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Hints & Tips
Decreasing Cover Life Insurance
The cover amount reduces each year roughly in line with your mortgage - yet the premium remains fixed.
Guess what? Decreasing cover could help to protect a standard repayment mortgage if you die during the policy term.
Taking care of life after you...
Earmark a cash sum to help you look after your family's future and pay off your mortgage after your death
Receive a FREE £30 Gift Card if you get a quote on or before 28th April 2010 then buy the policy (more about this offer).
Tesco Life insurance is provided by Friends Provident
A standard repayment mortgage is also known as a capital and interest mortgage.
Decreasing Cover - What's in it for me?
- Fixed monthly premiums during the policy term
- A cash sum chosen by you that could pay off your repayment mortgage and other financial commitments to help support your family
- Joint or Single Cover - you can set-up your policy with either a single life assured or two, joint, lives assured. For joint policies we would only pay out the sum assured once, on first death or on payment of a critical illness claim
- Advanced cash sum to look after life's essentials if you're diagnosed with a terminal illness at least 18 months before the cover term ends. The policy will end if the advanced cash sum is paid.
Terminal Illness is an advanced or rapidly progressing incurable illness where it is considered that life expectancy will be no greater than 12 months. This differs from Critical Illness Cover which pays out a lump sum.
Additional Options
Mortgage Increase and Extension Option
Want to occasionally increase or extend your mortgage? A flexible policy can adapt to your changing needs. If you're under age 50 and in good health we'll include this option. It allows you, subject to certain limits, to take out extra cover or extend the cover term without further evidence of health, family history, occupation or pastimes if you increase your mortgage, either to move house or pay for home improvements.
You can exercise this option during the cover term up to your 55th birthday. If you increase your cover or extend the term your premiums will increase.
There are limits to the new amount of Life Insurance you can take out under these options so please read the policy terms and conditions. Your premiums may increase if you change the amount and term of your policy.
Waiver of Premium Benefits
You can include this benefit from the start of your policy if you're under age 55, in good health and not in a high risk occupation, for an extra monthly charge.
It pays your premiums if you're incapacitated for over six months until you're fit, or the policy ends. The benefit is paid out under the specific circumstances detailed in the policy terms and conditions.
How much will it cost?
- Your premium amount depends on your personal circumstances, for example, age, sex, occupation, lifestyle, personal and family medical history and whether or not you smoke or use nicotine products
- Cost is dependent on the cover amount (the sum assured) and its length and the benefits you have chosen, for example waiver of premium
- Don't worry if you're on a budget - our calculator can work out the cover you could get by the monthly premium you'd like to pay too!
- You must review your cover amount and term regularly to ensure they meet your needs, especially if your personal circumstances change
Adding Critical Illness to your policy...
Take the strain out of your personal finances when you're critically ill with Critical Illness cover.
Our current offer...
A £30 Gift Card is yours if you get a quote on or before 28th April 2010 then buy a policy (conditions apply).
Are you eligible for this offer?
Offer applies to new Tesco Life insurance customers only who get a quote between 4th March 2010 and 28th April 2010 then buy the policy. One offer per policy. The £30 Tesco Gift Card will be sent within six weeks of the policy being issued to the policyholder at their address only. No duplicate Tesco Gift Cards will be sent. If you cancel your policy within the first six months, we reserve the right to request a refund of the £30 Tesco Gift Card.
Apply over the phone
Why not give us a call? We can complete your application in around 20 minutes...
Call one of the team on:
0845 309 2933
Lines open 8am-8pm Monday to Friday, 9am-5pm Saturday and 10am-5pm on Sundays. Calls may be recorded.
Got a question about your Life Insurance policy?
Take a look through our Life Insurance glossary for the answer.
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