Tesco Life Insurance
Tesco Bank, trading as Tesco Personal Finance plc, is owned by the largest supermarket in the UK, Tesco. Tesco Bank is a telephone and internet based commercial bank founded in 1997 in Edinburgh, Scotland.
Tesco Bank offers finance and insurance, mortgages and credit cards. Tesco Bank was a joint venture company, 50% being owned by Royal Bank of Scotland, one of the biggest banks in the UK, and 50% owned by Tesco personal finance plc until 2008 when Tesco bought RBS’s share for £950 million. Tesco Bank has 2,818 employees, has declared a revenue of 700 million in 2011 / 2012, and its total assets are worth £7.605 billion.
Tesco offers life insurance, with the help of Aviva Life & Pensions UK LTD, previously in partnership with Friends Provident or Friends Life.
Tesco offers the following types of life insurance:
If you pass away or suffer from a terminal illness ( where life expectancy is no more than 12 months) during the term of the cover, a lump sum will be paid to your family, a previously agreed amount chosen by you, which remains the same for the duration of your policy.
What are the benefits of getting a Level Cover ?
This type of cover was created to protect a regular mortgage repayment or loan in the event of your death. Compared to the level cover, the decreasing cover pays out less over time, in line with your mortgage’s outstanding balance.