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Live your best life
Now's the time when you can have the time of your life. And if you know you have a small cash sum in place to help your family when you die, you can get on with doing the things you’ve always wanted.
What is over 50s life insurance?
Over 50s life insurance provides cover for the whole of your life and pays out a cash sum when you die. It’s a simple and affordable way to leave a small cash sum for your partner and family when you pass away. Your loved ones could use this money to help towards funeral costs, or they might just want to treat themselves to something special.
Why choose an over 50s life insurance policy through Sainsbury’s Bank?
- Protection by one of the UK’s largest life insurance providers, Legal & General
- Cover starts from £5 per month, depending on your age
- £100 of Nectar points* You'll receive your points within 60 days after you've paid 5 months' premiums
- We’ll double the Nectar points on your Sainsbury’s shopping and fuel‡
- Exclusive access to Legal & General Nurse Support Services
What are Legal & General Nurse Support Services?
They are a suite of four telephone-based Nurse Support Services provided by RedArc Assured Limited, offering expert help and advice from qualified nurses from the day you take out cover for the duration of your policy.
Choosing your plan
You can choose from two over 50s life insurance plans - Fixed Plan and Increasing Plan.
Over 50s fixed life insurance offers a simple way to help plan for the future. It’s designed for those who want to leave a fixed cash sum to their loved ones when they die. Choose your premium based on how much you can comfortably afford each month, and the cost will be fixed and guaranteed not to increase. Remember that inflation will reduce the buying power of your cash sum in the future.
With the Increasing Plan your cash sum increases in line with inflation as measured by the Retail Price Index (RPI). RPI measures the changing prices of everyday household goods and services like food and energy bills and shows how inflation rises over the years. The plan is designed to help protect your cash sum against the effects of inflation. With this type of plan your premiums will also increase every year.
Compare over 50s life insurance
Decide which plan suits your needs:
|Product feature||Fixed Plan||Increasing Plan|
|Fixed monthly premiums|
|Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies|
|Fixed cash sum if you die after one year of the plan starting|
|Monthly premiums reviewed each year|
|Cash sum reviewed each year in line with the change in RPI|
|Cash sum paid on death to your estate - unless assigned or placed in trust|
|Inflation will reduce the buying power of the cash sum|
The benefits of over 50s life insurance
By making simple monthly payments, when you pass away the policy pays a small cash sum to your beneficiaries. There are many benefits, including:
- Cover from £5 a month depending on your age
- Guaranteed acceptance if you’re aged between 50 and 80 and are a UK resident
- Life insurance with no medical questions required. Full cover payable after just one year. If you pass away within the first year, any premiums paid will be refunded. However, if you die as a result of an accident then full cover will be paid
- A level of cover to suit you – maximum cash sum £10,000
- After your 90th birthday, you will stop paying premiums but enjoy cover for the rest of your life
Things you need to know
Before you apply it is important you understand how the policy works:
- These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so
- They are not savings or investment products and have no cash value unless a valid claim is made
- Depending on how long you live, the total premiums paid may be greater than the cash sum paid out
- If you stop paying your premiums when due, your cover will end 30 days after your missed premium and you will not get anything back
- You can take out more than one plan as long as the total of your cash sum for all plans added together is not greater than £10,000. This includes any existing Legal & General Over 50s Plan you may have. For existing plans taken out on or before 25 November 2017, please refer to your Policy Terms and Conditions for your total sum assured value
- There may be other products available if you want to answer further lifestyle and medical questions
Increasing Plan only
- With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and it will increase by the change in the RPI, multiplied by 1.5. To keep pace with inflation you need to make sure you can meet the premium increases over the years. RPI may not keep up with future rises in funeral costs
- If the change in RPI rises to over 10% the maximum increase in your cash sum will be 10% and the maximum increase in your premium will be 15%. If RPI is less than or equal to 0%, there will be no change in the cash sum and premiums will remain the same
- If you’re worried you won’t be able to afford the increases in future, you can decline the increase following your annual review. If you do this the cash sum will remain at the same value from that point, and inflation will reduce its buying power in the future. You won’t be able to increase your cash sum or premium in future years
Fixed Plan only
- Inflation will reduce the buying power of your cash sum in the future
- If you choose to reduce your premiums, your cash sum will also be reduced
- Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies
Make sure you read all the information available including the policy summary document.Get a quote
There are no medical questions, so you’re guaranteed to be accepted as long as you’re aged 50 to 80 and a UK resident.
Legal & General Nurse Support Services Explained
Mental health support
Using their considerable expertise, nurse advisers will be able to identify the most appropriate course of action and can offer long term guidance or quickly arrange face-to-face counselling or therapy sessions.
It’s important that anyone caring for a sick or elderly loved one has someone to look after them too. This service provides both emotional and practical support.
Nurse advisers can offer support and advice on how best to keep an elderly relative safe – whether they’re living independently or in a residential facility.
Compassionate nurse advisers can help with everything from ongoing emotional support and help managing grief, to resolving the practical problems of losing a loved one.
Legal & General Nurse Support Services are available to customers purchasing a new Over 50s Life Insurance policy via Sainsbury’s Bank on or after the 13th January 2020.
How much cover do I need?
The amount of cover you need will depend on a few factors. You should consider how much you would like to leave your loved ones. You should also think about how much you can comfortably afford to pay each month, both now and in the future.
Before you apply please make sure you read all the information available including the Policy Summary document.
It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.
Please read our privacy statement before applying.Get a quote
Offer Terms and Conditions
*Collect £100 of Nectar points - 1. This offer is only available when you take out a new over 50s life insurance policy. Purchases through price comparison, cashback, voucher code and similar sites are excluded. 2. After you’ve paid 5 months’ premiums, we'll add 20,000 points to your Nectar account within 60 days. 3. You need to tell us your Nectar card number when you apply. 4. We'll award points for no more than 2 policies per household in any 12 month period. 5. This offer is only available if you were contacted directly about it and it can’t be transferred to anyone else. 6. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 7. Sainsbury’s Bank reserve the right to change or cancel this offer without notice.
‡ Double Nectar points – 1. Offer available to customers buying a new life insurance, decreasing life insurance or over 50s life insurance policy. 2. You need to tell us your Nectar card number when you apply; and scan or swipe that card, or input your card number, 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 date start, 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.