Tesco Life Insurance

Tesco 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.

Tesco Life Insurance

They are more famous as the largest supermarket in the UK. Tesco Finances emerged as a telephone and internet based bank to offer their huge customer base a great deal in life insurance.

Tesco offer a comprehensive range of life insurance products to suit your particular requirements. We always say that the main concern when buying life cover is "will the company be around in the future to pay out?", this is obviously less of a concern when dealing with such a large international company.

It is a private bank offering services in the fields of finances and insurance. It was previously called Tesco Personal Finance and was a joint venture financial service provider in 50% collaboration with the Royal Bank of Scotland, this lasted until 2008. It was established in 1997 with its headquarters in Scotland, where they still remain.

The company is now named as Tesco Bank as it owns it completely because it has bought the RBS stake. The bank and its services had been very successful. It offers a comprehensive range of insurance products ranging from short-term cover plans to long-term plans. The bank offers cheap insurance products that have increased its popularity and generates a much larger customer base. The total assets of the bank as on 31st December 2007 were £8.156 billion.

History

The Tesco Personal Finance came into existence in July 1997 when they shook hands with Royal Bank of Scotland. Benny Higgins is the CEO of the company, which has a subsidiary in under the name of Tesco Compare. The RBS processed all the financial transactions of the bank when it was in its infancy and a number of subsidiary companies helped in the providing a number of insurance products to the customers.

Both the partners have tasted a great success in this joint venture with the annual returns of a mammoth £65 million in February 2007. In 2008, they announced that they were buying the RBS stake in this joint venture for £950 million. The insurance products that they offer are both simple and fruitful in terms of returns. Friends Provident provides their life insurance offering, so you know that you're in safe hands with one of the most respected names in life assurance. They also have a employee base of more than 700.

Types of Life Cover

Tesco provides you cover for almost everything whether it is your mortgage or your near and dear ones.

Level Cover Plan

The Level Cover plan is a simple policy that will pay a large sum of money in case of sudden death of the holder. The premium plan is too simple to understand with returns guaranteed even during the policy period. This policy will help the close members of the family to carry on their life normally even in the absence of someone.

The Decreasing Cover Plan

The Decreasing Cover Plan is a protection policy covering the repayment of a mortgage in the event of death of the policyholder during the policy period.

Critical Illness Cover

The Critical Illness Cover provides a hefty sum of money if the holder is diagnosed with a critical disease. The only condition is that the disease should be one among the listed 39 diseases. An exciting feature is that this plan can be added along with Level Cover or Decreasing Cover Plan. Another product is the Over 50 Cover that offers cover after the age of 50 without any medical.

Review

This link has reviews about Tesco Life Insurance as well as other insurance products they provide. Though you will find that there is only one review but that guy is completely satisfied with them. He has written that he had no problems with them and all his details and insurance were processed very quickly and he had no hassle at all. The overall rating for their Life Insurance is 5 out of 5. We need more numbers to get a proper view, so please take the time to leave comments if you have any experience of their life insurance offering.