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Tesco Life Assurance
Tesco Life insurance is can provide cover to protect your family if the worst happens. The money can be used as a lump sum or to pay off an outstanding mortgage. The product was awarded ‘Best Online Life Insurance Provider’ at the Your Money 2011 Awards, a decision that was based on the the product features and sales process.
Friends Life (formerly Friends Provident) provide Tesco Life Insurance.
There are two types of life insurance cover available: Level cover and decreasing cover.
Tesco Life Insurance Level Cover
This is a simple type of life insurance that pays a fixed lump sum if you die during the policy term. It benefits from fixed monthly premiums and payout during the term of the policy. Premiums are based on the amount to be paid out and your personal circumstances. This type of cover is often chosen to cover the capital for interest only mortgages.
Tesco Life Insurance Decreasing Cover
This life insurance policy is designed to cover the outstanding balance on repayment mortgages if you die during the policy term. The amount paid out reduces each year in line with your mortgage balance. There are still fixed monthly premiums throughout the life of the policy.