Help with life insurance please

narabanekeater

When shopping in Tescos the other day we we given out a leaflet by one of those men at the door offering their ,life insyrance and pointing out the clubcard deal.
I told him I wouldnt be signing up on the spot but would take the leaflet home and read it. He assured me that I wouldnt find cheaper and even pointed out if I did I would be given 1000 extra clubcard points.
I went online at home and compared them to places like Nu etc and they were the cheapest. We are needing some cover and the deal with the clubcar(3500 for a policy --- 1000 points will be awarded 1 month after the 1st premium is paid and quarteley thereafter until 3500 are allocated. 3500 as the application was done online.
Im 24 non smoker not overweight no health problems female and for £180000 of cover over 5 years for myself it came out with £7.58p a month
My hustband a non smoker not over weight again no health problems aged 29 for £70000 £5.85p a month. Direct debits were sent off a couple of weeks ago but havent heard anything yet.
Being a good money saver ive just read Martins article With Sterling life the exact same policy for my hustband is £4.97p and for me £7.50p with friends Provident.
Its not a hudge overcharge but a bit. But Tescos say were so confident that were value for money. If you apply for Tescos life insurance and then get a cheaper policy elsewhere well give you 1000 clubcard points. To claim the points call xxxxx within 3 months of applying for your Tescos policy. Provide us with the details of the like for like policy along with your clubcard details and your points shall be awarded within 1 month of your claim.
Sorry im not very good at this sort of thing but does this mean basically I dont need to take out the cheaper policys just give them the details of them. Will they reduce my premiums to match after all there so confident of theier value for money?
I only really want a single lot of cover each. Weve done seperate policys to max out the clubcard points.
Sorry for such a long post but any comments are most welcome as is any pointers for getting it even cheaper
Thanks and have a great week
Allie

dunstonh

Tesco seem to think that they are cheap but that is no longer the case. They can be beaten, even on full commission terms. They currently use NU but they are switching to Direct Line soon (Tesco part own Direct Line). There was a big issue last year when it came to light that Tesco were getting better rates than IFAs on the life cover, even though NU got more business from IFAs. This appears to have been corrected. Although part of the reason is that other providers have lowered their premiums more than NU and they have slipped down the table.

I just did a quote comparison on the terms you mentioned and you came out at £6.32 and your husband £5.15 on full commission terms. With some commission gifting, the figures would be even better.

I would suggest you verify that quote for yourself as it doesnt appear correct. It seems to high. You may also want to continue shopping round as I think you can do better.