Sainsbury’s Bank Life Insurance

Updated: Periodically. Details correct at the time of publication – October, 2007.

Sainsbury's may be a household name for its supermarket chain; however, it has expanded far beyond groceries with Sainsbury's Bank. Sainsbury's is one of the fastest-growing UK life insurance providers, with both general life insurance (also known as 'Sainsbury's life assurance' or 'Sainsbury's term assurance') and mortgage life insurance on offer, courtesy of Legal & General.

On occasions, Sainsbury's Bank runs special offers that accompany its insurance products. For example, until October 30, 2007, Sainsbury's Bank offered a 5% discount if you buy online. Indeed its life insurance is available from as little as £5/month and won the Your Money best overall online provider in 2007. In addition, Sainsbury's Bank life insurance comes with a price guarantee – if you receive a cheaper like-for-like quote elsewhere within three months, you will receive £20 of Sainsbury's vouchers.

Sainsbury's mortgage life insurance, or decreasing term assurance, is suitable for protecting a repayment mortgage, as the amount of cover reduces broadly in line with the amount you owe. Terminal illness cover is included but does not apply during the last 18 months of the term.

The company's level term life insurance ensures a cash sum will be paid out if you die during the policy term. Terminal illness cover is incorporated, though again it does not apply during the last 18months of the term.