Tesco Life Insurance - £50 promotion loophole

james10999

From information sent along with Tesco Clubland Statements

"Take out Tesco Life Insurance by phone between 6th November and 31st December 2006 and we'll give you a £50 Tesco Gift Card".

Phone: 0845 300 5660

Tesco send out this £50 gift card to spend at tesco after you have paid for you first months premium however the terms and conditions state
"If you cancel your policy within the first 6 months of the policy, we reserve the right to request a refund of the £50 gift card already given to you".

Ways around this are:
1 - To request the minimum amount of cover possible - £30,000
2 - To request the shortest term possible - 5 years
3 - If you answer all the questions and state "no" to everything. You don't have to use this life insurance, your just using it for the gift card.

If you follow this correctly your policy should work out at £5 a month. Therefore to get the £50 gift card, the policy will cost you:

£5 a month x 6 months = £30
Therefore profiting £20 to spend in Tesco how you want!

PLUS!

Tesco offer 1000 points (£40 in deals) if you find a cheaper quote elsewhere. I'm sure everyone will be able to find a quote else where cheaper. Quote from Tesco website:
If you apply for Tesco Life Insurance or Tesco Mortgage Life Insurance and then get a cheaper policy elsewhere, we'll give you 1,000 Clubcard Points.
To claim these points, just call us on 0845 300 6740 within three months of applying for your Tesco policy. Provide us with the details of your like-for-like cheaper policy and your Clubcard Points will be awarded within one month of notifying us.


However, make sure you cancel the policy after 6 months payments have been made. The gift card will be with you in time for christmas!!

Total Cost of Cover for 6 months = £30
Gift Card Value to take up offer = £50
Tesco clubcard points to take up offer = £40 in deals (1000 points)

Profit = £60

Sausage_Roll

Great find, I'm taking one out first thing tomorrow!

Something i spotted on their website though -

"Price Promise

If you apply for Tesco Life Insurance or Tesco Mortgage Life Insurance and then get a cheaper policy elsewhere, we'll give you 1,000 Clubcard Points."

I think the 1000 points are only if you find a cheaper deal within 3 months.

However that shouldn't be that hard to do, with the amount of comparison sites around!

doublekite

Surely the premium is not always £5, it must depend on age etc.

james10999

doublekite wrote:

Surely the premium is not always £5, it must depend on age etc.

I have done this for someone who is 42 and myself (22) and both worked out at £5 for £30,000 of cover over 5 years and answering no to all the medical questions.

If anyone has anything else please let me know

jeppy

Tomorrow I will check for cheaper options if I find one I will definitley go for this!!!

james10999

EDIT:

You can compare life insurance quotes here:
http://www.moneysupermarket.com/lifeinsurance/uk-life-insurance.aspx

I came up with 2 quotes from Liverpool Victoria and Friends Provident for £3.90.
£1.10 less than tesco were offering. So it seems it will be quite easy to find a cheaper quote.

:beer:

jeppy

james10999 wrote:

EDIT:

You can compare life insurance quotes here:
http://www.moneysupermarket.com/lifeinsurance/uk-life-insurance.aspx

I came up with 2 quotes from Liverpool Victoria and Friends Provident for £3.90.
£1.10 less than tesco were offering. So it seems it will be quite easy to find a cheaper quote.

:beer:

Thanks for this, I have saved as a favourite for future use!!!

bobsa1

OOH just checked money supermarket and I'm being offered £3.60 a month for £30k over 5 years. If tesco is more than that I will be buying!!

Thanks op

How quickly will you let tesco know you've found it cheaper?

tubbies74

great find this op

james10999

bobsa1 wrote:

How quickly will you let tesco know you've found it cheaper?

Personaly, I'm going to wait until I have got the £50 gift card (only signed up for this today!).
You can basically let them know any time during the first 3 months so there is no real rush

:j

Pound

So, when you find the cheaper policy and cancel your Tesco policy you get 1000 points. But won't Tesco want their £50 back?