Finance Choices
Sainsbury's Life Insurance
Customers who purchase a Sainsbury's Bank Life Insurance policy before March 26th 2006 will be given a five per cent discount.
This price reduction will apply for the duration of the policy purchased.
The bank claims that it offers one of the cheapest life insurance premiums on the market and was voted the most competitive term assurance provider of 2005 by Moneyfacts.
Research from the financial website suggests that, for the profile of a healthy 35-year-old woman, Sainsbury's offers the lowest monthly premium of £5, followed by Standard Life at £6, Scottish Widows at £6.55 and Abbey at £6.61.
The bank claims that the introduction of this new discount makes its life insurance premiums "even more competitive".
Its statement also stresses that the cost of Sainsbury's Bank Life Insurance is dependent upon the level of cover selected, the length for which that cover applies and individual circumstances.
Summary
If the worst was to happen, you'd want to make sure your loved ones were taken care of if you weren't around. Sainsbury's offer life cover from as little as £5 a month.
Choose either single or joint cover over a term of up to 40 years, and choose the amount of cover that meets your needs.
The policy will pay out a cash lump sum upon death, or diagnosis of a terminal illness.
Choose from 3 life cover options: to protect your family, protect your home and family, or just your home.
This price reduction will apply for the duration of the policy purchased.
The bank claims that it offers one of the cheapest life insurance premiums on the market and was voted the most competitive term assurance provider of 2005 by Moneyfacts.
Research from the financial website suggests that, for the profile of a healthy 35-year-old woman, Sainsbury's offers the lowest monthly premium of £5, followed by Standard Life at £6, Scottish Widows at £6.55 and Abbey at £6.61.
The bank claims that the introduction of this new discount makes its life insurance premiums "even more competitive".
Its statement also stresses that the cost of Sainsbury's Bank Life Insurance is dependent upon the level of cover selected, the length for which that cover applies and individual circumstances.
Summary
If the worst was to happen, you'd want to make sure your loved ones were taken care of if you weren't around. Sainsbury's offer life cover from as little as £5 a month.
Choose either single or joint cover over a term of up to 40 years, and choose the amount of cover that meets your needs.
The policy will pay out a cash lump sum upon death, or diagnosis of a terminal illness.
Choose from 3 life cover options: to protect your family, protect your home and family, or just your home.
posted by Barbara Gordon at 2:23 PM
Sainsbury's Life Insurance
3 Comments:
Sainsbury's Bank has been named as the most competitive life assurance provider 2005.
The award from public relations company Citigate Dewe Rogerson recognised the fact that two thirds of consumers received a saving of up to 27 per cent from Sainsbury's life insurance.
Commenting on the award Jonathan Hewitt, business development director at Sainsbury's Bank said: "This award is great news for the bank and recognises the efforts and achievements of everyone that has worked so hard to provide our customers with an excellent product."
Mike Smith, sales and development director of Legal & General who underwrite Sainsbury's Bank's life insurance, said: "Legal & General is delighted that Sainsbury's Bank has won this prestigious award?We have a strong partnership with the bank and this award reflects Sainsbury's Bank's determination to deliver a winning proposition for their customers."
Sainsbury's Bank is urging women to take out comprehensive life insurance to cover the income they earn, as well as the amount of unpaid work they do around the house.
The bank has estimated it would cost £17,407 to hire someone to carry out the tasks done by women in the home.
David Pickett, Life Insurance manager, Sainsbury's Bank said: "Women are increasingly returning to work whilst retaining the bulk of the responsibility for managing the home and raising the children.
"Unfortunately, the value of work around the home is often overlooked," he added.
However, the bank warned that men also do almost £12,000 of unpaid work every year, making life insurance essential for both parents.
Sainsbury's bank says both parents should ensure their families are "financially protected" in the event that something should happen to either parent.
Sainsbury?s Bank warns that there are up to 4.2 million people that do not have their mortgages covered by life insurance. This means that if they were to die, their loved ones may not be able to afford to make the mortgage repayments and ultimately in some cases not be able to carry on living in their home.
The bank is urging all homeowners to make sure they have adequate life insurance. Its research indicates that there are an estimated 4.2 million people with mortgages worth an estimated £217 billion but no life insurance to cover this. With a surge in the housing market that saw the number of new mortgage approvals rise to 122,000 in December 2005, the highest since May 2004, this protection gap could become bigger.
David Pickett, Life Insurance Manager, Sainsbury?s Bank said: "Life insurance provides financial cover should the unthinkable happen, enabling people to be secure in the knowledge that their dependants could receive a cash lump sum if they were to die. Homeowners in particular should take care not to overlook life insurance as it can help to ensure the property is paid for upon death alleviating any financial burden and may even provide financial security for loved ones."
Life insurance does not have to be expensive. Life insurance premiums, through Sainsbury?s Bank, which start from as little as £5 a month, are among the most competitive available and regularly appear in best-buy tables. Indeed now is a good time to buy cover as Sainsbury?s Bank is offering a 5% discount on life insurance purchased before 26th March, for the life of the policy.
David Pickett, Life Insurance Manager, Sainsbury?s Bank said: "Once you know what type of cover you need, it?s important to shop around for competitive premiums. It is possible to save around 25% on your premiums without affecting the type of cover."
The bank?s research indicates that of those people with mortgages who have life insurance, 41% have not reviewed their Life Assurance arrangements for potentially greater savings.
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