Over 50's life cover

Why choose a Tesco Bank Over 50's Plan?

The Over 50's Plan can help take away some of your loved ones' worries and contribute towards paying bills when you're no longer around. It could help with funeral expenses or even allow you to leave a little something to your children or grandchildren.

If you're aged between 50 and 80, the Over 50's Plan could be a good choice, giving you and your family a little peace of mind, and there's no medical questions to answer.

Guaranteed acceptance if you're aged 50 to 80, a UK resident and have not exceeded the premium limit.

Tesco Bank Over 50's Plan is provided by Aviva Life & Pensions UK Limited.

Key benefits

Over 50's Life insurance from just £7 a month

The Over 50's Plan is an affordable way to contribute towards funeral costs or to leave your loved ones a lump sum, putting your mind at rest and letting you get on with life.

  • Guaranteed acceptance - if you're a UK resident aged 50-80.
  • Fixed monthly premiums - start at just £7 and never increase.
  • No medical needed - and no health questions to answer.
  • Funeral benefit option - £250 towards the cost of your funeral with Co-operative Funeralcare.

Over 50's cover pays out if you die:

  • From an accident within the first year - it pays the sum insured.
  • Due to other causes within the first year - it pays a sum equal to the premiums you've paid.
  • From an accident after the first year - it pays double the sum insured.
  • From other causes after the first year - it pays the sum insured.

However there are some things you need to know

  • The purchasing power of your sum insured will be reduced by the effect of inflation.
  • If you cancel your policy at any time you won't get any money back.
  • This is not a savings or investment plan and, depending on how long you live, the cash sum paid out could be less than the total amount paid in premiums.

For further information of the full exclusions please read the important policy information tab.

It's easy to get a quote and apply online

we've made applying online as simple and straightforward as possible.

Apply by phone

Call us on 0845 309 4403. We're open Monday to Friday 8am-8pm, Saturdays 9am-5pm and 10am-4pm on Sundays. Calls may be monitored.

Funeral benefit option

Funeral benefit option

Funeral benefit option is an optional extra with the Over 50's Plan. This option is completely free of charge and will not affect your monthly payments or Sum Assured in any way.

It allows the Sum Assured from a Tesco Bank Over 50's Plan to be paid directly towards the cost of a funeral with The Co-operative Funeralcare instead of to the estate. This means the payment can help take care of the funeral bill which will be one less thing for the family to worry about at such a difficult time.

If you choose this option, The Co-operative Funeralcare will make a £250 Contribution towards the cost of the funeral.

You can change your mind at any time and remove the option. More details including Terms and Conditions can be found in the guide below. A full pack will be issued by The Co-operative Funeralcare should you decide to take this option.

Before you select funeral benefit option, please read:

It's easy to get a quote and apply online for an Over 50's Plan

We've made applying online as simple and straightforward as possible.

Apply by phone

Call us on 0845 309 4403. We're open Monday to Friday 8am-8pm, Saturdays 9am-5pm and 10am-4pm on Sundays. Calls may be monitored.

Funeral costs

How much cover will I need?

If you are taking out a Tesco Bank Over 50's Plan to help protect your loved ones against the cost of your funeral, you will need to consider how much cover you need.

Average funeral cost

According to the Government's Money Advice Service, the average funeral can cost £2,725 for a cremation or £3,500 for a burial today. This covers the typical funeral costs, such as; use of the chapel of rest for viewing the deceased, hygienic treatment of the body (known as 'embalming'), administration – making all necessary arrangements and documentation, coffin, hearse and limousine and staff for the funeral itself. You may like to consider other services, which could come at an additional cost. For further information, visit the Money Advice Service website.

The rising costs of funerals

The costs of funerals have risen steadily over the past few years and this trend may continue.

The graph below shows how inflation could increase the costs of funerals in years to come.

Skip to accessible version.

The rising costs of funerals

We have assumed an inflation rate of 3%, and rounded the figures to the nearest £100. Please note; this is only indicative of what could happen and is designed to help you decide how much cover you may need. There may be other factors that could increase the costs of funerals above and beyond standard inflation rates.

Please note all the information above is only a guide. You must choose the appropriate amount of cover to suit your needs.

Once you have decided how much cover you may need for funeral costs, along with anything else you might want to cover, you can get a quote using the get a quote button below.

Accessible version

  2013202320332043
Cremations £2,700 £3,600 £4,900 £6,600
Funerals £3,500 £4,700 £6,300 £8,500

It's easy to get a quote and apply online

We've made applying online as simple and straightforward as possible.

Apply by phone

Call us on 0845 309 4403. We're open Monday to Friday 8am-8pm, Saturdays 9am-5pm and 10am-4pm on Sundays. Calls may be monitored.

Important policy information

Important policy information

  • You must be resident in the UK, which excludes the Channel Islands and Isle of Man.
  • You'll pay your premiums for 30 years or to the policy anniversary after your 90th birthday, whichever comes first. Depending on when you die, you may pay in more than is pay out.
  • The purchasing power of your sum insured will be reduced by the effect of inflation.
  • If you cancel your policy at any time you won't get any money back.
  • You can have multiple plans as long as your monthly premium is not more than £100 in total for all Tesco Bank plans taken out with Aviva.
  • If you die from an accident in the first year a payment of the life insurance amount is paid.
  • If you die from an accident on or after the first policy anniversary a payment of double the life insurance amount is paid.
  • If you die from other causes within the first year a payment amount equal to the premiums paid is made.
  • If you die from other causes on or after the first policy anniversary a payment of the life insurance amount is made.

We won't pay accidental death benefit if you die from an accident and the cause of the accident is the result of one of the following:

  • Criminal act - taking part in a criminal act.
  • Alcohol or drug abuse - including consuming too much alcohol, taking an overdose of drugs, taking controlled drugs (as defined by the Misuse of Drugs Act 1971) otherwise than in accordance with a lawful prescription.
  • Flying - except as a passenger in a commercially licensed aircraft.
  • Hazardous pursuits - motorsports (including motorcars, motorcycles and speedboats), mountaineering in which the use of ropes or guides is needed, potholing or diving using artificial breathing apparatus.
  • Intentional self-inflicted injury, including suicide.
  • War - including but not limited to war, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
  • Accidental Death Benefit is not paid if the life insured is living outside European Union or certain other countries at the time of death.

Before you buy this policy, please read:

It's easy to get a quote and apply online

We've made applying online as simple and straightforward as possible.

Apply by phone

Call us on 0845 309 4403. We're open Monday to Friday 8am-8pm, Saturdays 9am-5pm and 10am-4pm on Sundays. Calls may be monitored.

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