TSB life insurance review 2026
A look at TSB’s life insurance and over 50s policies, provided by Legal & General, with their included benefits, claims record and independent ratings.
- Trustpilot
- 3.8 / 5
- 27,999 reviews · whole bank
- Defaqto
- 3–5 stars
- Depending on category
- Life claims paid
- 97.5%
- Legal & General, 2025
- Entry age
- 18–77
- Level term, 1–50 years
In a nutshell
A retail bank with roots going back to 1810, now part of Santander UK, that introduces customers to life insurance provided by Legal & General.
- Offers level Life insurance and Decreasing life insurance, as a single or joint policy, with critical illness cover available at extra cost.
- Also offers Over 50s Fixed Life Insurance, with guaranteed acceptance and no medical questions for UK residents aged 50 to 80, from £5 a month.
- Terminal illness cover, Accidental Death Benefit and Free Life Cover are included with life insurance, premiums are guaranteed, and new policyholders get free access to RedArc Wellbeing Support.
- Rated 3 to 5 stars by Defaqto depending on the category, including 5 stars for the over 50s plan. TSB as a whole scores 3.8 out of 5 on Trustpilot.
- Legal & General reported paying 97.5% of life and over 50s claims and 92.9% of critical illness claims in 2025, across all its retail protection customers, not only TSB’s.
- Current offers: a £75 e-Gift Card on new life insurance applications made between 21 September and 15 November 2026, and £100 in vouchers with new over 50s policies.
Who are TSB?
TSB is a retail bank with heritage going back to the start of the savings bank movement. It traces its roots to 1810, when Reverend Henry Duncan, founder of the original Trustee Savings Bank, established the world’s first self-supporting savings bank in Ruthwell, Dumfriesshire. When it joined Santander UK in May 2026, TSB said it had 5 million customers and provided personal support at 175 branches across the UK.
- Introduced by
- TSB Bank plc
- FCA / PRA register number
- 191240
- Registered in Scotland
- No. SC095237
- Registered office
- Henry Duncan House, 120 George Street, Edinburgh EH2 4LH
- Life insurer
- Legal & General Assurance Society Limited
- Insurer’s FCA / PRA number
- 117659
- Group
- Santander UK
- Customers
- 5 million
- Website
- tsb.co.uk (opens in a new tab)
TSB doesn’t provide the insurance itself. Its life insurance, decreasing life insurance, critical illness cover and Over 50s Fixed Life Insurance are introduced by TSB Bank plc and provided by Legal & General (Legal & General Assurance Society Limited), a separate company. TSB can only offer these products from Legal & General, and it doesn’t give advice or recommendations on them. You don’t pay TSB a fee for the introduction; TSB receives commission from Legal & General as a percentage of the total annual premium.
TSB describes Legal & General as one of the UK’s largest life insurance providers, based on new individual life insurance sales in 2024. Legal & General was established in 1836, and Legal and General Assurance Society Limited was incorporated on 1 April 1920.
Today’s TSB came out of Lloyds Banking Group. According to Wikipedia, a European Commission ruling that the UK government’s 2009 stake in Lloyds Banking Group counted as state aid meant Lloyds had to sell part of its business, and TSB was divested. The bank was formed from Lloyds TSB Scotland plc, into which a number of Lloyds TSB branches in England and Wales and all Cheltenham & Gloucester branches were transferred.
TSB changed owner in 2026. Santander UK paid Banco Sabadell £2.65 billion at completion for TSB’s entire issued share capital, plus Sabadell’s estimate of the change in TSB’s tangible net asset value (about £213 million), and TSB announced on 1 May 2026 that it is now part of Santander UK. TSB is a wholly owned subsidiary of Santander UK, but the two remain separate legal and regulated entities until approval is granted to integrate them. A banking business transfer to integrate TSB’s business with Santander’s is expected in the first half of 2027, pending legal and regulatory approval.
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1810
Reverend Henry Duncan founds the first Trustee Savings Bank, in Ruthwell, Dumfriesshire
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1985
The company that is now TSB Bank plc is incorporated in Scotland
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1995
Trustee Savings Bank merges with Lloyds Bank, leading to Lloyds TSB in 1999
-
2013
TSB is launched back onto high streets across Britain on 9 September
-
2014
Listed on the London Stock Exchange in June
-
2015
Acquired by Sabadell Group
-
2026
Becomes part of Santander UK
For life insurance customers, this means you find the cover through TSB, but you complete the quote on Legal & General’s website (TSB says a quote takes under 3 minutes), your contract is with Legal & General, and claims are made to Legal & General, so the published claims figures that apply are Legal & General’s.
According to Wikipedia, a planned migration of customer records to Sabadell’s Proteo platform in April 2018 left many customers without internet and mobile banking for at least a week, and in 2022 the bank was fined £48.65 million for the poor migration process. The FCA Register notes that there has been disciplinary or regulatory action involving TSB Bank plc.
Wikipedia also reports that, according to the Financial Times, the TSB brand will be retired after the integration with Santander. TSB said when it joined Santander UK that there is no immediate change for its customers, who can keep using their TSB products, accounts and cards in the same way.
Whether it’s the right choice for you depends on the cover you need and the price you’re offered, so it’s worth comparing plans before you decide.
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TSB life insurance ratings and reviews
Here’s how TSB is rated by customers and by independent experts. Its Trustpilot, Smart Money People and REVIEWS.io scores cover TSB as a whole, not only life insurance, so they reflect the bank’s service more broadly. Fairer Finance rates TSB’s life insurance and its over 50s plan specifically.
| Review site | Rating | What it means |
|---|---|---|
| Trustpilot | 3.8 / 5 · Great | Based on 27,999 reviews of TSB, 940 of them in the last 12 months. Opinions are split: 60% of reviews are 5-star and 25% are 1-star. TSB invites its customers to leave reviews, and Trustpilot says it hasn’t replied to negative reviews. View on Trustpilot (opens in a new tab) |
| Smart Money People | 3.53 / 5 · Good | Based on 742 reviews across TSB’s products. View on Smart Money People (opens in a new tab) |
| Defaqto | 3–5 stars | Defaqto rates each product from 1 to 5 stars. TSB’s products score 5 stars in its direct life assurance, direct critical illness and over 50s categories, 4 stars in its level and decreasing term life assurance categories, and 3 stars in its level and decreasing term critical illness categories — see the ratings for each policy below. View on Defaqto (opens in a new tab) |
| Fairer Finance | 76% | Fairer Finance’s Spring 2026 customer experience score for TSB life insurance (76.04%), with 69% for claims, 86% for complaints and 73% for transparency. The claims and complaints scores are the same as Legal & General’s, which provides the policies. In its over 50s product ratings, Fairer Finance gives TSB’s Over 50's Fixed Life Insurance Plan 3 stars. View on Fairer Finance (opens in a new tab) |
| REVIEWS.io | 1.7 | Based on 114 reviews of TSB as a whole, with 18% of reviewers recommending it. View on REVIEWS.io (opens in a new tab) |
Defaqto ratings for each TSB policy
Defaqto rates each product from 1 to 5 stars and can list the same product in more than one category. It rates TSB’s Level Term Assurance and Mortgage Term Assurance (Mortgage Protection Plan) 5 stars in its Life assurance (direct) category and 4 stars in its Life assurance (level term) category, and Mortgage Decreasing Term 4 stars. With critical illness cover, the two level term plans are rated 5 stars in the Critical illness (direct with life cover) category and 3 stars for level term, and the decreasing plan 3 stars. The Over 50s Fixed Life Insurance Plan is rated 5 stars.
| Policy | Range | Defaqto rating |
|---|---|---|
| Life assurance (direct) | Level Term Assurance | 5 out of 5 stars |
| Life assurance (direct) | Mortgage Term Assurance (Mortgage Protection Plan) | 5 out of 5 stars |
| Life assurance (level term) | Level Term Assurance | 4 out of 5 stars |
| Life assurance (level term) | Mortgage Term Assurance (Mortgage Protection Plan) | 4 out of 5 stars |
| Life assurance (decreasing) | Mortgage Decreasing Term | 4 out of 5 stars |
| Critical illness (direct with life cover) | Level Term Assurance | 5 out of 5 stars |
| Critical illness (direct with life cover) | Mortgage Term Assurance (Mortgage Protection Plan) | 5 out of 5 stars |
| Critical illness (level term) | Level Term Assurance | 3 out of 5 stars |
| Critical illness (level term) | Mortgage Term Assurance (Mortgage Protection Plan) | 3 out of 5 stars |
| Critical illness (decreasing) | Mortgage Decreasing Term | 3 out of 5 stars |
| Over 50s life assurance | Over 50s Fixed Life Insurance Plan | 5 out of 5 stars |
Ratings checked on 24 September 2026 and may have changed since. Product names are shown as Defaqto lists them. Defaqto ratings: defaqto.com (opens in a new tab)
TSB’s own insurance page says both its life insurance and its over 50s life insurance were awarded five stars by Defaqto 2025. The customer review scores, on the other hand, cover TSB as a whole rather than its life insurance, which is provided by Legal & General, whose claims figures are set out below.
What does TSB life insurance cover?
TSB life insurance could pay out a cash lump sum if you die during the policy, or if you’re diagnosed with a terminal illness and have a life expectancy of less than 12 months. When you get a quote, you choose how much cover you need and how long it should last.
You can take out a single policy to cover yourself, or a joint policy for you and your partner. A joint policy pays out once, after a valid claim, and then ends.
TSB says level Life insurance could help protect your family’s living expenses or an interest-only or repayment mortgage, while Decreasing life insurance is designed to help protect a repayment mortgage. More generally, the payout could help your family with:
- Mortgage or rent payments
- Household bills and everyday living costs
- Childcare, school or university costs
- Outstanding loans and credit cards
- A cash gift or inheritance for the people you love
The policies aren’t a savings or investment product and have no cash value unless a valid claim is made: if you reach the end of the policy without a valid claim, nothing is paid out.
Critical illness cover, which you can add at extra cost when you take out Life insurance or Decreasing life insurance, pays out if you’re diagnosed with, or have a medical procedure for, one of the specified critical illnesses and survive for 14 days from diagnosis. For whole of life cover, TSB’s Over 50s Fixed Life Insurance covers you for the rest of your life as long as you keep paying the monthly premiums.
TSB life insurance policy options
TSB offers two types of term life insurance, both provided by Legal & General: Life insurance, where the cover stays the same, and Decreasing life insurance, where it reduces roughly in line with a repayment mortgage. You can add critical illness cover to either at extra cost. TSB also offers Over 50s Fixed Life Insurance, which covers you for the rest of your life.
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Level termThe cover stays the same for the length of the policy. Offered by TSB as Life insurance.
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Decreasing termThe cover reduces roughly in line with a repayment mortgage. Offered by TSB as Decreasing life insurance.
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Life & critical illnessAdds cover for specified critical illnesses to either policy, at extra cost, as a separate policy.
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Over 50sGuaranteed acceptance with no medical questions, and a fixed cash sum paid on death after the first year.
Life insurance (level term)
With TSB’s Life insurance, the amount of cover stays the same for the length of the policy. TSB says the lump sum could help protect your family’s living expenses or an interest-only or repayment mortgage. You can apply up to age 77, for a policy lasting 1 to 50 years that ends before your 90th birthday.
Premiums are guaranteed and won’t change unless you change the policy. The Life Insurance terms also say you may have the option to choose increasing cover, which rises in line with inflation on each policy anniversary; your premiums then rise in line with the Retail Prices Index multiplied by 1.5, up to 15% a year.
Decreasing life insurance
Decreasing life insurance is designed to help protect a repayment mortgage. An interest rate is applied to the policy to estimate your monthly repayment mortgage repayments, and the cover reduces accordingly, roughly in line with the way a repayment mortgage decreases.
TSB says you must check that the interest rate on your mortgage doesn’t become higher than the rate applied to your policy, and that a policy covering your mortgage may not pay it off completely unless you adjust the cover to match any new mortgage arrangements. You can apply up to age 74, for 5 to 50 years, with the policy ending before your 90th birthday.
Critical illness cover
Critical illness cover can be added to Life insurance or Decreasing life insurance for an extra cost when you take out cover. It’s set up as a separate policy alongside your life insurance (also called Additional or Independent Critical Illness Cover). It doesn’t pay out if you die, and once a critical illness claim is accepted, that policy ends.
It pays out if you’re diagnosed with, or have a medical procedure for, one of the specified critical illnesses and survive for 14 days from diagnosis. The policy summary lists 37 conditions, including cancer (excluding less advanced cases), heart attack of specified severity, multiple sclerosis where there have been symptoms, and stroke resulting in symptoms lasting at least 24 hours; Total and Permanent Disability is optional. The diagnosis must be confirmed by a verified UK consultant with an appropriate specialism.
You can apply up to age 67, for 2 to 50 years, with cover ending before your 75th birthday. Children’s critical illness cover is automatically included. You and your covered children are covered while resident in the UK, any European Union country, Australia, Canada, the Channel Islands, the Isle of Man, New Zealand or the USA.
Over 50s Fixed Life Insurance
TSB’s Over 50s Fixed Life Insurance, also provided by Legal & General, covers you for the whole of your life as long as you keep paying the monthly premiums, with guaranteed acceptance and no medical questions for UK residents aged 50 to 80. It’s covered in more detail in the over 50s section below.
TSB Life insurance vs Decreasing life insurance
TSB offers its term cover as two policies, with fixed or reducing cover. Here’s how they compare:
| Feature | Life insurance | Decreasing life insurance |
|---|---|---|
| Amount of cover | Stays the same | Reduces roughly in line with a repayment mortgage |
| Could help protect | Family living expenses, or an interest-only or repayment mortgage | A repayment mortgage |
| Single or joint policy | Both | Both |
| Terminal illness cover | Included | Included |
| Accidental Death Benefit and Free Life Cover | Included | Included |
| Critical illness cover | Optional, extra cost | Optional, extra cost |
| Guaranteed premiums | Included | Included |
| Age when you apply | 18–77 | 18–74 |
| Policy term | 1–50 years | 5–50 years |
From TSB and Legal & General product information, checked 25 September 2026.
TSB life insurance at a glance
The key limits for each type of policy. If you decide to apply, you’re asked additional questions to assess whether you can be offered a policy and on what terms.
| Limit | Level term | Decreasing term | Critical illness |
|---|---|---|---|
| Age when you apply | 18–77 | 18–74 | 18–67 |
| Cover must end | Before age 90 | Before age 90 | Before age 75 |
| Policy term | 1–50 years | 5–50 years | 2–50 years |
| Can’t end before | Your 29th birthday | Your 29th birthday | Your 29th birthday |
| Residency | UK resident | UK resident | UK resident |
| Conditions covered | — | — | 37 listed conditions |
Limits from TSB’s life insurance page and the Legal & General policy summary and terms on TSB’s website, checked 25 September 2026.
What affects the cost of TSB life insurance?
The price you’re offered depends on your circumstances and the cover you choose. TSB says you can get a quote based on:
- Your age
- How much cover you need
- How long you need it to last
- Whether you smoke
- Whether you add critical illness cover, which costs extra
- Your answers to the additional questions asked when you apply, which are used to assess whether you can be offered a policy and on what terms
TSB says premiums start from £6 a month for life insurance, and from £5 a month for Over 50s Fixed Life Insurance, where they range up to £75 a month depending on your age and smoker status. It notes that the monthly premium may be more depending on your circumstances. Once cover is in place, life insurance premiums are guaranteed not to change unless you change the policy, and over 50s premiums are fixed, so they won’t go up unless you change your level of cover.
On the term policies, premiums can be paid monthly or annually. TSB doesn’t charge you a fee for introducing you to Legal & General, but it receives commission from Legal & General as a percentage of the total annual premium.
In general, cover costs less the younger and healthier you are when you take it out, and decreasing term costs less than level term. Adding critical illness cover increases the price. Comparing plans from several insurers is the simplest way to see what’s available for your circumstances.
TSB life insurance benefits & extras
Depending on the policy you choose, these benefits are included:
| Benefit | What it does | Available with |
|---|---|---|
| Terminal Illness Cover | Pays out if you’re diagnosed with an illness that has no known cure, or can no longer be cured, and that your hospital consultant and L&G’s Medical Officer expect to lead to death within 12 months. It’s an advance payment of the death benefit, so the amount paid may be less than would have been paid at death, and it can’t be claimed if the policy is shorter than two years. | Available with: Life insurance and decreasing life insurance |
| Accidental Death Benefit | Covers you from when L&G receives your application, for up to 90 days or until it accepts, postpones or declines it. If you die in an accident in that time, it pays the amount you applied for, up to £300,000 across all applications. | Available with: Life insurance and decreasing life insurance |
| Free Life Cover | Covers you if you die between exchange of contracts and completion of a property purchase (in Scotland, between completion of missives and the date of entry), for up to 90 days, if you’re accepted on standard terms. It pays the lower of your proposed cover or your mortgage, up to £300,000. It isn’t available if you’re 55 or over, or if another policy already covers the same mortgage. | Available with: Life insurance and decreasing life insurance, when buying a home |
| Increasing your cover after life events | After certain life events, such as marriage, the birth or adoption of a child, a promotion or new job, or a bigger mortgage, you may be able to increase your cover without giving more medical information, if the policy started before your 55th birthday and your Policy Schedule shows the option. You must tell L&G within six months, and total increases can’t exceed the lower of £200,000 or 100% of the original cover. | Available with: Policies whose Policy Schedule shows the option |
| Separating a joint policy | If you divorce or dissolve a civil partnership, or one of you takes over or takes out a mortgage in one name, a joint policy can be separated into single policies if you ask within six months of the event being finalised. Both of you must consent and answer a short questionnaire about health, medical history, residency and leisure activities. Each new policy covers £1,000,000 or the original amount, whichever is lower, and ends on your 70th birthday or one year after the original policy’s end date, whichever comes first. | Available with: Joint life insurance policies |
| Replacement cover | After a valid claim on a joint policy, the other person could take out a new single life policy, if they ask within six months of the claim being paid. | Available with: Joint life insurance policies |
| Wellbeing Support | Free access to registered nurses from RedArc Assured Limited, for you, your partner and children living at home, throughout the policy and for up to six months after a valid claim ends it. You don’t need to make a claim to use it. It’s provided by third parties that aren’t regulated by the FCA and isn’t part of the policy terms. It applies to new life insurance policies written after 25 August 2022 and is also included with Over 50s Fixed Life Insurance. | Available with: Life insurance and over 50s policies |
| Care Concierge | A free, confidential and impartial telephone service from L&G, throughout the policy, that can help you or your loved ones understand and find later life care. It’s available to the policyholder, their partner, children and parents. | Available with: Life insurance and over 50s policies |
| Additional cover | Pays 25% of your cover, up to £25,000, for carcinoma in situ of the breast treated by surgery, or low grade prostate cancer requiring treatment. | Available with: Critical illness cover |
| Children’s Critical Illness Cover | Pays the lower of 50% of your cover or £25,000 for a valid claim on a covered child, from 30 days old up to their 18th birthday (21st if in full-time education). Children’s cover ends after two claims in total, and L&G pays up to £50,000 for any one child across all its policies. | Available with: Critical illness cover |
| Accident Hospitalisation Benefit | Pays £5,000 if you’re in hospital with physical injuries for at least 28 consecutive days immediately after an accident. It isn’t payable if a valid critical illness claim has already been made, and only one claim is paid for each person covered. | Available with: Critical illness cover |
| Family and childcare benefits | £100 for every night a covered child spends in hospital in the three months after a covered critical illness diagnosis, up to £1,000; up to £1,000 towards a registered childminder after a paid critical illness claim if you have a child under 5; and £4,000 towards the funeral costs of a covered child. | Available with: Critical illness cover |
When you take out your policy, you may also be able to add these options:
| Optional extra | What it does |
|---|---|
| Critical illness cover | Adds cover for specified critical illnesses to Life insurance or Decreasing life insurance, for an extra cost, as a separate policy alongside it. |
| Total and Permanent Disability | An optional part of critical illness cover, not available with life insurance alone. It ends at the policy end date or the oldest covered person’s 70th birthday, whichever is earlier. |
| Waiver of Premium | The Life Insurance terms list it as a benefit you can add at the start for an extra cost: if the life insured meets L&G’s definition of incapacity for 26 consecutive weeks, you don’t have to pay premiums. The policy summary says optional benefits may not be available to everyone, depending on your circumstances and how you bought the policy. |
TSB over 50s life insurance
TSB’s Over 50s Fixed Life Insurance is provided by Legal & General. It pays out a cash sum if you die after the first year, and it covers you for the whole of your life as long as you keep paying the monthly premiums. Acceptance is guaranteed, with no medical questions, for UK residents aged 50 to 80 who have spent at least 183 days in the UK in the last tax year.
Premiums start from £5 a month and range up to £75 a month, depending on your age and smoker status, and they’re fixed. When you apply, L&G asks for your date of birth and recent smoking habits to set your premium and cash sum. The maximum cash sum is £10,000, including all Over 50s policies you hold with L&G.
If you die in the first year from an accident, with death within 90 days of it, the full cash sum is paid. Death from any other cause in the first year, including suicide or intentional and serious self-injury, gets a refund of the premiums instead. Your premiums are due up to and including your 90th birthday; after that you pay nothing more, but the cover continues until your death.
TSB warns that, depending on how long you live, you may pay more in premiums than the cash sum paid out, that inflation will reduce the cash sum’s buying power, and that the policy isn’t designed to meet the full cost of a funeral. It says the payout could help settle unpaid bills, contribute towards funeral costs or be a small gift to those who matter most.
Plans are set up individually and can’t be held in joint names. After a year you can reduce your premium once (as long as L&G still offers this option), but not below the minimum, and your cover reduces with it. The plan can’t be cashed in and has no cash value unless a valid claim is made. On missed premiums, TSB’s over 50s page says cover ends 30 days after the first missed premium with no money back, while the policy terms say L&G may cancel the policy if premiums aren’t paid within 60 days of their due date.
- Age to apply
- 50–80
- Medical questions
- None — guaranteed acceptance
- Premiums
- £5–£75 a month, fixed
- Maximum cash sum
- £10,000 across all L&G Over 50s policies
- Death in the first year
- Premiums refunded (full cash sum for accidental death)
- Premiums stop
- After your 90th birthday
- Cooling-off period
- 30 days after acceptance
- Defaqto rating
- 5 stars
- Fairer Finance rating
- 3 stars
- Queries line (L&G)
- 0800 072 4895
Over 50s policyholders get free access to RedArc Wellbeing Support and L&G’s Care Concierge, and the policy can be written in trust at any time. TSB’s over 50s page states that 100% of claims were paid, based on all L&G Over 50s Life Insurance claims in 2025. It also notes that there may be other products available if you want to answer further lifestyle and medical questions.
Compare other insurers’ over 50s plans in our guides to over 50s life insurance, guaranteed life insurance and over 60s life insurance.
Writing a TSB policy in trust
TSB’s over 50s page says you can write your Over 50s policy in trust at any time, and that you must then send Legal & General the trust form as soon as possible. If the policy is in trust, your trustees make any claim and receive the money to pay your beneficiaries. Neither Legal & General nor TSB can advise you on whether to put your policy in trust.
Legal & General’s own trust pages say its trust service is free and simple to use, with four types of trust: Absolute, Discretionary, Survivor's Discretionary and Flexible. Its Life Insurance, Decreasing Life Insurance and Over 50's Life Insurance are among the policies that can be put in trust, when you take the policy out or at any time after that. For a joint policy, both policyholders must agree.
L&G’s trusts are split trusts, so a critical illness or terminal illness payout can still go to you, while a payment after your death goes to your beneficiaries. The policy summary says that, under a suitable trust, the amount paid on death should not form part of your estate for Inheritance Tax, and L&G pays a claim on a policy in trust to the trustees. For over 50s cover, the policy terms say the cash sum paid on your death will normally form part of your estate and may be subject to inheritance tax, and describe a trust as a way to ensure the proceeds aren’t treated as part of your estate, which can help to manage inheritance tax.
The separate critical illness policy can’t be issued or assigned into a trust, and L&G lists Independent Critical Illness Cover among the policies that can’t be put in trust.
Read how trusts work, and what other insurers offer, in our guide to life insurance in trust.
TSB free gift offers
Note: Free gifts are offered by select brokers only, our life insurance brokers do not offer free gifts.
TSB is offering a £75 e-Gift Card, from Amazon.co.uk, M&S or B&Q, to new Life insurance or Decreasing life insurance customers (with or without critical illness cover) introduced by TSB. You need to get your quote and complete your application between 21 September and 15 November 2026, and then complete the purchase within 60 days.
To qualify, you must keep the policy live for at least six months and pay the first six monthly payments in full and on time. MLP, which administers the offer for TSB, then usually sends a ‘How to Claim’ email or letter within 20 days, and you need to claim your card within six months of it. There’s one card per policy, so joint policyholders get one card, a maximum of two per household, and no cash alternative. Because of TSB’s sale to Santander UK, eligible customers could receive their cards before their sixth monthly payment.
You’re not eligible if you already have Life Insurance or Decreasing Life Insurance through TSB, if you’ve held and cancelled one through TSB in the last 18 months, or if you apply through a financial adviser or other intermediary. Existing TSB over 50s customers can still qualify with a new Life Insurance or Decreasing Life Insurance policy.
For Over 50s Fixed Life Insurance taken out from 28 April 2026, TSB gives a £100 shopping e-Gift card for M&S, Argos or B&Q six months after you buy, if the policy has been live for six months with all payments made in full and on time. It’s for people aged 50 to 80 living in England, Scotland, Wales or Northern Ireland, with one card per person and two per household, and it must be claimed within six months of the eligibility date. It isn’t available if you apply through a financial adviser or other intermediary, or if your L&G Over 50s cover across all policies exceeds £10,000.
TSB may amend or withdraw either offer at any time by giving notice on tsb.co.uk.
See other insurers’ offers and their conditions in our guides to life insurance with a free gift and over 50 life insurance with a free gift.
Does TSB pay out?
Claims on TSB life insurance are made to Legal & General, which provides the policies, so the claims record that applies is Legal & General’s. TSB’s life insurance page says 97% of claims were paid in 2025, based on all L&G Life Insurance and Over 50s claims rather than only policies sold through TSB. Legal & General’s own figures for 2025, across all its retail protection customers, were:
- Life and over 50s claims paid
- 97.5%
- Terminal illness claims paid
- 94.8%
- Critical illness claims paid
- 92.9%
- Paid in life and over 50s claims
- £527m
Legal & General claims paid by year
| Year | Life claims paid | Critical illness claims paid | Total paid (life) |
|---|---|---|---|
| 2025 | 97.5% | 92.9% | £527m |
| 2024 | 97% | 93% | £583m |
| 2023 | 97% | 93% | £519m |
Source: Legal & General published claims statistics for 2023, 2024 and 2025. The figures are Legal & General-wide, not only for policies sold through TSB.
In 2025, L&G’s life and over 50s plans made nearly 14,000 payouts worth £527 million, with an average life payout of £37,788, and it paid 95.3% of children’s critical illness claims. For over 50s cover, TSB’s over 50s page states that 100% of claims were paid, based on all L&G Over 50s Life Insurance claims in 2025.
L&G says most critical illness claims it turns down fail because the condition doesn’t meet the specified severity definition, and that inaccurate information about alcohol is the most common misrepresentation behind a claim not being paid. You’re not covered if you don’t give full and accurate answers to L&G’s questions, so it’s worth answering every question fully and honestly.
How to make a TSB life insurance claim
Claims are made to Legal & General, which provides the policies. L&G says the fastest way to claim is online, from any device, and that you can track your progress at any time; more than 40% of its retail protection claims now start online. You can also call its claims lines, Monday to Friday, 9am to 5.30pm.
For a life insurance claim, L&G asks for the policy number (or the direct debit reference), the full name of the person who has died, the date, place and cause of death if known, your name and relationship to them, and their legal next of kin if known. If the policy is in trust, L&G pays the trustees. Claims are paid as a lump sum in British pounds to a UK bank account; if the money goes to an account outside the UK, you pay any costs of arranging it.
If you’re making a critical illness claim, L&G asks you to keep paying your premiums while the claim is assessed. L&G says its claims team are Samaritans trained.
For over 50s claims, TSB’s over 50s page gives 0800 137 101 (L&G’s life insurance claims line), while the over 50s policy summary and L&G’s claims page give 0800 009 3506. You can also email myclaim@landg.com, or write to L&G’s Claims Department at City Park, The Droveway, Hove, East Sussex, BN3 7PY.
TSB’s own specialist bereavement team, on 0345 835 7834, is there to help with the person’s TSB banking; life insurance claims go to Legal & General.
- Life insurance claims
- 0800 137 101
- Terminal and critical illness claims
- 0800 068 0789
- Over 50s claims
- 0800 009 3506
- Opening hours
- Mon–Fri, 9am–5.30pm
- Existing customers
- L&G My Account or 03700 600 015
- Complaints about L&G
- 0370 010 4080
Key policy terms
A few terms that are worth knowing before you apply. Always check the policy documents for the exact product you’re offered.
| Term | TSB policies |
|---|---|
| Cooling-off period | 30 days from receiving your welcome pack (30 days after acceptance for over 50s cover), with a refund of premiums paid |
| Cancelling later | No refund if you pay monthly; a proportionate refund of the annual premium if you pay annually |
| Suicide exclusion | First year of the policy |
| Terminal illness | Claim if death is expected within 12 months; not on policies shorter than two years |
| Missed payments | On life and decreasing life insurance, cover ends 60 days after the first missed premium |
| Premiums | Guaranteed — they stay the same unless you change the policy |
| Incorrect information | If it’s given deliberately or recklessly, L&G can cancel the policy and refuse to pay |
| Moving abroad | May affect your policy; L&G can still consider and accept a life cover claim for an event outside the UK if it can confirm it’s valid |
| Write in trust | Yes, through Legal & General’s free trust service (not the critical illness policy) |
| Tax on payouts | Should be free from UK Income Tax and Capital Gains Tax |
| How claims are paid | Lump sum in British pounds to a UK bank account (you pay any costs of a payment to an account outside the UK) |
| Cash-in value | None |
| Complaints | To Legal & General; if you’re unhappy with its final response, the Financial Ombudsman Service may be able to help |
| FSCS protection | Most L&G customers are covered; whether you can claim depends on the circumstances, and the FSCS will pay 100% of the value of the claim |
Is TSB life insurance good?
TSB is a bank rather than an insurer: it introduces customers to Legal & General, which provides the policies and pays claims, and you complete your quote on Legal & General’s website. The range covers level and decreasing life insurance, optional critical illness cover and a guaranteed-acceptance over 50s plan. Terminal illness cover, Accidental Death Benefit and Free Life Cover are included with the life policies, premiums are guaranteed, and policyholders get free access to Wellbeing Support and Care Concierge.
The trade-offs are that TSB doesn’t give advice, Defaqto rates its products 3 stars in its level and decreasing term critical illness categories (and 4 or 5 stars elsewhere), and TSB’s customer review scores cover the bank as a whole, with 3.8 out of 5 on Trustpilot and 1.7 on REVIEWS.io. The over 50s cash sum is capped at £10,000, and you may pay in more than it pays out. On claims, Legal & General reported paying 97.5% of life and over 50s claims in 2025, across all its retail protection customers.
The right insurer for you depends on your needs and the price you’re offered, so it’s worth comparing TSB with other insurers.
Pros
- Policies provided by Legal & General
- Legal & General reported paying 97.5% of life and over 50s claims in 2025
- Terminal illness cover, Accidental Death Benefit and Free Life Cover included with life insurance
- Guaranteed premiums on life and over 50s policies
- Guaranteed-acceptance over 50s plan, rated 5 stars by Defaqto
- Free Wellbeing Support from RedArc nurses and L&G’s Care Concierge
- £75 or £100 gift cards on new policies, if the conditions are met
Cons
- TSB gives no advice or recommendations
- 3-star Defaqto ratings in the level and decreasing term critical illness categories
- Customer review scores cover TSB as a whole: 3.8 on Trustpilot and 1.7 on REVIEWS.io
- Over 50s cover is capped at £10,000, and total premiums can exceed the payout
- Separating a joint policy needs a new health questionnaire
- The policies have no cash-in value
TSB life insurance policy documents
Before you take out a policy, it’s worth reading the policy summary and terms for the exact product you’re offered. These documents are published on TSB’s website; the policy documents are Legal & General’s, as Legal & General provides the policies:
-
Life Insurance and Critical Illness Cover policy summary (opens in a new tab)
A summary of the cover, age limits, included benefits and exclusions (QGI16569).
-
Life insurance policy booklet (opens in a new tab)
The full Life Insurance and Critical Illness Cover terms and conditions (QGI12849 and QGI14872).
-
Guide to critical illnesses covered (opens in a new tab)
Full definitions of the critical illnesses covered (QGI14860).
-
Over 50s Fixed Life Insurance policy summary (opens in a new tab)
A summary of the over 50s cover, the cash sum limit and how to claim (QGI12836).
-
Over 50s Fixed Life Insurance terms and conditions (opens in a new tab)
The full terms of the over 50s plan, including premiums, the first year and trusts (LG3704).
-
About our insurance services (opens in a new tab)
TSB’s disclosure document: how it introduces you to Legal & General, how it is paid and how to complain (TSB11762).
-
Wellbeing Support guide (opens in a new tab)
How to use the RedArc nurse service included with the policies.
-
Care Concierge brochure (opens in a new tab)
Legal & General’s later life care telephone service.
-
Life insurance £75 e-Gift Card offer terms (opens in a new tab)
The terms of the offer for applications between 21 September and 15 November 2026 (TSB17442).
-
Over 50s £100 e-Gift card offer terms (opens in a new tab)
The terms of the offer for Over 50s Fixed Life Insurance taken out from 28 April 2026.
Documents are published on TSB’s website. They may be updated — the version you receive with your policy is the one that applies.
TSB life insurance FAQs
You need to be 18 or over and a UK resident. You can apply for Life insurance up to age 77 and Decreasing life insurance up to 74, with the policy ending before your 90th birthday. To add critical illness cover you can be up to 67, with the cover ending before your 75th birthday. Over 50s Fixed Life Insurance is for UK residents aged 50 to 80.
Legal & General. TSB’s life insurance, decreasing life insurance, critical illness cover and Over 50s Fixed Life Insurance are introduced by TSB Bank plc and provided by Legal & General Assurance Society Limited, and TSB can only offer these products from Legal & General. The policy terms and your Policy Schedule form your contract with Legal & General.
Claims are paid by Legal & General, which reported paying 97.5% of life and over 50s claims in 2025, totalling £527 million, and 92.9% of critical illness claims. These figures cover all Legal & General’s retail protection customers, not only those introduced by TSB. TSB’s life insurance page states that 97% of claims were paid in 2025, based on all L&G life and over 50s claims, and its over 50s page states that 100% of claims were paid, based on all L&G over 50s claims in 2025.
When you apply for cover you will be asked questions about your health and lifestyle, and based on this and the amount of cover requested, the insurer will decide if a medical is required or not.
If you decide to apply, you’re asked additional questions to assess whether you can be offered a policy and on what terms. L&G says you’re not covered if you don’t give full and accurate answers, and that you shouldn’t assume it will contact your doctor for your full medical details. Over 50s Fixed Life Insurance has no medical questions.
Yes. When you get a quote you can choose a single policy or a joint policy for you and your partner. A joint policy pays out once and then ends, but a replacement cover option could let the other person take out a new single life policy. Over 50s plans are set up individually and can’t be held in joint names.
Yes. Over 50s Fixed Life Insurance, provided by Legal & General, offers guaranteed acceptance with no medical questions for UK residents aged 50 to 80, with premiums from £5 to £75 a month and a maximum cash sum of £10,000. Full cover is payable after one year.
Legal & General’s trust service is free, with Absolute, Discretionary, Survivor's Discretionary and Flexible trusts, and its Life Insurance, Decreasing Life Insurance and Over 50's Life Insurance can be put in trust. TSB’s over 50s page says an over 50s policy can be written in trust at any time, and that neither TSB nor L&G can advise you on whether to do so. The separate critical illness policy can’t be issued or assigned into a trust.
Yes. If you cancel within 30 days of receiving your welcome pack, L&G refunds any premiums you’ve paid. After that you won’t get anything back if you pay monthly, while annual payers get a proportionate refund of the annual premium. Over 50s customers have 30 days after their application is accepted to cancel with a refund.
Not in the first year. If the life insured dies as a result of suicide or intentional and serious self-injury within the first year, the policy is cancelled and the claim declined. On the over 50s plan, such a death in the first year gets a refund of the premiums instead of the cash sum.
If you're struggling or thinking about suicide, our guide to suicide and life insurance lists where to get support straight away.
No. TSB won’t give recommendations or advice about protection products, and it receives commission from Legal & General when it introduces you. TSB’s first-time buyer guide says its Mortgage Experts can talk through the levels of protection you may want to consider and what they might cost.
Sources
The facts on this page come from these sources.
- Wikimedia Commons — Wikimedia Commons file page - TSB Newcastle.jpg (TSB branch, Haymarket, Newcastle upon Tyne, September 2013; photo, CC BY-SA 3.0) (opens in a new tab), commons.wikimedia.org, accessed 25 September 2026.
- Wikipedia — Wikipedia - TSB Bank (United Kingdom) (history and background only) (opens in a new tab), en.wikipedia.org, accessed 25 September 2026.
- TSB Bank plc — TSB - About TSB (investors page: heritage, customers, part of the Santander group) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB news release - CEO visits TSB's Dumfriesshire roots to honour bank's founder (Henry Duncan, 1810; TSB relaunch 2013) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB news release - TSB joins Santander to become UK's third largest high street bank (1 May 2026) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB Life insurance (life, decreasing life and critical illness cover) product page (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB Over 50s Fixed Life Insurance product page (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited (via TSB) — Life Insurance and Critical Illness Cover Policy Summary (QGI16569 2026/01) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Defaqto — Defaqto Star Ratings (Life & Protection) for TSB (opens in a new tab), defaqto.com, accessed 24 September 2026.
- Trustpilot — Trustpilot - TSB (www.tsb.co.uk) company reviews, all TSB banking services (not specific to life insurance) (opens in a new tab), uk.trustpilot.com, accessed 25 September 2026.
- Legal & General Assurance Society Limited — Legal & General (underwriter of TSB life insurance) - 2025 Claims statistics infographic (L&G Retail Protection, all L&G policies, not TSB-only) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- Legal & General Group Plc — Legal & General (underwriter of TSB life insurance) - press release: L&G paid out over £1.388bn protection claims in 2025 (all L&G policies, not TSB-only; the PDF is headed '13 May 2025' but is filed under 2026/05 and reports 2025 figures) (opens in a new tab), group.legalandgeneral.com, accessed 25 September 2026.
- TSB Bank plc — Life Insurance £75 e-Gift Card offer terms and conditions (TSB16971), offer period 21 September to 15 November 2026 (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB - Information about us (legal entity, registered office, PRA/FCA authorisation, FRN 191240) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Companies House — Companies House - TSB BANK PLC (SC095237), company overview (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 25 September 2026.
- Financial Conduct Authority — FCA Financial Services Register - TSB Bank plc (FRN 191240) (opens in a new tab), register.fca.org.uk, accessed 25 September 2026.
- TSB Bank plc — About our insurance services: life insurance initial disclosure document (TSB11762 04/26) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Companies House — Companies House - LEGAL AND GENERAL ASSURANCE SOCIETY LIMITED (00166055), provider of TSB life insurance, company overview (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 25 September 2026.
- Companies House — Companies House - TSB BANKING GROUP LIMITED (08871766), persons with significant control (Santander UK plc; Banco de Sabadell ceased 30 April 2026) (opens in a new tab), find-and-update.company-information.service.gov.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited (via TSB) — Life Insurance Policy Terms and Conditions (QGI12849 2026/01) and Critical Illness Cover Policy Terms and Conditions (QGI14872 2026/01) (TSB Life insurance policy booklet) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General — Legal & General (provider of TSB life insurance) - How do I make a claim (online claim routes, what's needed, claims phone numbers and opening hours) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- Smart Money People — Smart Money People - TSB company reviews (all products; no life insurance product listed among TSB's reviewed products) (opens in a new tab), smartmoneypeople.com, accessed 25 September 2026.
- REVIEWS.io — REVIEWS.io - TSB (tsb-co-uk) company reviews, all TSB services (1.7 rating from 114 reviews) (opens in a new tab), reviews.io, accessed 25 September 2026.
- Fairer Finance — Fairer Finance - life insurance customer experience ratings table (TSB: claims 69%, complaints 86%, transparency 73%, overall 76%) (opens in a new tab), fairerfinance.com, accessed 25 September 2026.
- Fairer Finance — Fairer Finance - over 50s life insurance product ratings (TSB Over 50's Fixed and Increasing Life Insurance Plans, 3 stars each) (opens in a new tab), fairerfinance.com, accessed 25 September 2026.
- Fairer Finance — Fairer Finance - TSB brand page with life insurance customer experience rating data (Spring 2026 batch; brand description on the page is out of date) (opens in a new tab), fairerfinance.com, accessed 25 September 2026.
- TSB Bank plc — TSB - Insurance hub page (life and over 50s insurance provided by L&G, 100% over 50s claims paid 2025, Defaqto statement) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited (via TSB) — Over 50s Fixed Life Insurance Policy Summary (QGI12836 11/2025) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB Insurance overview page (life and over 50s sections) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited (via TSB) — Wellbeing Support guide (RedArc nurse service for Legal & General policyholders) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited (via TSB) — Over 50s Fixed Life Insurance Policy Terms and Conditions (LG3704 10/25) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General — Protection trusts: trust types, trust deeds and FAQs (L&G existing customers page) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- Legal & General — Putting life insurance in trust (L&G guide, provider of TSB life insurance) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- TSB Bank plc — Over 50s Fixed Life Insurance £100 e-Gift card offer terms and conditions (TSB15268+69 04/26, policies taken out from 28 April 2026) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- Legal & General Assurance Society Limited — Legal & General (underwriter of TSB life insurance) - Our claims statistics 2024 infographic (archived copy, Wayback Machine capture of 4 Dec 2025; all L&G policies, not TSB-only) (opens in a new tab), web.archive.org, accessed 25 September 2026.
- Legal & General Assurance Society Limited — Legal & General (underwriter of TSB life insurance) - Our claims statistics 2023 infographic (all L&G policies, not TSB-only) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- Legal & General Assurance Society Limited — Legal & General (underwriter of TSB life insurance) - Help us pay more claims (adviser guide: common reasons for misrepresentation; why critical illness claims are turned down) (opens in a new tab), legalandgeneral.com, accessed 25 September 2026.
- TSB Bank plc — TSB - Letting us know when someone dies (TSB bereavement team contact details and support; bank-level, not specific to life insurance claims) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
- TSB Bank plc — TSB First time buyer guide: Exchange and complete (Step 1: Arrange protection for your home and family) (opens in a new tab), tsb.co.uk, accessed 25 September 2026.
Related pages
-
Best life insurance
What to compare when you choose a policy.
-
Term life insurance
Cover for a set number of years, with level or decreasing cover.
-
Decreasing term life insurance
The payout falls over the term, often in line with a mortgage.
-
Mortgage life insurance
Match your cover to your mortgage and protect your home.
-
Whole of life insurance
Lifelong cover and how it differs from term cover.
-
Over 50s life insurance
Guaranteed acceptance for ages 50–85, and what to check before you buy.
