expanded

What is life insurance?

Life Insurance is a straightforward way to give your family a financial safety net if you die during your policy term. As long as you don’t make any changes to your policy, you’ll pay a fixed monthly premium for a set level of cover with a level term policy. This cover is provided by Legal & General and can be used to can be used to help pay off an interest-only mortgage, outstanding bills or to help protect your loved ones financially. So you and your family know exactly how much they’ll be left with if they need to claim.

Why choose Sainsbury’s Bank?

When you take out a new life insurance policy, you’ll get:

  • We'll double your Nectar points on Sainsbury's shopping and fuel while your policy is valid ‡
  • Up to £70 of Nectar points†

The number of Nectar points you receive depends on the type of policy and your monthly premium.

Life Insurance and Decreasing Life Insurance
  • If your premium is under £8.50 per month, we’ll give you 10,000 points (worth £50)
  • If your premium is £8.50 or more, we’ll give you 14,000 points (worth £70)

You’ll receive your points after you have paid 5 months’ premiums.

Life insurance at-a-glance

  • You can get level term cover from £5 a month
  • Terminal Illness Cover could pay out the amount of cover when life expectancy is less than 12 months
  • You can tailor your level term cover amount, policy length and choose whether you’d like a single or joint policy
  • If your circumstances change, then you may be able to make changes to your level term policy
  • If you or your family need to claim, you’ll speak to a Samaritans-trained claims officer at Legal & General’s UK call centre and be assigned a designated member of the team.
  • If you’re not instantly accepted, you'll be given 90 days' accidental death benefit while your application is assessed (terms and conditions apply)

Add Critical Illness Cover

You can add Critical Illness Cover for an extra cost when taking out Life insurance. It covers you if you are diagnosed with or undergo a medical procedure for one of Legal & General's specified critical illnesses during the length of your policy and you survive for 14 days from diagnosis. Children's Critical Illness Cover is included, terms and conditions apply. Critical Illness Cover could pay you a cash sum to help you financially while you recover. For more information, see our Critical Illness Cover page.

Critical Illness Cover only covers the specified critical illnesses, for example it does not cover all forms of cancer. To make a claim for some illnesses, you need to have permanent symptoms.

Before you apply

You should know that life insurance isn’t a savings or investment product and has no cash value unless a valid claim is made. It's your responsibility to make sure your policy is right for you, so if you need any advice then you should get in touch with a financial advisor. Please read the Policy Summary [PDF 113KB] before you apply.


Life insurance explained

Life insurance is designed to pay out a cash sum if you die during your policy term. Your monthly payments and the amount of cover stays the same throughout the length of the policy unless you make changes to your cover. Life insurance is often used to help protect an interest-only mortgage. Decreasing Life insurance is designed to help protect a repayment mortgage. Your monthly payments will stay the same but the amount you’re covered for – and any potential pay-out – will decrease over the term of your policy, roughly in line with the way a repayment mortgage decreases. If you’re interested in this type of insurance, take a look at our Decreasing Life Insurance page.

The amount of cover you get and the length of your life insurance policy is up to you. If you’re not sure how much cover you may need to protect your family and their current standard of living, try out our life insurance calculator.

A 'joint' life insurance policy cover two lives, on a 'first death' basis. This means the chosen amount of cover is paid out if the first person dies, during the length of the policy, after which the policy would end. A joint life insurance policy only pays out once and would leave the surviving person without any life insurance. If there are two single life policies, if the first one dies, the surviving person still has their own cover subject to terms and conditions please read policy summary for more information.

  • Your level of cover will depend on your individual circumstances and the premium you choose to pay
  • This isn’t a savings or investment product and has no cash value unless a valid claim is made
  • If you stop paying premiums before the end of your plan, your cover will end 30 days after your missed payment
  • The policy won’t pay out in some circumstances eg if you don’t truthfully give Legal & General all the information they ask for

If you need more information, please read the Policy Summary [PDF 113KB].

Offer Terms and Conditions

† Earn up to 14,000 Nectar points - 1. This offer is only available when you take out a new Life Insurance, Decreasing Life Insurance or Over 50s Life Insurance policy. 2. After you’ve paid 5 months’ premiums, we’ll add points to your Nectar account within 60 days unless your policy is cancelled during this period. If you’ve taken Life Insurance or Decreasing Life Insurance, we’ll add 14,000 points (worth £70) if your monthly premium is £8.50 or more, or 10,000 points (worth £50) if your monthly premium is under £8.50. If you’ve taken Over 50s Life Insurance, we’ll add 14,000 points. 3. If you’ve taken Life Insurance or Decreasing Life Insurance, we’ll add 14,000 points if your monthly premium is £8.50 or more, or 10,000 points (worth £50) if your monthly premium is under £8.50. 4. You need to tell us your Nectar card number when you apply. 5. We’ll award points for no more than 2 policies per household in any 12 month period. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 6. We reserve the right to change or cancel this offer without notice.

‡ Double Nectar points – 1) Offer available to customers buying a new Sainsbury’s Bank Life Insurance, Decreasing Life Insurance (with or without Critical Illness) or Over 50s Life Insurance policy. 2) You need to tell us your Nectar card number when you apply, and use this card with each Sainsbury’s purchase. 3) Double points begin on your policy’s cover start date. If you tell us your Nectar card number after your cover start date, double points begin on the date you tell us. 4) Double points stop when the policy is cancelled or you stop paying premiums. 5) Each Nectar account can only collect points from one life insurance policy. 6) It’s only the base points you collect at Sainsbury’s that are doubled. Bonus points won’t be doubled, nor will any points from Argos, Habitat, Sainsbury’s Bank (including travel money purchases), Sainsbury’s Energy or any other Sainsbury’s service. 7) By the 10th of each month, you’ll get a bonus point award equal to the total of your qualifying points during the previous month, up to a maximum of 20,000 points. 8) Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 9) We reserve the right to change or cancel this offer without notice.