It’s back - the most (in)famous of Tesco’s regular bonus Clubcard promotions!
Five years ago, Tesco Life Insurance was a licence to print Avios (or BA Miles, as they were then). You got 4,500 Clubcard points per policy, you could take out as many policies as you wanted, and you only needed to make one £5 payment before you received the points. Happy days indeed!
The offer today comes with a longer list of terms and conditions. It still represents good value, though.
This Tesco webpage is your starting point.
And here are the key things you need to know:
(Before we go any further, remember that – even if you fully intend to cancel the policy quickly – you are committing fraud if you make any false statements on the application form.)
- This promotion is only available to the under-50′s – if you are over 50 you need to apply for their separate over-50′s policy here which has a £7 per month minimum premium
- You must pay three monthly premiums (the lowest is £5) before you qualify for the points.
- You must be over 18 and a UK resident
- You may be asked to go for a medical before you policy is accepted if you disclose any existing health conditions. Even if you disclose no previous health issues, you may be randomly selected to attend a medical.
- There is quite a bit of paperwork associated with this promotion.
The application form is here and you need to use code LIFE50PTSP1 when applying.
(Do not be confused by the separate Critical Illness policy which also offers 3,500 points. That carries more risk of a medical examination and has separate terms and conditions, one of which is that Tesco can take back your points if you cancel within 6 months. Stick to Life Insurance.)
Enter £5 per month as the amount you want to pay, and select a short period of, say, 5 years for the policy. (You can still cancel at any time. However, the price is locked in for the period you select.)
All in all, it is a very good deal. Even at the basic Clubcard to Avios conversion rate, you will receive (3,500 x 2.4 =) 8,400 Avios for your £15 of premiums. The downside is the paperwork you need to complete, of course.
The closing date for applications under this offer is 21st May.
Are you sure over 50′s have to take out the over 50 plan to get the points. I’m 50 and was accepted for the standard plan
Thanks Raffles, perfect timing as I am way short on Avios points for a booking I need to make for next Feb.
Sorry, I should have asked this on the last comment. Can you do multiples of this as well?
No. Because you wouldn’t be a ‘new’ customer on the 2nd application as so don’t get the bonus. You can (in practice) have multiple policies, just no multiple bonus.
Ah, thanks for pointing this out. In that case her ladyship will take one out as well.
uuuuuuuummmm
Available to new customers with a Clubcard who apply by 21/05/13 and then take out the policy using promo code LIFE50PTSP1. More about this offer.
What about those that used this deal 2 years ago and paid the 3 months worth then cancelled.. not sure what this means to us.
To add to my earlier comment, the over 50′s plan is one that gives guaranteed acceptance. I think you are still good for the points if accepted on the standard plan.
Confused.com are currently doing a very similar promo earning you 10,000 Nectar points. I’ve been able to get the premium as low as £4.50 odd.
done, not really a lot of paperwork (first paperwork cant be paperwork if its online forms, second you just click no to all the answers if true or not done under 3 mins, since it only matters to answer truthfully if your planing on making a claim *true no one can plan when they will die, will some can and do*, but i dont think anyone signing up from this site is)
More paperwork is coming in the post, Martin!
T&Cs mention that clubcard point will be added after three monthly premiums have been paid.
Still good price though.
They also seem to offer free new parents life insurance policy (£10000) cover without any fees – too good to be true?
Yes, you need to pay 3 months, hence the references in the post to £15 expenditure needed. Still a bargain for 8,400 Avios though – and over 10,000 if you converted during a conversion bonus.
Do you get to enter the promotion code after the initial Quick quote screen? I’ve started doing this and after I get the quote there’s only an “Apply now” button which I’m hesitant to click without entering the code first!
I beleive it should be called Life Assurance, death is a certainty.
Anyhow after I completed the application and entered my bank details, the page took three minutes to go to the next screen and when it did, it was a login page for Aviva agents! So I do not know if it has been actioned. I guess I had better wait and see.
Does anyone know when the points will be credited?
I had an instant email to say the application had been received & policy would be active on the date I chose – perhaps worth checking your inbox.
Assurance is a guaranteed insurance. Whole of Life is assurance as it covers you until you die and death as you say is a certainty. This is term life insurance. It covers you for a set period of time. If you survive after that time then you will not receive a payout. Therefore the payout is dependent upon events and not guaranteed making it insurance not assurance.
Is anyone else having problem with the site? Clicking “Get a quote” on the initial page didn’t work for me on IE. Tried google Chrome and got past that, filled in detail, clicked “get quote”, it took forever to load and when it did I got some error page leading me to a staff log in page. Tried 3 times now and it’s done that everytime.
The website must be overloaded with applications, due to the promo!
I got all the way to paments, entered my bank details and then after a few minutes got the IFA / staff login page. So I don’t know if my policy has been activated. Tried phoning but there is a recorded message saying that they are unable to take the call at this time.
I tried to retreive my quote using the unique reference code that was emailed, but the website does nor respond.
Yes. How ‘new’ is a new customer? I did the Life Insurance deal back in 2004/5. Not sure I’ll be eligible…?
You are definitely eligible, because it was Legal & General back in 2004/5 and not Aviva.
I reckon that, like a credit card, as long as your previous app is already cancelled a few months ago you would be OK. They can only say no!
I applied for this susccesfully last night. A few pointers may answer some of your questions above. I used a 2/3/12 start date on my application and my policy was issued immediately on conclusion of the application. I experienced some slow load on pages and once had a freese. Refreshing the froszen page worked successfully just taking me back one step of the application. My reading is that points will be posted following collection of three monthly premiums; so presumably available on next statement after that. I guess August for most of us. T&Cs are as follows:
Additional Terms and Conditions
•Clubcard number must be provided during application.
•One offer per policy. Not to be used in conjunction with any other offer.
•The Clubcard must be in your name and the points will be added to a future Clubcard statement after three monthly premiums have been paid.
•The Clubcard Scheme is administered by Tesco Stores who are responsible for fulfilling points.
•This offer does not apply to the Tesco Over 50s Plan.
I’m unclear what ‘one offer per policy’ means. Does this preclude us from multiple applications? I guess so!
The points seem to be available only for life assurance and critical illness but not for over 50s plan.
If you are over 50 I believe you still may be able to apply for the life assurance provided the term you request will end before you reach 70 years old.
Sorry, start date was 2/3/13, same day as application.
My wife and I share a clubcard account but have different clubcard numbers, anyone know if we can each do this?
Yes, should be OK – although to be sure you could open a new account anyway.
Do you think you’d be able to take out multiple types of cover, e.g. Decreasing and Level and be eligible for two sets of 3,500 points?
No, I would doubt this as it is the same sort of policy
Just to highlight – as much as I’m sure 3 months will be enough to secure the points, it’s worth taking into consideration the Additional Terms and Conditions that state:
Additional Terms and Conditions
•If you cancel your policy within the first 6 months we reserve the right not to fulfill the Clubcard points.
That condition is only under Critical Illness. It doesn’t appear with the Life Insurance policy.
Thanks for this Raffles, fully signed up.
I suppose the drill is to wait for the Clubcard points to land, then cancel the direct debit.
Yes!
“You got 4,500 Clubcard points per policy, you could take out as many policies as you wanted, and you only needed to make one £5 payment before you received the points.”
How many policies can we take out on this occasion?
Can I take one out for each member of my family, on the same clubcard number?
You can still take as many as you want. However, you will only be a ‘new customer’ for the first one, and so only get one bonus.
You could sign-up other family members, but you would need a different Clubcard number I think. You also need to careful of legal issues surrounding signing up people for insurance policies without telling them (if you weren’t planning to!).
Hi Everyone. I took out a Life insurance?assurance with National Westminster Life Assurance Ltd during 2010 and I still hold it. It was taken over by Aviva. Does anyone know if I could cancel it now and take it out with Tesco and get the clubcard points? I was told by Aviva today that Insurance and Assurance are the same thing. So where do I stand with that?
Technically you have an Aviva policy, but not a Tesco policy. You are a new customer to Tesco Life Insurance. I would argue that you are OK to take out another one (no need to cancel the earlier one) but there is a risk that Aviva does not share that view when it comes to awarding the points.
Great, thanks Raffles. I won’t be greedy on this occasion
I’ve taken out a policy today, happy days
Apparently I have got:
“Thank you for answering all our questions. We need to look at the information you have provided in more detail before we can confirm whether we can accept your application.”
Then it’s asking me to enter my doctors name and address. I’ve paused at the moment as I not sure whether it’s actually worth the effort – did anyone else get this screen? I’m guessing it’s come up with this because I have said yes to some of the lifestyle questions.
If I could use a “Double points” voucher that someone has just given me, I could be tempted to jump through the above hoops…Doubt it would be accepted though?
No. Even instore, double points vouchers only work on base points, not bonus promotions.
Thought as much, but always worth asking =)
Has the terms and conditions for the “Life insurance” changed from yesterday?. I am sure it stated, as has been repeated on here, that you would get the points even if you cancel after 3 months. However, when looking at the additional t & c’s today of the Life Insurance it is the same as the Critical Illness cover, being “If you cancel your policy within the first 6 months, we reserve the right not to fulfil the Clubcard points.” I would have signed up yesterday, but didn’t have my cards to hand and believed there would have been no rush to do so.
Is it still worth doing now and a good deal even if we have to do it for the 6 months, i.e. £30.
Yes, it has DEFINITELY changed. The 6 month clause was not there yesterday, although it was in the Critical Illness version.
That said, how can they enforce it? The points are issued after 3 months and you will have had your vouchers before the 6 months are up! If you simply stop your direct debit, it also takes them a couple of months to get around to cancelling your policy, because your first get a bunch of letters saying that you must have made an error at the bank ….
They did the same with the Blinkbox promotion where they changed the T&C’s after a couple of days of the promotion. It’s suitably vague but as it says
The points will be added to a future Clubcard statement after three monthly premiums have been paid.
It could be they are going to do what they did when I ordered some wine for 500 points and only add the points right at the end of the clubcard collection period so it could be more than 3 months until you see the points hit your clubcard statement.