Marks & Spencers the traditional retailer like many of its competitors including John Lewis, began to make a move into Financial Services in the millenium via its Marks Spencer Bank.
In the early 2010's, M & S Finance advised they would be bringing bank branches into their retailer network also.
Marks & Spencer Life Assurance was set up to mainly help provide life insurance for their personal customers via their branch network or internet. This was without any broker advice on Mark and Spencer Money Life Insurance Uk products in 2020.
They Marks and Spencers Life Insurance and Mortgage Cover policy are provided by HSBC Life, a wholly owned subsidiary of HSBC Bank Uk plc.
M&S life cover can be level or decreasing, single or joint.
However, it is limited to those aged upto age 59. This means if you over 60 or do have any health issues, they maybe unable to offer lifecover. It also does not currently include a critical illness or income protection option.
MARKS SPENCER LIFE INSURANCE - PRODUCT REVIEW 2020
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MARKS & SPENCERS - LIFE INSURANCE
Offered family protection if the policy holder dies or is diagnosed with a terminal illness during the term.
The M&S life insurance products offer potential cover upto £500k. Their application asks for various health & lifestyle underwriting criteria but with no medical GP reports required.
MARKS & SPENCERS - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or terminal illness as it decreases during the decreasing plan term.
MARKS & SPENCERS LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Marks & Spencer life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via HSBC:
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
What if my health or lifestyle changes after I have taken the M&S Life Insurance policy out ?
Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's
How do I make a Death Claim ?
Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed.
Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.
Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers.
Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application
If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.
Death Claims, Life Insurance Trusts & Life of Another
Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.
If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor.
However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.
Should I put my Mark and Spencer Life Insurance policy into Trust ?
If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.
If I started smoking after taking out my M&S Life Insurance - Do I need to now tell HSBC ?
If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case.
Review on: Marks Spencer Life Insurance ~ for more information visit
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