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Tesco Life Insurance is currently provided and underwritten by Aviva and is term life insurance.
Eligible UK residents can currently apply from age 18 to 77.
That distinction matters because Tesco's policy requires underwriting and ends after a chosen term rather than automatically continuing for life.
What life insurance does Tesco offer?
Tesco currently offers two main cover structures.
Family Protection provides level life insurance.
The insured amount remains the same throughout the policy unless an inflation option is selected.
Mortgage Protection provides decreasing life insurance.
The payout reduces over time and is designed primarily for repayment mortgages where the outstanding debt is also expected to fall.
Both can be relevant to people over 50 depending on their financial circumstances.
How much cover is available?
Tesco currently allows life insurance of up to £5 million, subject to underwriting and the applicant's circumstances.
This is completely different from traditional guaranteed acceptance over 50s plans, which often provide only several thousand pounds.
Someone aged 55 who needs £250,000 to protect a mortgage may therefore find Tesco's standard term insurance much closer to the type of cover required.
Related guideCan you get £100,000 of life insurance over 50?How long can the policy last?
Tesco currently offers terms from 5 years up to 50 years, and cover can last until age 90 at the latest. Someone starting cover at 55 could therefore choose a term of up to 35 years.
The key point is that it is not whole of life insurance.
If you take a 15 year policy and survive those 15 years, the cover normally finishes without a payout.
That is how term insurance is designed to work.
Illustration only. Tesco cover can last until age 90 at the latest.
Are medical questions required?
Yes.
Tesco Life Insurance is medically underwritten.
You will need to answer questions about your health and lifestyle.
Aviva can request further medical information or, in some circumstances, a medical examination.
This makes the application more detailed than guaranteed acceptance over 50s cover.
The advantage is that underwriting can allow much larger amounts of protection to be offered.
Can couples get joint cover?
Yes.
Tesco currently allows single and joint life insurance applications. For joint applications, eligibility is affected by the age of the older applicant.
A joint term policy normally pays after the first insured person dies and then ends.
Two individual policies can potentially provide two separate payouts.
Couples should compare both structures.
Related guideJoint life insurance for over 50sDoes Tesco offer critical illness cover?
Optional critical illness cover is available on eligible Tesco Life Insurance applications, but the application age range is lower than for basic life cover.
Tesco currently restricts new critical illness applications to ages 18 to 64.
Someone in their early 60s may therefore still have this option, while an older applicant may not.
Is Tesco Life Insurance suitable for funeral costs?
It could leave money that is used towards a funeral if death occurs during the policy term.
However, term insurance is not normally the most direct way to guarantee that a modest sum will be available whenever you die.
The policy can expire while you are still alive.
Someone who wants a smaller payout designed to remain in place for life may want to compare guaranteed acceptance or other whole of life policies.
Related guideFuneral insurance for over 50sTesco life insurance or over 50s whole of life cover?
The right comparison depends on your objective.
Tesco's term insurance may suit someone who wants substantial protection for a mortgage, partner or family over a defined period.
Guaranteed acceptance over 50s cover may be more relevant to someone seeking a smaller lifelong payout without answering medical questions.
Being over 50 does not automatically make an over 50s branded policy the better option.
Speak to a qualified UK life insurance adviser who can compare options available through their panel. Tesco Life Insurance is bought directly through Tesco Insurance, so the adviser we introduce you to may not be able to arrange a Tesco policy. 50Life is not part of Tesco or Aviva. We introduce you to the adviser and do not ourselves give personalised advice.
