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.