Sainsbury’s Bank Life Insurance

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

Sainsbury’s may be a household name for its supermarket chain; however, it has expanded far beyond groceries with Sainsbury’s Bank. Sainsbury’s Bank 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 December 30, 2008, Sainsbury’s Bank offers a free digital camera to help you capture those precious moments. Indeed its life insurance is available from as little as £5 a month depending on your needs and circumstances and the premium you choose to pay.

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. It provides cover that decreases over a fixed number of years and pays out a lump sum if you die within the policy term. 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. Monthly payments will remain constant assuming you don’t adjust your level or type of cover. The company also offers a family life insurance plan with a monthly cash benefit until your youngest child, as stated when you apply, reaches their 21st birthday.