Key Features of Sainsbury’s Life Insurance Product Offerings

Sainsbury’s Life Insurance Product offerings are provided by Legal & General and are composed of:

Quick Facts

  Term Insurance Mortgage Term Insurance Mortgage Decreasing Insurance Over 50s Fixed Life Insurance
Primary purpose of product

Ensures the financial stability of the family by providing a lump sum upon the death or diagnosis of terminal illness to the person insured.

Ensures that the mortgage is paid, even with the death, terminal illness or critical illness of the Person Insured.

Ensures that the mortgage is paid, even with the death, terminal illness or critical illness of the Person Insured.

Provides for inheritance taxes, funeral expenses or the family’s needs upon the death, terminal illness or critical illness (optional) of the Person Insured.

Plan basics

Will pay the sum insured upon death or diagnosis of terminal illness.

For fixed life cover, the Sum insured and premiums remain the same throughout the life of the policy.

Will pay the sum insured upon death or diagnosis of terminal illness.

The policy is designed for an interest only mortgage.

Will pay the sum insured upon death or diagnosis of critical  illness.

The policy is designed for a repayment mortgage, where the amount of loan is decreasing.

After two years, will pay the sum insured upon the death of the Person Insured by any cause.

For the first two years from the start of the plan, only accidental death will be paid. Death due to sickness will mean a refund of all premiums paid.

Cover Limits
Minimum

Depends on minimum premium

Depends on minimum premium

Depends on minimum premium

Depends on minimum premium

Maximum

No maximum but if critical illness is included, £3,000,000 for Total Permanent Disability (TPD) – Specified work tasks definition

£2,000,000 for TPD Own Occupation

No maximum but if critical illness is included, £3,000,000 for Total Permanent Disability (TPD) – Specified work tasks definition

£2,000,000 for TPD Own Occupation

No maximum but if critical illness is included, £3,000,000 for Total Permanent Disability (TPD) – Specified work tasks definition

£2,000,000 for TPD Own Occupation

No maximum but the initial premiums of all Over 50s plans should be not more than £50 a month

Cash-in value None
Eligibility
Minimum age at entry

17

17

17

50

Maximum age at entry

77 for fixed life cover

74 for decreasing life cover

62 if fixed life with critical illness cover

59 if decreasing life with critical illness cover

77

62 if critical illness is included, premiums can either be guaranteed or reviewable

74 (for decreasing life cover)

59 if critical illness is included

80

Other eligibility requirements

Must be a permanent resident of the UK

Must be a permanent resident of the UK

Must be a permanent resident of the UK

Must be a permanent resident of the UK and residing in the UK for at least 183 days a year

Length of Cover
Minimum term

1 year

1 year

5 years

Not applicable

Maximum term

40 years

40 years

40 years

Coverage throughout life

Minimum age

29 years old

29 years old

29 years old

Not applicable

Maximum age

79 years old

69 if with Critical Illness

79 years old

69 if with Critical Illness

79 years old

69 if with Critical Illness

Not applicable

Premiums

Premiums can either be guaranteed or reviewable.

Premiums can either be guaranteed or reviewable.

Premiums can either be guaranteed or reviewable.

Premiums are paid until age 90, after which the cover continues until the Person Insured’s death

Minimum premium

£5

£5

£5

£8 to £15 monthly, depending on age

Maximum premium

Depends on amount of cover

Depends on amount of cover

Depends on amount of cover

All premiums for Over 50s plans taken out should not be more than £50 a month

Guaranteed premiums

Yes

Yes

Yes

Yes

Reviewable premium

Yes

Yes

Yes

No

Additional benefits
Terminal illness

Optional, only up to the last 12 months of the policy

Yes

Yes

No

Accidental death benefit

Yes, while the application is being processed

Yes, while the application is being processed

Yes, while the application is being processed

Yes, for up to 2 years from the start of the policy, afterwards, the death benefit is paid regardless of the cause of death

Joint life cover

Yes, but only for Joint Life First Death

Yes, but only for Joint Life First Death

Yes, but only for Joint Life First Death

No

Critical illness cover

Optional

Optional

Optional

No

Premium protection

Optional , due to incapacity and after a 26-week waiting period

Optional , due to incapacity and after a 26-week waiting period

Optional , due to incapacity and after a 26-week waiting period

No

Separation option

Yes

Yes

Yes

Not applicable

Guaranteed insurability option

Yes

Yes

Yes

No

Extra cover feature
  • Smooth Move
  • Free life cover
  • Smooth Move
  • Free life cover

Plan Details

Payment

The policy will pay out the death claim when the Person Insured dies within the plan term and as long as the policy remains in force. If Terminal Illness is included, this will also be paid out upon the diagnosis of terminal illness. For the benefit to be payable for terminal illness, the diagnosis must be made before 12 months prior to the end of the policy term. The plan will only pay the full Sum Insured once. After the payment, the plan will end and the cover terminated.

Eligibility

The products are specifically designed for permanent UK residents. Exclusions may apply for Persons Insured traveling or residing in another country for an extended period.

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Cash-In Value

There are no cash-in values for the plans, as these are non-investment type plans.

Premiums

Premiums can be:

Of course, premiums will change if changes are made to the plan.

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit pays the Sum Insured when the Person Insured is diagnosed with a Terminal illness. This terminal illness is such that it has no known cure or is advanced or has rapidly progressed into a condition that is no longer curable. Also, the illness is reasonably expected to lead to death no greater than twelve months after the date of the diagnosis.

Other details:

Accidental Death Benefit

This is automatically provided while the policy s being underwritten. This is free and starts when the policy application is submitted to Sainsbury’s. Accidental Death is defined as death due to a bodily injury that is caused by accidental, violent, external and visible means. This benefit will pay the accidental death benefit for up to a maximum of £300,000 or the Sum Insured, whichever is lower.

Other details:

Critical Illness Cover

This pays the Sum Insured in the event the Person Insured is diagnosed with a covered critical illness. The critical illness must also be included in the list of covered critical illnesses and must meet the definitions provided in the policy.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Total and Permanent Disability is a benefit paid when the Person Insured becomes totally and permanently disabled. The definition may be based on various definitions (i.e. Own Occupation, Specified Work Tasks etc.) The definition used will depend on the kind of employment the Person Insured has.

Specified Work Tasks include walking, climbing, lifting, bending, getting in and out of a car and writing.

Other details:

Guaranteed Insurability Option

Changes in life circumstances may warrant an increased need for life insurance cover. This option provides the opportunity to increase the amount of life cover without the need to provide additional medical evidence of insurability.

Other details:

Premium Protection/Waiver of Premium

This ensures that premiums are paid even when the Person Insured is unable to work due to illness or injury.

Other details:

Separation Option

This is for joint life policies. This allows the Persons Insured to get separate cover when:

The original policy is cancelled and a new single life policy is issued for each Person Insured.

Other details:

Free Life Cover

This is provided for Mortgage Term Insurance and Mortgage Decreasing Term Insurance. This provides life insurance cover while the plan application is being evaluated and during the time between the exchange of contracts and the finalization of the property purchase, or, in Scotland, between the completion of missives and the date of entry.

Other details:

SmoothMove

This benefit is for Mortgage Term Insurance and Mortgage Decreasing Term Insurance. This provides assistance when the family is moving to a new house. This protects against unexpected problems during moving and on the first three months of occupancy of the new home.  This is provided by Inter Partner Assistance.

This includes benefits of up to £750 on the day of the move:

This includes benefits of up to £250 for up to 90 days after occupation of the new residence:

Exclusions

The cover will not pay for:

Life Cover

- Suicide or self-inflicted injury within the first 12 months from the time the plan starts

Critical Illness Cover

- For illnesses not covered n the policy (i.e. certain types of cancer)

- The Person Insured was living outside of the approved countries for over 12 months at the time the claim is made

- For children’s critical illness cover, if the condition was hereditary congenital, or pre-existing before the policy was issued or if the child failed to survive within 14 days from the time the critical illness is diagnosed

Terminal Illness Cover

- If the diagnosis is made within the last 12 months before the plan ends

Waiver of Premium (Whole of Life plans)

- Attempted suicide or self-inflicted injury

- Abuse of alcohol or drugs, unless the drugs are prescribed by a registered doctor practicing in the UK

- War, riots and acts of war, whether directly or indirectly

- The Person Insured was living outside of the approved countries for more than three consecutive months in the span of 12 months

How to Make a Claim

When making a death claim, Sainsbury’s will usually require the following:

For critical illness or waiver of premium claims, Sainsbury’s may require a medical examination and the diagnosis must be made by a medical specialist that is a consultant at a UK hospital and whose specialty covers the sickness being diagnosed.

Approved countries include the European Union, USA, Canada, Australia, New Zealand, the Isle of Man or the Channel Islands.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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