Marks and Spencer Life Insurance

Updated: Every six months. Details correct at the time of publication - October, 2008.

Marks & Spencer is no longer just a giant of the high street – thanks to the launch of the Marks & Spencer Money brand it is also a leading provider of financial services including Marks & Spencer life insurance (also known as ‘Marks & Spencer life assurance’ or ‘Marks & Spencer term assurance’).

As an incentive to new customers, Marks & Spencer life insurance is available with a 5% discount on premiums if you buy online. There is also a £25 Marks & Spencer gift voucher when you take out a new policy and there are two broad policy options available – level term life cover and mortgage life cover.

The life cover starts from as little as £5 a month and provides a lump sum that will remain the same throughout the length of the policy. By contrast, with mortgage life cover the payout available will reduce over the term making it generally cheaper than life cover and best suited to those taking it to cover mortgage payments.

Both types of cover will also include terminal illness benefit at no extra cost if you are diagnosed as having an illness with no more than 12 months to live as long as it is not during the last 18 months of your policy. Cover can be taken for a minimum term of two years up to a maximum of 50 years. Coverage can be for as little as £15,000 up to a maximum of £1 million.