Sainsbury's Life Insurance

Sainsbury's Life Insurance. Fact! If you don't compare them against the market now it could cost you £1000's. Compare the whole life insurance market.

Sainsbury's Life Insurance

More famous as a high street supermarket, Sainsbury’s offer a wide range of protection products including life insurance. We always say that the most important consideration when buying life cover is ‘will the company be around in the future to pay out?’. This is much less of a concern as the policies are all backed by Legal and General, which is one of the best known and highly respected life insurers in the UK.

There are two types of cover: level term and decreasing term, and premiums are guaranteed to not increase over the term of the plan.

Sainsbury’s Bank, which is currently trading under the name of Sainsbury’s Finances, is a joint venture company. The company is half owned by the Bank of Scotland, which is a subdivision of Lloyds Banking Group, and half by J Sainsbury, which is a major retailer of food products in UK. Sainsbury’s was the first supermarket that ventured into the field of banking in collaboration with a big name in banking. The bank was set up in February 1997. It operates independently under its own license and is not governed by the Bank of Scotland and the Lloyds Banking Group. It offers a wide range of services including the insurance. The bank has more than 1.5 million customers with total deposits exceeding £6 billion. The insurance cover offered by the bank are created through understanding the needs of their customers. Customers can choose the plan and also the premium amount that suits them.

Sainsbury's life insurance was also named the Your Money Direct Awards Best Online Life Insurance Provider 2010.

History

Their life insurance is a financial product offered by the Sainsbury’s Bank, which was established as a joint venture organisation in the year 1997 with two big names from different walks of business merging to form a single financial solution company. It started in the city of London and is now operating on a much greater scale in whole of UK. Since its inception in the year 1997, the company has never looked back and has emerged as one of the market leaders in insurance sector along with other services provided by the company. The aim of the insurance schemes that the financial service provider offered was to design cover plans that would suit the needs of all their customers and also within their budget. The bank now has more than 1.5 million customers with a large employee base also.

Types of cover

Some of the key features that the Sainsbury’s insurance products offer you can be listed as follows

• Starts from £5 a month
• £50 Sainsbury's voucher and 1,000 Nectar points – exclusive to Nectar customers
• Help protect your family or mortgage if you die during the policy term
• Apply online in minutes
• Change your cover as your circumstances change
• Terminal illness covered as standard at no extra cost
• Premiums fixed for life of the plan, unless you increase your cover

One important product is the Over 50 Life Cover that provides a small cash amount to your family after you have passed away. The cash will be paid if the cover has exceeded more than two year time period else, the company returns the premium amounts. The best part is that the company also covers accidental deaths although there are some conditions. The Critical Illness Cover provides a large sum of money if the policyholder is diagnosed with one of the 39 critical diseases that are covered by the policy.

Review

this website link has reviews on many companies. If you have experience of this company's life cover please take the time to complete a review and help your fellow customers. Generally people are happy with this well established brand and widely respected company.