Life Insurance

Planning, preparing, and protecting against some of life's curveballs makes the unexpected a little easier to cope with. A life insurance policy from Sainsbury’s Bank could help lessen the burden on your family in the event of your death. 

What is life insurance?

Life insurance can help to protect your family by providing a cash sum if you die or are diagnosed with a terminal illness (life expectancy less than 12 months) during the length of your policy. In the event of your death, a successful claim could mean financial support for your loved ones, helping to pay the mortgage or everyday living expenses.

How does life insurance work?

You pay your life insurance company a fixed monthly (or sometimes annual) premium for a set amount of cover. If a successful claim is then made, the policy could give your loved ones a cash sum to contribute towards things like:

• Living expenses
• Paying off a mortgage balance
• Covering funeral expenses
• Paying off any outstanding bills and debts
• Leaving some money as an inheritance or as a gift

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

• Protection by one of the UK’s largest life insurance providers, Legal & General
• Cover from as little as £5 a month
• Access to Care Concierge – a confidential and impartial telephony advisory service to help you or loved ones understand and navigate later life care options that will work for you
• Access to Legal & General Wellbeing Support Services
• Up to 22,000 Nectar points † when you take out a life insurance or decreasing life insurance policy direct with us. The number of Nectar points you receive depends on your premium: 
  • If your monthly premium is under £8.50, we’ll give you 10,000 points, which could be worth £50
  • If your monthly premium is £8.50-£20.00, we'll give you 16,000 points, which could be worth £80
  • If your monthly premium is over £20.00, we'll give you 22,000 points, which could be worth £110

You'll receive your points after you’ve paid 5 months’ premiums within the following 60 days. 

Only choose a premium you can afford and the level of cover you require. 

• Discount on your premiums (with or without critical illness cover) just for being a Nectar member **. If you are not a Nectar member and would like to be, just download the app, or register at nectar.com
• 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 and 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 and 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 [PDF, 176 KB]

Critical illness cover

When you take out your life insurance or decreasing life insurance policy you can add critical illness cover for an extra cost. It can help minimise the financial impact of a critical illness on you and your family.

Accidental death benefit

Unfortunately serious accidents can happen. Sometimes when you submit a life insurance application online, over the phone or in person, an immediate decision can’t be given. That’s why accidental death benefit is included with our 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 want 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.