Tsb Life Insurance: What You Need To Know

TSB Bank offers life insurance products to its customers in the UK and New Zealand. In the UK, TSB Bank provides life insurance products in partnership with Legal & General Assurance Society Limited, including life insurance, decreasing life insurance, critical illness cover, and over 50s fixed life insurance. The bank also offers a range of life insurance solutions in collaboration with Irish Life for customers in the Republic of Ireland. Meanwhile, TSB in New Zealand has partnered with Chubb Life to offer life insurance products such as life cover, life income cover, complete disablement cover, and specific injury cover.

TSB's life insurance partner is Legal & General

Legal & General offers a range of life insurance options, including a basic life insurance policy, decreasing life insurance, critical illness cover, and over 50s fixed life insurance. The basic life insurance policy provides a cash lump sum to your loved ones in the event of your death within the policy term. The decreasing life insurance option is designed to protect a repayment mortgage, with the amount of cover reducing roughly in line with the way a repayment mortgage decreases. Critical illness cover can be added to your life insurance for an additional cost and will pay out a cash sum if you are diagnosed with a critical illness. The over 50s fixed life insurance option offers guaranteed acceptance with no medical questions and provides cover for the rest of your life, even after you stop paying premiums at age 90.

Legal & General's life insurance policies also include additional benefits at no extra cost, such as Free Life Cover and Accidental Death Benefit. Their policies also provide free access to Wellbeing Support provided by RedArc, which offers a range of wellbeing services, including support from dedicated nurses. Legal & General also offers a confidential and impartial telephone service called Care Concierge, which can help you or your loved ones understand and find later life care.

TSB's partnership with Legal & General allows customers to access a range of personal life insurance products and receive advice based on their individual circumstances. TSB customers can manage their life insurance policies through Legal & General's My Account or by contacting them directly.

Critical illness cover can be added to a life insurance policy

When you take out a life insurance policy with TSB, you have the option to add critical illness cover for an additional cost. This can be added to either a standard life insurance policy or a decreasing life insurance policy. Critical illness cover provides a financial safety net if you are diagnosed with, or undergo a medical procedure for, one of the specified critical illnesses covered during the length of your policy. To qualify for a payout, you must survive for 14 days following diagnosis.

A wide range of illnesses are covered under critical illness cover, including many types of cancer. The full list of illnesses covered can be found on the TSB website. It is worth noting that children's critical illness cover is automatically included in the policy. Terms and conditions apply, and it is recommended that you read through the policy booklet and policy summary to fully understand the cover provided.

The cost of critical illness cover depends on your individual circumstances and the level of cover you require. When deciding how much cover you need, consider your existing financial obligations, such as everyday living costs, bills, and childcare costs. You may also want to take into account the potential cost of lifestyle changes, such as making modifications to your home.

By adding critical illness cover to your life insurance policy, you can ensure that you and your family have financial protection in the event of a critical illness. This can provide peace of mind and help reduce the financial burden during an already stressful time.

Life insurance can be purchased for those over 50

TSB does offer life insurance products, which are provided by Legal & General Assurance Society Limited.

Covering Final Expenses

The high costs of final expenses, including funerals and related services, can be a significant burden on your loved ones. Life insurance can ease this financial strain by covering these costs, ensuring your loved ones don't have to bear this expense during their time of grief.

Supporting Dependents

If you have a spouse, children, or other dependents who rely on your income, life insurance can provide financial stability for them in your absence. It can help cover outstanding debts, such as a mortgage, and provide ongoing support, giving your dependents the means to continue their lives with reduced financial worries.

Funding Future Goals

Life insurance can also support longer-term goals and aspirations. Whether it's funding education for grandchildren, leaving an inheritance for heirs, or making charitable donations, life insurance enables you to achieve these objectives even after you're gone.

Peace of Mind

Life insurance provides peace of mind for you and your loved ones. Knowing that your family will be taken care of financially in the event of your passing can be a huge weight off your shoulders. It ensures that your loved ones will have the financial resources to maintain their standard of living and fulfill their dreams.

Business Protection

If you're a business owner, life insurance can be crucial for the continuity of your venture. The death benefit payout can help your business stay afloat by covering unforeseen expenses and operational costs.

Leaving a Legacy

The death benefit from life insurance can also be used to leave a legacy for your loved ones or organizations that are important to you. It can help pay for your children's education, support charitable causes, or be used in any way that aligns with your values and wishes.

While life insurance for those over 50 may be more expensive due to increased age and health risks, it is still a worthwhile investment to protect your loved ones and ensure your financial goals can be met, even in your absence.

Life insurance can be used to cover mortgage payments

Life insurance is a difficult topic to discuss, but it is an important one. TSB offers life insurance products that can help cover mortgage payments, giving you peace of mind and financial security.

TSB's life insurance policies are provided by Legal & General Assurance Society Limited, with premiums starting from £6 a month. The policies pay a cash sum to your loved ones in the event of your death within the policy term, helping to ensure they will be financially looked after. This can be especially important if you have a young family or if your partner would struggle to afford mortgage payments alone.

The amount of cover you need will depend on your individual circumstances. TSB offers a life cover calculator to help you estimate how much cover you may require. You can choose the type of cover, from a single policy for yourself to a joint policy for you and your partner, as well as the amount of cover and how long you need it for.

One option is TSB's decreasing life insurance, which is specifically designed to protect a repayment mortgage. This type of policy pays a cash lump sum, with the amount of cover reducing roughly in line with the way a repayment mortgage decreases. This ensures that your loved ones can stay in the family home even if you are no longer there to help with the payments.

In addition to life insurance, TSB also offers critical illness cover as an optional extra. This can provide a financial safety net if you become critically ill, helping to cover loss of income if you are unable to work due to health reasons.

TSB does not provide financial advice for insurance

TSB's role is limited to introducing customers to these insurance providers and facilitating the purchase of insurance products. The bank does not offer recommendations or guidance regarding protection products. It is the customer's responsibility to decide if the policy suits their needs, and they are encouraged to read the policy documents carefully.

While TSB does not provide financial advice, it does offer a range of insurance products to its customers. These include life insurance, critical illness cover, and over 50s life insurance. TSB also provides customers with access to online resources, such as policy documents and claim procedures, to help them manage their insurance policies effectively.

It is important to note that TSB does not guarantee the insurance products marketed on behalf of its partners. The bank is not liable if the insurer declines to pay a claim. Any claims-related issues are between the insured person and the insurance provider or any involved third parties.

Frequently asked questions