"Sainsburry’s" is the third largest supermarket chain in United Kingdom that currently holds about 16.5 % of the market share. The company was founded in 1869 and has headquarters in London. Although the company has fewer customers than its two biggest competitors "Tesco" and "Asda", "Sainsbury’s" has a strong and reliable presence in food market. In 1997 Sainsbury’s bank was established. This bank is a part of "Lloyds Banking Group". This subdivision of "Sainsbury’s" offers clients various protection and investment options: loans, credit cards, general and life insurance. All life insurance products offered by "Sainsbury’s" is created by "Legal & General". "Legal & General" is one of the most acknowledged protection companies in United Kingdom and worldwide and as a result the client can know that all financial products sold by "Sainsburry’s" are in good hands.
At the moment the company sells four types of covers: Level Term Life Insurance, Mortgage Level Term Insurance, Mortgage Decreasing Term Insurance and Over 50s Life Insurance. All the plans can be written on a single or joint life basis. Those plans that are written on a joint life basis will only make a pay out once.
Level Term Life Insurance guarantees that the lump sum of money will remain the same throughout the term of the policy unless the person decides to increase the cover. The monthly payments for this type of policy are also guaranteed to remain the same unless the person decides to increase them. What is more, an individual also gets insurance from all terminal illnesses. While the application is processed the client is granted with a free Accidental Death Benefit up to 90 days term. The company also allows the individual to increase the cover as the time passes by. This can be a very tempting option for those that plan to have a bigger family in the future or earn higher salaries. Indeed, it is always good to know that the cover is flexible and can be adapted to the changing needs. However, it is important to be aware of the fact that every time the cover is increased the premiums will also grow.
Mortgage Life Insurance is designed for people that want to protect their outstanding balance of debts in case an unexpected death occurs. "Sainsbury’s" offers two types of protection plans for the mortgages: Mortgage Level Term Insurance and Mortgage Decreasing Term Insurance. The first product is designed to protect interest only mortgage because the cover remains fixed during all term of the policy. On the contrary, Mortgage Decreasing Term Insurance is recommended for those people that seek life insurance to protect the outstanding balance of the mortgage. Both of these policies offer the client a free terminal illness benefit. What is more, the person is given an Accidental Death Benefit that is valid up to 90 days while the application is still processed.
Moreover, the policy promises individual a free life cover if the person is in process of buying property. A useful advantage that comes free of charge with both of the above mentioned policies is SmoothMove service. SmoothMove is a free rescue service that can be accessed free of charge. This service helps people with all troubles that occur during the moving day. Furthermore, SmoothMove gives people free legal advice after they have moved into their new flat or house and three months of domestic emergency repairs.
Over 50s Life Insurance provided by "Sainsbury’s" is designed for people that are aged between 50 and 80 years and are permanent residents of United Kingdom. The cover starts from £5 a month and the individual is not required to undergo any medical tests. The insured person can choose the cover or the premiums that he will be able to pay in the future. The premiums are guaranteed never to go up once the person signs the contract. What is more, once the person reaches 90 years old he no longer is required to pay the premiums although life insurance contract stays in force.
We compare plans from the leading life insurance providers
"Sainsbury’s" offers two useful benefits at an extra cost: critical illness cover and waiver of premiums. Critical illness cover pays out a lump sum of money if the person is diagnosed with an illness that is included in the list published by the company. At the moment the list includes 39 illnesses. It is important to know that all the illnesses have some exclusions. For example, only the most advanced cases of cancer are covered. Waiver premium benefit seizes the premiums if the person is unable to work because of illness or an accident. The company promises to waive the premiums after 26 weeks have passed from the last day at work.