Life insurance lets you leave a lump sum behind should you pass away within the policy term.
Money never replaces a family member, but it can help knowing that it won't be a worry.
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The thought of not being around to protect and provide for your loved ones can be a worry. If you were no longer around, you’d want to make sure those you leave behind don’t face financial worries. That’s where Sainsburys life insurance can help. With a suitable policy you can rest easy knowing you’ve helped protect them if you die during the length of your policy. Often, this is a cash sum that could help your family:
Cover living expenses, bills, or leave them money as a gift
Pay off any remaining mortgage repayments or mortgage balance
Pay towards funeral expenses
Pay off any outstanding bills and debts
Planning, preparing and protecting against some of life's curveballs makes the unexpected a little easier to cope with. Whether you want to take out a Sainsburys Life Insurance policy to help protect everyday expense, mortgage payments or childcare; there’s are options to choose from.
Choosing a life insurance policy is an important decision. After all, you want to feel reassured that your cover will provide financial protection for your family if you die during your policy term. So it’s worthwhile doing your homework. Our guide helps you understand how to find the most appropriate life insurance cover for your needs.
People with families or a mortgage take out life insurance policies to provide financial protection for their loved ones.
To help you make a decision, ask yourself one important question. In the event of your death, would those who are financially dependent on you be able to cope? Would partners or children be able to continue paying mortgage repayments, rental costs, household bills, outstanding debts or funeral costs?
As complicated as it might seem, Sainsburys life insurance is actually quite straightforward. Depending on your provider, you agree to pay monthly or annual premiums for the length of your life insurance policy. If you die during this time, a tax-free cash sum could be paid to your loved ones or named beneficiaries.
There are different types of Sainsburys life insurance to choose from. It’s important to understand these differences so you can select the cover that works best for you.
Everyone needs different things from their insurance – that's life. Worry less about the ‘what ifs’ and get on with your day. Remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.
With Sainsburys Level Term Life Insurance, the amount of cover you have remains the same during the length of the policy. It could be used to help protect the family's lifestyle and everyday living expenses or help to protect a mortgage (interest only).
Sainsburys Level term life insurance could be right for you if you want a policy which pays a set amount upon your death. The payout and your premiums are agreed when you set it up, and don’t change.
Sainsburys Decreasing Term Life Insurance is designed to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
With Sainsburys decreasing term life insurance the amount of cover you choose will reduce over time and the payout you would receive in the event of your death decreases. It’s taken out for a fixed period of time, usually to cover a specific debt, like your mortgage.
A critical illness is a serious condition, like cancer or a heart attack, which could change your life forever. When you buy a life insurance policy, you can add on Sainsburys Critical Illness Cover, which provides a financial cushion for you and your family to fall back on, if you were diagnosed with a serious condition. This cover could help ease the financial strain if you become critically ill.
If you don't have life insurance, then we can help. Even if you already have a policy, are you sure you're getting the right level of cover at the right price? You could be paying too much so, our experts check the UK life insurance market.
Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with, or undergo surgery for, a critical illness specified in the terms of the policy. Tell me more...
As you pay off your mortgage over time, the amount of life cover you would get if the worst were to happen goes down – just as the outstanding balance of your mortgage does. Tell me more...
Taken out between the ages of 50 and 80, paid out as a lump sum and can be used for financial commitments when you pass away, such as funeral costs, outstanding bills. Tell me more...
The amount of life insurance you take out should ideally be enough to cover your mortgage repayments and the needs of your family if you were no longer around. The average cover amount is £140,000.
Life insurance isn’t a legal requirement, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.
The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances, your age, if you smoke could affect the overall cost.
Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. Life insurance is a form of security to provide for dependants such as children or spouses.
Term insurance is the most common type of life insurance and pays out only if you die within the term. For example, you might take out a 25-year policy so your family could claim if you were to die within 25 years.
Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.