“Sainsbury’s” is the third-largest supermarket chain in the United Kingdom, currently holding approximately 16.
Level Term Life Insurance guarantees that the lump sum will remain the same throughout the policy term unless the policyholder decides to increase the cover.
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“Sainsbury’s” is the third-largest supermarket chain in the United Kingdom, currently holding approximately 16.5% of the market share. The company was founded in 1869 and has its headquarters in London.
Although the company has fewer customers than its two biggest competitors, “Tesco” and “Asda”, “Sainsbury’s” has a strong and reliable presence in the food market. Sainsbury’s Bank was established in 1997. It is a wholly owned subsidiary of Sainsbury’s, offering clients various protection and investment options: loans, credit cards, general and life insurance. All life insurance products offered by Sainsbury’s are created by Legal & General. Legal & General is one of the most acknowledged protection companies in the United Kingdom and worldwide, so clients can be assured that all financial products sold by Sainsbury’s are reliable.
Currently, the company offers four types of cover: Level Term Life Insurance, Mortgage Level Term Insurance, Mortgage Decreasing Term Insurance, and Over 50s Life Insurance. All plans can be written on a single or joint life basis. Plans written on a joint life basis will only make a single payout.
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Level Term Life Insurance guarantees that the lump sum will remain the same throughout the policy term unless the policyholder decides to increase the cover. The monthly payments for this type of policy are also guaranteed to remain the same unless the policyholder decides to increase them. Furthermore, individuals are also insured against terminal illnesses. While the application is being processed, clients are granted a free Accidental Death Benefit for up to 90 days. The company also allows individuals to increase their cover over time. This can be a beneficial option for those planning to start a family or increase their income in the future. It is beneficial to have flexible cover that can be adapted to changing needs. However, increasing the cover will also increase premiums.
Mortgage Life Insurance is designed to protect the outstanding mortgage balance in the event of death. Sainsbury’s offers two mortgage protection plans: Mortgage Level Term Insurance and Mortgage Decreasing Term Insurance. The first product, Mortgage Level Term Insurance, is designed for interest-only mortgages as the cover remains fixed throughout the policy term. Mortgage Decreasing Term Insurance is recommended for those seeking life insurance to cover a decreasing mortgage balance. Both policies include a free terminal illness benefit. Furthermore, an Accidental Death Benefit is provided for up to 90 days while the application is being processed.
Moreover, the policy includes free life cover for individuals in the process of buying property. A valuable complimentary benefit included with both policies is the SmoothMove service. SmoothMove is a complimentary support service. This service assists with issues that may arise during a house move. SmoothMove also provides free legal advice post-move and three months of domestic emergency repairs.
We compare plans from the leading life insurance providers
Sainsbury’s Over 50s Life Insurance is designed for UK residents aged 50 to 80. Cover starts from £5 per month, and no medical tests are required. Policyholders can choose their desired cover level or premium amount. Premiums are guaranteed to remain fixed once the contract is signed. Furthermore, once the policyholder reaches 90, premiums are waived while the life insurance cover continues.
Sainsbury’s offers two additional benefits at an extra cost: critical illness cover and waiver of premiums. Critical illness cover provides a lump sum payment upon diagnosis of an illness listed by the company. Currently, the list includes 39 illnesses. It’s important to note that exclusions apply to all illnesses covered. For example, only advanced cases of cancer are covered. The waiver of premium benefit suspends premium payments if the policyholder is unable to work due to illness or accident. Premiums are waived after 26 weeks of inability to work.
Defaqto ratings are an independent assessment of financial products, designed to help consumers make informed decisions. These ratings, from 1 to 5 stars, indicate the quality and comprehensiveness of a product, with 5 stars representing the highest quality. The latest Defaqto ratings for Sainsbury’s Bank life insurance products are current as of March 7, 2025.
Sainsbury’s Bank has achieved strong Defaqto ratings across several of its life insurance offerings. Notably, their direct life insurance and critical illness plans with life cover, as well as over 50s life assurance, all hold a 5-star rating. Their level term and decreasing life assurance plans are rated 4 stars, while critical illness cover on level term and decreasing term policies receive 3 stars.
When comparing Sainsbury’s ratings to major competitors, we see a mixed landscape. For example, Aviva boasts numerous 5-star ratings across various life and critical illness products, while Legal & General also secures many top ratings, particularly for critical illness and life assurance. Zurich also demonstrates strength with numerous 5-star ratings in critical illness and life cover. However, Sainsbury’s maintains competitive 4 and 5-star ratings in key areas, demonstrating a solid level of quality.
For consumers, these Defaqto ratings suggest that Sainsbury’s life insurance products are generally of a high standard, especially their direct and over 50s offerings. While some competitors may have a broader range of 5-star rated plans, Sainsbury’s still provides dependable and quality options, particularly for those seeking direct life cover or over 50s plans. It’s always recommended to consider your specific needs and compare policy features alongside these ratings.
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (decreasing) | Mortgage Decreasing Term | 3 |
| Critical illness (level term) | Level Term Assurance | 3 |
| Critical illness (level term) | Mortgage Term Assurance (Mortgage Protection Plan) | 3 |
| Critical illness (direct with life cover) | Level Term Assurance | 5 |
| Critical illness (direct with life cover) | Mortgage Term Assurance (Mortgage Protection Plan) | 5 |
| Life assurance (direct) | Level Term Assurance | 5 |
| Life assurance (direct) | Mortgage Term Assurance (Mortgage Protection Plan) | 5 |
| Life assurance (decreasing) | Mortgage Decreasing Term | 4 |
| Life assurance (level term) | Level Term Assurance | 3 |
| Life assurance (level term) | Mortgage Term Assurance (Mortgage Protection Plan) | 3 |
| Over 50s life assurance | Over 50s Fixed Life Insurance Plan | 5 |
| Over 50s life assurance | Over 50s Life Insurance Plan - Increasing Plan | 5 |
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