Tesco Life Insurance - £50 promotion loophole

Sausage_Roll

Pound wrote:

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

Good point, it's asking you to claim for these points within 3 months of opening the Insurance policy, but if you cancel within 6 Months they claim £50 back from you.

hmmmmmmmm... CS call maybe

bobsa1

I thought I would start the policy, contact them once I have the gift card to tell them I had found it cheaper, get the points and then cancel after 6 months.

Seems that would satisfy the conditions, any thoughts?

james10999

bobsa1 wrote:

I thought I would start the policy, contact them once I have the gift card to tell them I had found it cheaper, get the points and then cancel after 6 months.

Seems that would satisfy the conditions, any thoughts?

That sounds good, you don't have to cancel when you let them know you have found it cheaper, therefore you are keeping within their terms and conditions.

I must add I find this pretty disappointing this has been moved to the Insurance forum. For mostly everyone reading this thread, they will take up this offer for the £50 gift card, NOT for the life insurance product itself.
There is also no expaination of why this happened either
:mad:

benjimoron_2

"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."

Note the capital "GET", to get the 1,000 points do you not have to actually take out the other policy? Not sure why they would want you to take out the other policy but that's what the wording suggests to me. Otherwise I would have thought it would say something like get a quote and call us with the details. Maybe they could also argue that the policy is not like for like? I.e. Tesco covers you for more stuff?

james10999

benjimoron wrote:

"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."

Note the capital "GET", to get the 1,000 points do you not have to actually take out the other policy? Not sure why they would want you to take out the other policy but that's what the wording suggests to me. Otherwise I would have thought it would say something like get a quote and call us with the details. Maybe they could also argue that the policy is not like for like? I.e. Tesco covers you for more stuff?

Very true, however it is worth ago.
Even if this does not work, you'll still get the £50 gift card for a £30 investment.
:beer:

benjimoron_2

You guys may have thought of this already but what me and the other half are doing, both take out single policies (get 2 gift cards, sets of clubcard points). AND we would have cancelled our normal life insurance and taken this one out but it seems that we don't have a Norwich Union one like we thought as they haven't been taking the money! Lucky we hadn't died in the meantime. So instead of paying Norwich Union £10 a month and Tesco 2 x £5 a month, we'll be paying Tesco about £13 for two single policies. So it'll cost us £3 more than usual (£18 total) and we should get £100 gift card and £80 worth of deals. Just gotta check that we can get a quote cheaper elsewhere before we dive in.

So in summary, may be worth cancelling your current insurance and getting your full insurance with Tesco for 6 months to make a saving. We are quite lucky as it's cheap cos we don't smoke or drink much and are young.

Good News! Am able to find much cheaper options, even cheaper than the £10 I thought I was paying Norwich Union so when the 6 months are up I'm gonna get me a good offer too!

Just done it, you need two different clubcards that AREN'T linked to take advantage of the offer twice (as above).

Also if you're staff (like me) then you only get £30 voucher and have to claim the other £20 from head office!

james10999

Has anyone recieved there Tesco gift card yet?

james10999

An update for everyone (good news)

I have been given 1000 clubcard points as I have found a cheaper policy elsewhere with the link above in this post with Moneysupermarket.com. Was quite straight forward and only had to give the name of the provider, the amount of the policy, and how longer term it was over.

They have also confirmed to me that my £50 giftcard has been processed and will be delivered by the 14th January.

So:
1000 points (£40 of deals) +
£50 gift card for tesco for:

£5 a month (minimum 6 months so £30)

:beer: :beer: :beer: :beer: :beer:

achtunglady

Have any of you had to sign and return a disclosure of medical records form before the policy can be started? I got mine in the post today.

hgandh0013

Cant seem to find it cheaper anywhere than £5pm even tried moneysupermarket, has anyone found it cheaper.