbury’s life insurance works based on the type of life insurance you choose. Essentially, each option pays a fixed amount when you die: life insurance and declining life insurance options pay if you die within the years you’re covered, but 50+ life policies pay when you die, regardless of when that happens

Sainsbury life insurance includes terminal illness benefits that allow you to claim your death benefit early if you are diagnosed with a terminal illness with less than 12 months to live. You can make a valid claim as long as your advisor and the Medical Director of Legal & General confirm that your life expectancy is likely to be less than 12 months.

You have the option of adding critical illness coverage to your life insurance policy, which will pay a fixed amount if you develop a serious illness.

What are the types of Sainsbury’s life insurance policies?

When choosing a life insurance policy, you have many important decisions to make. You will have to choose between different types of policies to find the one that best meets your needs. As a first big choice you have to choose between:

  1. Term life insurance. Term life insurance policies are divided into two types: concurrency and expiration insurance. If you opt for term life insurance, you will again have to choose between these two. Sometimes there is an ascending term life insurance policy.
  2. All life insurance. This insurance pays out if the insured dies. Not all insurers offer this form of coverage.

What is Sainsbury’s term life insurance?

There are two options for term life insurance:

  1. The level cover ensures that your dependents receive a benefit if you die within a certain period. You will then receive the same amount for a certain period. Life insurance can be for 5, 10, 20 years, etc depending on your needs.
  2. Decreasing coverage ensures that your dependents receive a benefit if you die within a certain period. The amount decreases over the term. It is very useful if you have a loan because the price tends to fall over time. You can also opt for ascending coverage.

Can you buy a Sainsbury life insurance policy with another person?

Yes, you can have a single or joint policy with Sainsbury’s.

Purchasing a joint policy covers two people who share the same policy. In the end, it is cheaper than two separate policies. It covers the contributions of both to the family. It is only paid once and the amount is given to the other partner if one dies. Leaves the survivor of the couple without life insurance after the death of the first partner.

Hiring a single policy pays for a single person. The chosen amount is paid. Taking out two policies is more expensive, but you can choose the level you want yourself and it is beneficial if both partners do not have to be insured at the same level.

Life insurance for the over 50s through Sainsbury’s Bank

Launched in February 1997, Sainsbury’s was the first UK supermarket to offer banking services. Sainsbury’s Bank offers a variety of financial products including credit cards, savings and loans, mortgages, travel money, as well as car, pet, travel and life insurance.

Sainsbury’s 50+ life insurance is offered by Legal & General and offers a choice of two options;

  1. A fixed plan – With fixed monthly premiums so you know the amount you pay will never increase and a fixed cash amount that will never change.
  2. An incremental plan: with premiums and coverage that increase in line with the RPI, meaning the value of the cash amount is not affected by inflation.
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Why choose Sainsbury’s Over 50s Life Cover?

  • You are guaranteed to be accepted without answering any medical questions.
  • The cover is available to all UK residents aged between 50 and 80.
  • Option of fixed or increasing plans
  • Premiums start from £5 per month (this depends on the age of the rising plan)
  • Premiums stop on your 90th birthday, but your life insurance continues
  • Full coverage starts after just one year
  • £100 in Nectar Points when you sign up (available after 5 months)

About Sainsbury’s Over 50s Fixed Life Insurance

With the fixed plan, you choose a monthly premium that you’re comfortable with, which stays the same for the duration of your plan (or until you turn 90 when payments stop). However, you have the flexibility to reduce the monthly premium if you wish after the plan has been in effect for a year, but this will reduce the cash amount paid.

About Sainsbury’s Over 50s life insurance scheme

With the escalating plan, both the amount you pay and the amount of cash paid will increase according to the RPI. Sainsbury’s Bank will contact you each year to review your 50+ life insurance plan and notify you of any increases. You can choose to decline the increase, but if you do, you will no longer have the option to increase and the premium and cash amount will remain fixed thereafter.

Things to consider

  • You are guaranteed to be accepted without answering any medical questions.
  • The cover is available to all UK residents aged between 50 and 80.
  • Option of fixed or increasing plans
  • Premiums start from £5 per month (this depends on the age of the rising plan)
  • Premiums stop on your 90th birthday, but your life insurance continues
  • Full coverage starts after just one year
  • £100 in Nectar Points when you sign up (available after 5 months)
  • If you die within the first year, you are not insured for the full amount, but your premium will be refunded.
  • Depending on how long you live, there is a possibility that you will pay more in monthly premiums than the cash amount paid.
  • Since the fixed plan has a fixed amount of cash, inflation will decrease in value over time.
  • If you do not pay your premium on time, your cover will be cancelled and no money will be paid out.
  • The cash amount paid may be subject to inheritance tax.

How to contact Sainsbury’s life insurance?

Here are all the important phone numbers for contacting Sainsbury’s life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Sainsbury’s0800 0137 137Mon–Fri 8 am – 6 pm
Sat 9 am–5 pm
How to claim at Sainsbury’s0800 137 101Mon – Fri, 9am – 5.30pm
How to cancel at Sainsbury’s0370 010 4080Mon – Fri 8 am – 6 pm
Sat 9 am – 5 pm

What are Sainsbury’s general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Sainsbury’s life insurance: 

General contacts
Mailing address33 Holborn,
London.
EC1N
2HT
Social media No
ChatbotNo

How to claim Sainsbury’s life insurance? 

You will find on this table the different possibilities for reporting a claim on your Sainsbury’s life insurance: 

How to claim your life insurance at Sainsbury’s?
When to claim?As soon as possible
Claim by mailClaims Department
Legal & General Assurance Society Limited
City Park
The Droveway
Hove
East Sussex
BN3 7PY
Claim by emaillife.claims@landg.com
Claim onlineNot Available
Claim by phone0800 137 101

How to cancel my Sainsbury’s life insurance? 

You will find on this table the different ways to cancel your Sainsbury’s life insurance: 

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How to cancel your life insurance at Sainsbury’s
FeesIf you cancel within 30 days the premium paid would be refunded fully If the cancellation is done after 30 days, no refunds would be made
Cancel by mailCancellations Department
Legal & General Assurance Society Limited
City Park
The Droveway
Hove
East Sussex
BN3 7PY
Cancel by emailNot available
Cancel onlineInsurance policies can be cancelled online via the My Accounts online portal
Cancel by phone0370 010 4080

How do I get Sainsbury’s life insurance quotes? 

Here are the different ways to get a life insurance quote at Sainsbury’s: 

How to get a life insurance quote at Sainsbury’s
Quote onlineOn the Home Page, select the “Life insurance” option Click on the “Get a quote” option
Quote phone0800 0137 137

Frequently Asked Questions on Sainsbury Life Insurance

Can you make changes to your Sainsbury’s life insurance?

When it comes to changing your life insurance policy, you can often ask some of the following through Legal & General.

  • Shortening or possibly extending the period of cover
  • Decrease or increase the amount of life coverage
  • Remove the indexing option or payment policy specifics
  • Change the collection date of your usual premiums
  • Remove an insured life insurance policy from a joint policy

Joint life insurance separation, which allows a joint policy to be split into 2 new individual policies if a couple gets divorced, splits or, for example, takes out a joint mortgage in one name.

Changes may be subject to medical evaluation based on your circumstances at the time and may affect your premiums.

What happens if my health or lifestyle changes after taking out the policy?

Life insurance coverage is based on full disclosure at the time you took out the policy, ie; be 100% as honest and accurate as possible. Therefore changes to your health or lifestyle generally do not invalidate your existing policy as it was not relevant at the time of the initial application.

How do I file a death certificate?

First, check to see if premiums are still being paid or if the policy may have been “paid off”, meaning no more premiums were required.

Please contact the Insurer’s claims line to inform them. They will provide you with their claim form to fill out. You must provide several documents, the most important of which is the death certificate proving the cause of death.

Insurers (as well as other providers) require the original death certificate, so ideally request several certified copies. Include your policy schedule, if you can find it, then send it to the Insurers by registered or certified mail.

Once received, insurers generally verify all information before processing and settling a valid claim, ie; Was the medical and lifestyle information correct at the time of the original application?

If everything is expected to be in order, the insurer can pay out a claim, and usually within a few days or weeks.

Death claims, life insurance funds and the lives of others

Who can get paid for life insurance can be more complicated, and many people mistakenly assume it’s a simple process.

If it is a joint life and death policy or if it is an individual life policy owned by someone else, “other life”, only the survivor will be paid.

However, when it comes to a single life insurance policy, things can be more complex. Verify that the policy is drafted and written into a trust. If so, the insurer pays the life insurance directly to the designated beneficiaries through the designated trustees. Sometimes there is a designated beneficiary and sometimes a list of potential beneficiaries. Paid life insurance does not have to be included in the legal documents filed for probate and may not be subject to estate taxes.

Should I place my Sainsbury life insurance policy in trust?

If the life insurance policy is not written into trust, it is paid to the executors of the deceased’s estate. They will handle administration, known as succession in Northern Ireland, England and Wales and confirmation in Scotland. Otherwise, the benefits will go to your estate if you die prematurely. Not making a will can cause more complications with your life insurance money.

Until the estate has been fully awarded, no money can be paid to the persons named in the will. On average, this can take up to 6 months. Failure to confide in the plan can also increase the overall value of the property, leading to potential IHT tax issues.

Therefore entrusting a policy can ensure that the proceeds from the policy go to the right beneficiaries that you decide to nominate at that stage and help avoid potential probate delays and IHT costs. Ask insurers if they provide standard trust forms and seek legal advice if you are unsure.

If I started smoking after Sainsbury life insurance policy, do I have to tell them now?

If you had legally stopped smoking for more than 12 months at the time of the original application, you can inform the insurers that you have started smoking again, but this should not affect the terms of the original policy which must still be maintained: you were honest. They may also recommend that you tell your GP if this is the case.

Conclusion – Is Sainsbury life insurance the best life insurance policy for you?

There are many things to consider when taking out a life insurance policy. Life insurance is one of the most important insurance plans because it is the best way to protect your loved ones if something happens to you. Sainsbury’s life insurance has a lot going for it.