“Tesco” is a company that specializes in grocery and general merchandising. The company is headquartered in United Kingdom but conduct business in other continents including Asia and North America. The company was originally established in order to sell food and drinks but during recent years “Tesco” expanded its activities into such markets like clothing, electronics, financial services, life insurance and other. At the moment “Tesco” is the third largest retailer in the word after “Wal-Mart” and “Carrefour”.
The biggest advantage of “Tesco” life insurance is the simplicity and the speed of the offer. The provider of “Tesco” life insurance is “Friends Life”. Quote can be easily calculated online in just a couple of seconds. The person simply has to fill in an online application form. The person is simply asked to select between 6 possible life insurance types: level life insurance, decreasing life insurance, level critical illness cover, decreasing critical illness cover and a decreasing or level combination of life insurance and critical illness cover. The individual is obliged to provide the company with truthful information. What is more, a person has to inform a company about any changes in his family health history, hazardous pastimes, travelling abroad, country of residence, occupation and occupational duties. If the person fails to inform “Tesco”, the company will not make a pay out in case of death or critical illness. “Tesco” life insurance starts from £5 per month.
Level life insurance can be purchased for any term between 5 and 40 year. However, at the end of the term the person cannot be older than 85 years. For example, if Lucy is 55 years old, the maximum term of the insurance for her is 30 years. For both these plans level term and decreasing term the person has to be 18 or older and mush have a permanent residence in United Kingdom. Both level term and decreasing term life insurance policies do not have cash-in values.
In the online form the individual has to select whether he wants his premiums to be based on the amount of cover chosen or the cover be selected according to the premiums required. The individual is also required to select the time period of the contract and choose between single and joint policies. Only four personal facts are necessary in order to get online quote: date of birth, sex, occupation and whether the person smoked or used nicotine products in the last 12 months. After this information is provided the quote is calculated. If the individual is satisfied with the quote, he can apply for the cover online or through the phone. However, a person has to be aware of the fact that the premiums can increase or decrease during the process of underwriting. What is more, the company guarantees the premiums for the first 5 years of the contract. After that time the premiums are reviewed annually. As a result, the individual may have to pay higher premiums or reduce the amount of cover.
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Critical illness cover will pay out a lump sum if an individual gets seriously ill and is unable to work. At the moment “Tesco” offers protection from 35 different illnesses. As it was mentioned earlier, the cover can be purchased separately from life insurance cover or as an additional benefit to life insurance contract. The illness has to be diagnosed 18 months before the termination of the contract. Otherwise, the person does not get the benefit. After death benefit is paid out, the policy ends.
Mortgage increase and extension option is offered for those people that are under age 50 and are in good health. This benefit allows the person to take out additional cover up to certain limits without additional proof of health, occupation or lifestyle. The cover can be increased in certain circumstances: when the person moves to a new house, increases his mortgage or pays for his home improvements. The benefit can be exercised during any time of the cover but the person cannot be older than 55 years old.
Special events benefit is included in level term life cover contract for people that are younger than 55 and are in good health. This benefit allows the person to take out a bigger cover without additional proof of health, occupation or lifestyle if one of the following events happens: marriage, registration of a civil partnership, birth of a child or a legal adoption of a child that is 16 and under.