Over 50's life insurance
An easy way to contribute towards funeral costs, putting your mind at rest so you can get on and enjoy life
Get £80 in Tesco Gift Cards
Available as a thank you to new customers with a Clubcard who buy the policy by 11th October. Quote promotional code F8GPB to get £80 in Tesco Gift Cards. Additional terms and conditions
How does it work?
What is the Over 50's Plan?
If you're aged between 50 and 80, the Over 50's Plan is an easy way to contribute towards funeral costs. You don't have to worry about medical questions - we won't ask any.
There is guaranteed acceptance if you're aged 50 to 80 and a UK resident and you haven’t exceeded the premium limit. You can have multiple policies as long as your monthly premium is not more than £100 in total for all Tesco Bank policies taken out with Aviva.
This life cover pays out a lump sum when you die on or after 12 months of cover. More information
You can choose the amount you want to be covered for, or how much you can afford to pay each month. Over 50's Plan starts from just £7 a month. You also have the choice to take out the Funeral Benefit Option where an additional £250 on top of your sum assured will go towards the cost of your funeral. Find out more about this option
You can cancel your policy at any time but you will not get any money back.
Please make sure you read the policy documents before applying. See our policy documents
How long will I pay for?
The amount of your monthly premium will depend on your age and the amount you choose to be covered for.
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 more in premiums than is paid out.
The Over 50's Plan starts from £7 a month with fixed premiums. Your monthly premium will never go up - even if there's a change in your health or lifestyle.
Adding funeral benefit option is completely free of charge and won't affect your monthly payments or the amount you're covered for in any way.
More details, including the terms and conditions, can be found in the our policy documents. See our policy documents
Funeral benefit option
One less thing to worry about
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 an additional £250 Contribution towards the cost of the funeral.
A full pack will be issued by The Co-operative Funeralcare should you decide to take this option. More details, including the terms and conditions, can be found in the our policy documents. See our policy documents
You can get more information about funeral costs from the Money Advice Service.
How do you claim?
Help when you need it most
Our friendly UK call centres will help you through the claim process.
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Call 0800 015 9582 to chat about new policies.
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Key product information and policy documents
Defaqto is an independent researcher of financial products.
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 more in premiums than is paid out.
How much will it pay out?
- 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.
About accidental death
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 the key facts and policy conditions to make sure you're happy that this policy is right for you.
Free gift card additional terms and conditions
Free Gift Card additional terms and conditions
- The Gift Cards will be posted (no duplicates will be sent) to the policyholder’s address as 2 x £40 gift cards. The first £40 Gift Card will be sent after 4 monthly payments have been made and the 2nd Gift Card will be sent after 8 monthly payments have been made.
- Clubcard number must be provided during quote.
- Maximum two offers per household.
- If you cancel your policy or stop paying premiums, we will not send any outstanding gift cards.
- Not available to customers who have cancelled any Tesco Bank Life Insurance, Life and Critical Illness Insurance or Over 50’s Plan within the last 12 months.
- Not to be used in conjunction with any other offer.
- This offer is not available when taking out free life insurance for new parents.