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Sainsbury’s Over 50s Life Insurance

A lot of people aren’t aware that supermarkets like Sainsbury’s often sell products like insurance, as well as your usual weekly food shop. Sainsbury’s Bank actually sells several types of insurance including over 50s life insurance policies.

Over 50s life insurance is a popular option for people looking to buy life insurance later in life, due to cheaper pricing and wide range of extra benefits available. Sainsbury’s is one of several over 50s life insurance providers in the UK and all of them will work slightly differently, offering varying policy features and extra benefits for their customers.

Here we are going to explain all the pros and cons of Sainsbury’s over 50s life cover, to help you work out if they are the best option to help you protect your loved ones.

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60-Second Summary – Sainsbury’s Over 50s Life Insurance

Sainsbury’s over 50s life insurance (and over 50s cover in general) are popular policies for UK customers due to the lower prices and extra benefits included.

  • You can get rewards like 20,000 Nectar points for buying over 50s life insurance from Sainsbury’s and they claim to be able to offer cover from as little as £5 per month
  • They have a solid range of customer benefits like guaranteed pay outs, completely FREE cover after age 90 and no need for medical questions or exams when you apply
  • There are some brilliant options for over 50s life cover in the UK, so it’s important to do some research and make sure you are happy with your choice of insurer
  • If you need some extra help or advice, it can be useful to talk through your options with an over 50s life insurance expert

Most of us are familiar with Sainsbury’s supermarket and many of us use them for our weekly food shop. Sainsbury’s was first established back in 1869 and has been a familiar face on the British high street ever since.

They are a well trusted and loved brand, having been many UK family’s supermarket of choice for years. While they are best known for innovations like Nectar Points for customer rewards and the wide range of products they sell, they decided to expand into banking and financial services in 1997.

Sainsbury’s decided to add banking to the many services they offer to their customers back in February 1997 – the first UK supermarket to do so!

Tesco Personal Finance and M&S Money saw the success of this and followed shortly after, with Tesco launching banking later in 1997 and M&S doing the same in 2003.

Sainsbury’s began as a part of the Bank of Scotland initially, until Sainsbury’s bought the brand outright in 2014. Sainsbury’s Bank sells a wide range of financial products to UK customers such as:

  • Bank accounts (current accounts and savings accounts)
  • Secured loans
  • Credit cards
  • Travel insurance
  • Travel money
  • Mortgages (no new applications accepted after 2019)

Sainsbury’s brought in life insurance as part of their financial services products to offer even more value to their customers, helping them to protect their families and homes.

These policies are sold by Sainsbury’s Bank in partnership with one of the UK’s biggest general insurance brands Legal & General. They partnered with a large and experienced insurance provider to ensure Sainsbury’s customers get the top-quality cover that they deserve.

Sainsbury’s sells both standard term life insurance policies and over 50s life cover to appeal to a wider range of life insurance customers. The aim is to have products available that will appeal to Sainsbury’s customers at any stage in their lives.

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Over 50s life insurance is useful way to leave a cash sum for your family in the event of your death. This money can be used as a way to cover funeral costs, repay debts or even as a cash gift for the people you love.

These policies are classed as both guaranteed life insurance and whole life insurance, which means:

  • Guaranteed life insurance: Your loved ones are guaranteed to receive a pay out when you die, and you should be accepted for cover as long as you are a UK resident between age 50 and age 80
  • Whole life insurance: There isn’t a set end date for your policy and your cover will continue for as long as you keep paying for it

Sainsbury’s over 50s life insurance claims to cover you for as little as £5 per month and doesn’t require any medical questions. This can be extremely useful for people with pre-existing medical conditions who may have been declined standard cover or have found it too expensive.

Sainsbury’s sell their over 50s life insurance in partnership with Legal & General, one of the most popular insurance companies in the UK. This means that Sainsbury’s life insurance customers can also access some of the great benefits of Legal & General policies, such as their Wellbeing Support Services. These services provide much needed support in areas like mental health and coping with bereavement.

Sainsbury’s over 50s life insurance is a popular choice in the UK, as many customers like choosing a business that they trust. Sainsbury’s has a great reputation in this country and as of 2023 they have more than 1.9million banking customers.

Some of the main reasons that customers choose to buy Sainsbury’s over 50s life insurance include:

  • Guaranteed pay outs for your loved ones in the event of your death
  • Access to Legal & General Wellbeing Support Services which includes qualified counselling and bereavement support
  • FREE cover once you reach the age of 90 – you won’t have to pay anymore but your cover will continue
  • No need for medical questions or exams when you apply – useful for people with health issues who would otherwise struggle to get cover
  • 20,000 Nectar Points for buying a Sainsbury’s life insurance policy that can be spent online or in store (once you have your policy for 5 months or longer)
  • FREE access to Care Concierge which helps customers to review their options for later in life care
  • Option to reduce premium if you have had your policy for one year or more

If you haven’t looked into buying over 50s life insurance before, you might be unsure of the type of features and benefits included with these policies.

Here is a quick breakdown of some of the main features of Sainsbury’s over 50s life insurance to help you work out if it is a good fit for you.

Policy typeSainsbury’s over 50s life insurance
What are the premium options with Sainsbury’s over 50s cover?Guaranteed (fixed) – the payments will always be the same for your whole policy  
Variable – the payments could increase over time (if you choose increasing cover)
What type of policies are available?Level term life insurance
Increasing life insurance  

(No matter which type of policy you choose, you can only be covered for £10,000)
Can I get a joint life insurance policy?NO – Joint life insurance isn’t available for Sainsbury’s over 50s policies
Is terminal illness benefit included with my policy?YES – Terminal illness benefit is included at no extra cost and will pay out if you are diagnosed with a terminal illness (life expectancy 12 months or less)
Can I have waiver of premium benefit?NO – But this option is available for standard Sainsbury’s life insurance (not over 50s cover)
Is increasing cover availableYES – You can buy increasing cover so your cover amount will increase in line with inflation every year (by up to 10% maximum)  

This means your monthly premiums will also increase each year (by up to 15% maximum each year)  

You can choose not to increase your cover when asked, but if you don’t increase your cover will be switched to level term and won’t increase again.
Are there age limits for cover?Minimum age at policy start 50
Maximum age at policy start 80

You must also be a UK resident for at least 183 per year to be eligible for cover
Are there exclusions included with Sainsbury’s over 50s life insurance?YES – The main exclusion is that your policy won’t pay out for suicidal death or death related to drugs, alcohol or dangerous activities within the first 12 months  

If this happens, your loved ones will instead be refunded any premiums you have paid so far

One of the things that makes over 50s cover an appealing choice is that it’s usually much more affordable than standard life insurance.

Sainsbury’s state online that their life insurance can cost as little as £5 per month, which is handy if you have a tighter budget. Of course, not everyone will pay this exact price and your cover may cost more based on factors like:

  • Your age
  • How much cover you need (£s)
  • If you choose level term or increasing cover (price will rise over time)
ProCon
Affordable cover for people over age 50 (standard cover is likely to be more expensive)Cover amounts will be more limited compared to traditional life insurance policies (£10,000 maximum with Sainsbury’s)
Extra benefits included such as access to L&G support services and 20,000 Nectar Points (if you buy through Sainsbury’s directly)Policy won’t pay out for suicide or drug, alcohol or dangerous activity related death within the first 12 months
No medical information is needed when you apply and your loved ones are guaranteed to receive a pay outIt can be more expensive to buy over 50s cover through Sainsbury’s than through Legal & General directly (in some cases)

There are contact details for both Sainsbury’s Bank and Legal & General that may be useful to know if you have questions about your life insurance policy. Their teams should be able to answer any questions you have or help you to adjust or cancel your cover if needed.

Sainsbury’s Bank life insurance contact details

Telephone – 0800 0137 137 (new quotes)

Opening hours – Monday to Friday 8.30am – 8.00pm | Saturdays 9.00am – 1.00pm

Legal & General life insurance contact details

Telephone – 0370 010 4080

Email – protection.customerenquiries@landg.com

Opening hours – Monday to Friday 9.00am – 5.00pm

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NO – While you can buy additional policies like critical illness cover as an add on for standard Sainsbury’s life insurance, this isn’t available for over 50s policies.

Critical illness cover is a helpful policy that will pay out a cash lump sum in the event that you are diagnosed with a serious medical condition that is covered by your policy. While you can’t buy this with Sainsbury’s over 50s life insurance, several insurers will sell this as a stand alone product that you can buy separately.

Even though you have bought your policy with Sainsbury’s Bank, you will need to contact Legal & General if you needed to claim as they supply the insurance policies.

It’s always going to be difficult when you need to make a bereavement claim and Legal & General’s team will try to make the process as smooth and easy as they can.

They will need a few things from you before they can start processing the claim, so it can be useful to have this information ready before you get in touch. Legal & General will want to know:

  • The policy number and details about the policy holder (including date of death)
  • The original policy schedule for the life cover
  • Your name and contact details
  • They will need to receive an original copy of the death certificate to verify details
  • Extra information may be needed about how the person died (in some cases)

Sainsbury’s over 50s life insurance claims contact details

Telephone – 0800 009 3506

Email – myclaim@landg.com

Opening hours – Monday to Friday 9.00am – 5.30pm

You should be able to write your life insurance into Trust, as the policies are provided by Legal & General who offer this option to their customers. You may not be able to do this through Sainsbury’s though, so it’s worth contacting Legal & General directly about this.

A Trust is a useful way of managing your life insurance policy, as it is a legal document that allows you to specify exactly who receives the policy pay out. You can even state how the money should be used if you have something specific in mind.

Over 50s life cover is intended to protect you for the entire rest of your life, but this doesn’t mean that you can’t cancel it if you need to. If you decide Sainsbury’s isn’t the right fit anymore, you are always able to cancel.

However, as the policy is technically a Legal & General policy, it is Legal & General that you will need to contact to cancel.

All you will need to do is get in touch with their team and let them know you don’t want the cover anymore – they will take care of the rest for you. The only other thing you will need to do is to contact your bank to cancel your direct debit.

Legal & General policy cancellation contact details

Telephone – 0370 010 4080

Email – protection.customerenquiries@landg.com
Opening hours – Monday to Friday 9.00am – 5.00pm

Post:

Legal & General Assurance Society Limited,
City Park,
The Droveway,
Hove,
East Sussex,
BN3 7PY

Note: There is a 30 day ‘cooling off’ period attached to Legal & General policies which means you will be refunded if you cancel within 30 days of buying your policy.

You are always entitled to complain if you feel like your insurance provider hasn’t met expectations or has treated you poorly. If you are unhappy with how your policy was sold to you, you should contact Sainsbury’s Bank to complain.

If your complaint is about the policy itself, you will need to contact Legal & General to complain. If your complaints (with either company) aren’t handled well or you’re unhappy with the outcome, you can contact the Financial Ombudsman Service for free help and support.

Sainsbury’s Bank complaints contact details

Telephone – 0370 010 4080

Opening hours – Monday to Friday 8.30am – 8.00pm | Saturdays 9.00am – 1.00pm

Post:

Sainsbury’s Life Insurance,
Complaints Department,
Legal & General Assurance Society Limited,
Knox Court,
10 Fitzalan Place,
Cardiff,
CF24 0TL

Financial Ombudsman Service Logo

Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Emailcomplaint.info@financial-ombudsman.org.uk

There are some great benefits included with Sainsbury’s over 50s life insurance plus some optional extras that you can add on to enhance your cover. The main benefits are:

Free benefits

Guaranteed pay outsYour policy is guaranteed to pay out a cash lump sum to help your loved ones cover important expenses like funeral costs in the event of your death

Access to Legal & General benefits – As Legal & General supply the policies, Sainsbury’s customers have access to Legal & General Wellbeing Support Services for mental health and bereavement support

FREE cover after age 90 – When you turn 90, you won’t need to pay for your policy anymore but your cover will continue for free

NO medical questionsAs a form of guaranteed life insurance, you are guaranteed to be accepted with no need to answer medical questions or pay a higher price because of poor health

20,000 Nectar Points – These points are awarded when you have been a Sainsbury’s life insurance policy for 5 months or longer (if you buy through Sainsbury’s directly)

Optional benefits (extra cost)

Increasing and decreasing options available – You can buy increasing cover to protect your policy against inflation and also have the option to reduce your monthly premiums if you have had your policy for 1 or more years

Funeral benefit – Funeral benefit can be added for an extra cost (if you get in touch with Legal & General). This pays the money from your policy directly to a funeral provider to take care of everything so your family don’t need to

YES – There are some easy ways to see what other customers think about insurance providers like Sainsbury’s Bank (or Legal & General), to give you an idea if they are a good fit for you.

You can look at independent customer reviews online through popular and trusted sites like TrustPilot. In a situation like this where a bank is providing cover in partnership with another insurer, you may find it reassuring to look at reviews for both companies before buying your cover.

Sainsbury’s Bank (TrustPilot score) – 4.1 out of 5.0 stars with 12,720 reviews (as of 06/12/23)

Legal & General (TrustPilot score) – 3.1 out of 5.0 stars (as of 06/12/23)

Most reviews for Sainsbury’s Bank itself are positive, with 63% of customers rating them 5.0 out of 5.0 stars. While Legal & General’s score is slightly lower, it’s important to remember these reviews are for all financial products they sell and aren’t specific to over 50s life cover.

What is the difference between life insurance and over 50s life insurance?

Standard life insurance works slightly differently to over 50s life insurance and which one is the better choice will vary from person to person. The main differences are:

  • You won’t need to submit medical evidence or answer a lot of medical questions when applying for over 50s life cover
  • Over 50s life insurance pay outs are guaranteed, so your loved ones will always benefit
  • The level of cover available is normally more limited with over 50s cover (usually £10,000 – £20,000 at most depending on the provider)

Can you get life insurance if you are over 50?

YES – It’s often possible (and more affordable than you think) to buy life insurance after age 50. You can choose to buy a specific over 50s life insurance policy or can apply for standard cover if you want a higher level of cover.

The one that suits you best will depend on how much cover you need, how much you can afford to pay and what is most important to you to protect.

What is the waiting period for over 50s life insurance?

Most over 50s life insurance policies are going to include an initial ‘waiting period’ where your policy won’t pay out the full cover amount. This is normally 12 or 24 months and if you died after this your policy would pay out as normal.

Sainsbury’s over 50s policies have a waiting period of 12 months (if your death is a result of suicide, drugs, alcohol or dangerous activities). The policy will still pay out a small amount to your loved ones though, by refunding the monthly premiums you have already paid.

Which bank is behind Sainsbury’s Bank?

Sainsbury’s Bank was initially opened as part of the Bank of Scotland but has been completely independent since 2014. Their head office is still located in Edinburgh and as of 2023, they have more than 1.9million customers.

As a bonus for Sainsbury’s Banks customers, they also have access to Sainsbury’s supermarket rewards through the Nectar Points scheme.

Is Sainsbury’s Bank a real bank?

YES – Sainsbury’s Bank is absolutely a real bank and is authorised by the Prudential Regulation Authority and are regulated by the Financial Conduct Authority.

They provide various financial products including bank accounts, credit cards and insurance policies.

Sainsbury’s over 50s life insurance can be bought through price comparison sites like Money Supermarket and Go Compare or through Sainsbury’s Bank over the phone or online. Be aware that some of the benefits such as the free 20,000 Nectar Points will only be available if you apply through Sainsbury’s directly.

While we don’t sell Sainsbury’s over 50s cover, we do have access to quotes from the UK’s top over 50s life insurance providers. You can compare cover with our experts can help you assess what you need from your over 50s cover and which providers will offer you the best cover for the lowest cost.

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