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Sainsbury's Bank

Life Insurance

Help to financially protect your loved ones

Provided by Legal & General

What is Life Insurance?

Life Insurance provides financial protection for your loved ones, it could pay out a cash sum in the event of your death during the length of the policy. There are two types of life insurance to suit different needs.

Life Insurance - where you pay a fixed monthly premium for a set amount of cover. This lets you know how much your family could be left with if a valid claim was made. The policy could provide a cash lump sum that can help pay the mortgage or help cover everyday living expenses

Decreasling Life Insurance - designed specifically to help protect a repayment mortgage. You pay a fixed monthly premium for cover which reduces roughly in line with the way a repayment mortgage decreases. If a valid claim was made it could help ensure your family can stay in the home they love if you were to die during the length of the policy.

Why choose a life insurance policy through Sainsbury’s Bank?

  • Protection by one of the UK’s largest life insurance providers, Legal & General
  • We’ll double the Nectar points on your Sainsbury’s shopping and fuel ‡
  • Discount on your Life Insurance or Decreasing Life Insurance premiums (with or without Critical Illness Cover) just for being a Nectar Member*

TopCashback Frequently Asked Questions

  • To be eligible for cashback your application must be completed online via TopCashback
  • Your cashback amount is based on your monthly premium, ensure your cover is affordable and meets your needs
  • You can track your cashback via the TopCashback website
  • Once you have paid 6 monthly premiums in 6 consecutive months your cashback is processed by TopCashback and should be paid within 4-10 weeks
  • For queries regarding cashback please refer to TopCashback directly and complete a cashback query form. Sainsbury's Bank cannot deal with queries directly.

How does Life Insurance work?

Life Insurance could pay out a cash sum should you die (or be diagnosed with a terminal illness with a life expectancy of less than 12 months) during your policy. The policy could provide your loved ones with a cash sum that could help them cover everyday living costs and bills. You can use this to:

  • Help with living expenses
  • Pay off an interest-only mortgage balance
  • Pay towards funeral expenses
  • Pay off any outstanding bills and debts
  • Leave some money as an inheritance or a gift

What’s covered?

Everyone needs different things from their insurance – that's life.

  • You can get cover from as little as £5 a month
  • You can decide how long you want the policy to run and how much cover you need
  • You can choose between a single or joint policy
  • If your circumstances change, then you may be able to make changes to your policy. Terms & Conditions apply.
  • If your application is not accepted straight away, Accidental Death Benefit is automatically included for no extra cost while your application is processed. Terms & Conditions apply.
  • Terminal Illness Cover (with a life expectancy of less than 12 months) is automatically included at no extra cost on policies with a term of at least 2 years.

Find out more information in the Policy Summary.

Before you apply

Remember that life insurance is not 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.

If your life insurance is to cover your mortgage, your policy may not completely pay off your outstanding mortgage unless you make sure your amount of cover is adjusted to match any new mortgage arrangements.

If you have Decreasing Life Insurance you must also check that the interest rate on your mortgage does not become higher than the rate applied to the policy. The rate will be shown in your personal quote or the Policy Booklet.

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 Booklet and Policy Summary [PDF 113KB] before you apply.

Accidental Death Benefit

Serious accidents are an unfortunate and unexpected fact of life. Sometimes when you apply for life insurance an immediate decision cannot be given. That’s why Accidental Death Benefit is included with your life insurance policy, at no extra cost. The cover will last for 90 days or until your application is accepted, postponed or declined or you give notification that you no longer with to proceed, whichever is earliest. The maximum payment would be the amount of cover you applied for (across all applications) or £300,000, whichever is lower. Find out more about Accidental Death Benefit.

Add Critical Illness Cover

If you suffer a critical illness, it can often have a significant impact on your life. You may have to reduce your working hours, stop work completely or there might be lifestyle changes to make or modifications to your home. All of these can have a serious effect on your finances.

Critical Illness Cover can be added for an extra cost, when taking out a life insurance policy. Find out more on our Critical Illness Cover page.

How much cover do I need?

The answer to this depends on your individual circumstances. Things to consider are how much cover you need and how long you need it for. It’s quick and easy to get a Life Insurance quote with Sainsbury’s Bank.

 

Or why not use the life insurance calculator to get an estimate of how much you might need?

Guide to life insurance

Understand everything you need to know when choosing your life insurance policy.

Explore FAQs

Got a query about life insurance? We’ve answered the most commonly asked questions.

TopCashback FAQs and Terms and Conditions

Check here for frequently asked questions about TopCashback and for full terms and conditions

Offer Terms and Conditions

Cashback Terms and Conditions 1. This offer is only available to customers who take out a Life Insurance or Decreasing Life Insurance policy, with or without Critical Illness Cover, online through Sainsbury's Bank via TopCashback. 2. You will be eligible for your cashback six months after your policy start date, provided you haven't cancelled your policy and your premiums are fully up to date. 3. If you have previously held and cancelled a Life Insurance or Decreasing Life Insurance policy, with or without Critical Illness Cover, purchased through Sainsbury's Bank within the last 18 months, you will not be eligible for this offer. 4. Sainsbury's Bank reserves the right to cancel your eligibility for cashback should they discover or have a reasonable suspicion that the terms and conditions of this offer are being abused. 5. This offer is limited to one cashback reward per policy sold. 6. This offer cannot be used in conjunction with any other discount or offers, except for the life insurance Double Nectar points offer and the discount on Life Insurance or Decreasing Life Insurance premiums for Nectar members.

‡ Double Nectar Points offer – 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 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.

*Discount for Nectar members - Legal and General will automatically apply a discount to your quote(s) when you provide a valid Nectar card number, either online or over the phone to a call centre agent.  The discount will not reduce the premium below the minimum of £5 per month.