Tesco Life Insurance for over-50s launched

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Tesco Life Insurance for over-50s launched

Tesco has launched a life insurance policy for the over-50s, which allows customers to leave loved ones a guaranteed tax-free cash lump sum.

Those signing up to the policy, which requires no medical for people aged between 50 and 75, will receive a £20 gift card if they buy before June 26th 2008.

Customers can apply for the policy over the phone or online. They will stop paying when they reach 90, but cover continues until death.

The insurer has estimated that a 55-year-old male paying £10 per month will receive cover of £2,413, while a woman of the same age will receive cover worth £3,060.

Jeremy Sutton, head of Tesco Life Insurance, commented: "Customers have been telling us that they want a product that meets their needs for leaving something for their loved ones. We're confident that our prices are the best value cover in the market."

Yesterday Tesco Health Insurance suggested that people could purchase its cover from as little as £1.50 a day.
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