Sainsbury Life Insurance

      SAINSBURY LIFE INSURANCE  

Sainsburys Life Insurance - Compare Quotes against other Providers

Sainsbury, the traditional high street retailer like many of its supermarket competitors began to make a move into Financial Services & Life Insurance market in the millenium.

Bank of Scotland originally formed the bank via 50% stake in Sainsburys Bank - the other 50% being owned by J Sainsbury plc.

Sainsbury's Bank in 2020 offers a broad range of insurance products and services including life insurance. 

In 2020 Sainsburys Life Insurance currently products are provided via 3rd party provider Legal and General

SAINSBURY'S LIFE INSURANCE - PRODUCT REVIEW 2020

Sainsbury does not use Financial Advisers & mainly markets its plans via its supermarket chain & the internet. 

SAINSBURYS MORTGAGE PROTECTION 

Decreasing Term Insurance plan designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

SAINSBURYS - LIFE INSURANCE 

Levle Term Insurance plan - offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. 

SAINSBURYS - CRITICAL ILLNESS  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Sainsbury Life Insurance via Legal & General T&C's. Comment: This critical illness contract utilised however is generally a more basic plan than offered via Insurers own broker deal.

SAINSBURYS BANK - LIFE INSURANCE OVER 50

no medical evidence policy that always payout whenever death may occur but only after an initial period.

Compare Sainsbury's Life Insurance against other Insurers 

Compare Sainsburys Life Insurance Cover
 

Sainsburys Life Insurance

SAINSBURY'S LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Sainsbury life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via Legal & General.

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

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 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 Sainsbury's Life Insurance T&C's via Legal & General.

Sainsbury Life Insurance ( Legal & General Life )

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 Sainsburys 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 Sainsbury Life Insurance - Do I need to now tell them ?

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. 

Why are you comparing ~ Sainsbury Life Insurance in 2020 ?
 

Sainsbury Life Insurance

Article on: Sainsbury Life Insurance ~ for more visit www.sainsburysbank.co.uk *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

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Sainsbury's Life Insurance Cover  Review 2020 

 

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

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