Decreasing Cover Life Insurance

The cover amount reduces each year roughly in line with your mortgage - yet the premium remains fixed.

Guess what? Decreasing cover could help to protect a standard repayment mortgage if you die during the policy term.

Taking care of life after you...

Earmark a cash sum to help you look after your family's future and pay off your mortgage after your death

Get 3000 Clubcard points when you get a quote between 1 March 2012 and 15 August 2012 and then buy the policy. More about this offer.

Tesco Life Insurance is provided by Friends Life Limited.

A standard repayment mortgage is also known as a capital and interest mortgage.

What's in it for me? Key benefits and features

Fixed monthly premiums during the policy term.
A cash sum chosen by you that could pay off your repayment mortgage and other financial commitments to help support your family.
Joint or Single Cover - you can set-up your policy with either a single life assured or two, joint, lives assured. For joint policies we would only pay out the sum assured once, on first death or on payment of a critical illness claim.
Terminal Illness Benefit to look after life's essentials if you're diagnosed with a terminal illness at least 18 months before the cover term ends. The policy will end if the advanced cash sum is paid.

Terminal Illness is an advanced or rapidly progressing incurable illness where it is considered that life expectancy will be no greater than 12 months. This differs from Critical Illness Cover which pays out a lump sum.

Illustration of how decreasing cover life insurance works

Please note that there is no cash-in value at any time. If you stop paying premiums your cover will stop.

Additional Options

Mortgage Increase and Extension Option

Want to occasionally increase or extend your mortgage? A flexible policy can adapt to your changing needs. If you're under age 50 and in good health we'll include this option. It allows you, subject to certain limits, to take out extra cover or extend the cover term without further evidence of health, family history, occupation or pastimes if you increase your mortgage, either to move house or pay for home improvements.

You can exercise this option during the cover term up to your 55th birthday. If you increase your cover or extend the term your premiums will increase.

There are limits to the new amount of Life Insurance you can take out under these options so please read the policy terms and conditions. Your premiums may increase if you change the amount and term of your policy.

How much will it cost?

Your premium amount depends on your personal circumstances, for example, age, sex, occupation, lifestyle, personal and family medical history and whether or not you smoke or use nicotine products
Cost is dependent on the cover amount (the sum assured) and its length and the benefits you have chosen
Our online cover calculator can help you decide how much cover you need
Don't worry if you're on a budget - you can get a quote based on the monthly premium that you would like to pay and we can tell you how much you could be covered for
You must review your cover amount and term regularly to ensure they meet your needs, especially if your personal circumstances change

Adding Critical Illness to your policy...

Take the strain out of your personal finances when you're critically ill with Critical Illness cover.

Terms and Conditions

This offer is available to new Tesco Life Insurance customers who get a quote between 1 March 2012 and 15 August 2012 and then buy the policy.
One offer per policy.
This offer is only available to Clubcard customers. The Clubcard number must be provided at time of quote.
The Clubcard must be in your name.
Points will appear in the next available statement; this may not be the next statement you receive.
If you cancel your policy within the first 6 months, we reserve the right not to fulfil the Clubcard points.
Not to be used in conjunction with any other offer.
The Clubcard scheme is administered by Tesco Stores. Tesco Stores are responsible for fulfilling points.

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