Sainsbury’s Over 50 Life Insurance Review
- Cover from £5 a month
- Choice of fixed or increasing plans that keep in line with inflation £100 of Nectar points after you have paid 5 months' premiums.
- Double Nectar points on Sainsbury’ shopping and fuel Full cover after just one year
Read our Sainsbury’s Over 50s life insurance review before you buy
This review of Sainsbury’s Over 50s life insurance is intended as a guide to help you understand the features and benefits of the plan, the options available and things to consider. Do make sure you read, understand and are happy with the terms and conditions of any plan you decide on.
Over 50s life insurance through Sainsbury’s Bank
Launched in February 1997, Sainsbury’s was the first UK supermarket to offer banking services. Sainsbury’s Bank offers a range of financial products including credit cards, savings and loans, mortgages, travel money as well as car, home pet, travel and life insurance.
Sainsbury’s Over 50s life insurance is provided by Legal and General comes with the choice of two options;
- A Fixed Plan – with fixed monthly premiums so you know the amount you pay will never increase and a fixed cash sum that will never change.
- An increasing Plan – with premiums and cover that rise in line with the RPI meaning the value of the cash sum won’t be affected by inflation.
Why choose Sainsbury’s Over 50s life cover
- You’re guaranteed to be accepted with no medical questions to answer
- Cover is available to all UK residents aged 50 to 80
- Choice of fixed or increasing plans
- Premiums starting from £5 a month (this is dependent on age on the increasing plan)
- Premiums stop on your 90th birthday but your life cover continues
- Full cover starts after just one year
- £100 worth ofnectar points when you apply (available after 5 months)
Compare over 50 life insurance
About Sainsbury’s fixed over 50s life insurance
With the fixed plan you choose a monthly premium that you are comfortable with, which remains the same for the life of your plan (or until your 90th birthday when payments cease). You do however have flexibility to reduce the monthly premium if you want, once the plan has been in place for a year but this will reduce the cash sum paid out.
About the Sainsbury’s increasing over 50s life insurance plan
With the increasing plan both the amount you pay and the cash sum paid out will increase in line with the RPI. Sainsbury’s Bank will contact you every year to review your over 50s life insurance plan and advise you of any increase. You can choose to decline the increase, but if you do so, you will no longer have the option to increase and therefore the premium and cash sum paid out will remain fixed from that point onwards.
Things to consider
- You’re guaranteed to be accepted with no medical questions to answer
- Cover is available to all UK residents aged 50 to 80
- Choice of fixed or increasing plans
- Premiums starting from £5 a month (this is dependent on age on the increasing plan)
- Premiums stop on your 90th birthday but your life cover continues
- Full cover starts after just one year
- £100 worth ofnectar points when you apply (available after 5 months)
- If you die during the first year, you will not be covered for the full cash sum however your premiums would be refunded.
- Depending on how long you live, there is a chance you could pay more in monthly premiums than the cash sum paid out.
- As the fixed plan has a fixed cash sum, inflation will reduce its value over time.
- If you don’t pay your premiums when due, your cover will be cancelled and no money will be paid out.
- The cash sum paid may be subject to inheritance tax.
What should I do now?
My review of Sainsbury Over 50 Life Insurance is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs.
If you would like to see how the Sainsbury Over 50s plan compares to other leading plans please visit our latest top deals comparison section.
You could also visit the Sainsbury website for more information on this plan.
Compare quotes