Do Tesco Now Offer Funeral Plans?

Supermarkets today sell everything it would seem and at some point one such store must have dabbled in Tesco Funeral plans, because you and everyone else is seeking them out. 

 

Tesco does do insurance though via its website, just not Tesco funeral plans right now

 

It seems they also used to provide Over 50s life insurance but not any longer so what can we learn?

Limitations of Tesco plans:

The limitation is that once upon a time there was a Tesco Over 50s life insurance offering but they seem to have changed their minds and stuck with car, home and travel insurance. 

 

The Tesco insurance was quite affable in that it didn’t lay down as many restrictions as a normal life insurance product would. 

How much does it cost?

 

The Tesco Over 50’s life insurance which is similar to a funeral plan when it has an actionable clause called a Funeral benefit. It was affordable and from only £7 a month. It’s quite possible that this was a third party partner service from a big insurance house and the deal closed.

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Common Questions About Tesco

What Funeral Plans Do Tesco Offer?

 

Tesco Funeral Plans: We have yet to see Tesco offer a funeral plan product.

Over 50s Life Insurance With Funeral Benefit: From £7 a month

 

Includes: A cash lump sum payable to a next of kin or named beneficiary at the time of death. An additional clause that enables you to instruct the insurer to pay part or all of the funds to a specific Funeral Director.

 

Notes: Until Tesco develop a new offering, there are no Tesco Funeral Plans nor do any of the other supermarkets like Asda or Sainsbury offer them.

 

Trust Held: No, most likely overseen by Financial Conduct Authority and not in the Tesco brand name.

What’s Guaranteed?

  • A lump sum upon death for your next of kin
 

Any Cancellation fees?

 

No, being a whole of life insurance policy the best way to cancel is to simply stop making payments and cover ends after thirty days. However you don’t receive any premiums back or any sum of money.

 

Does that mean I (or my family) will have to pay money on top?

 

No, the deceased will have arranged with a Solicitor or left commands in their will to suggest that this payout should go towards or pay entirely for a funeral. The person may also have directed where any remainder should go, a charity or a person or to pay for additional items of the funeral as next of kin sees fit.

 

What If I Want Something Different?

 

Tesco own brand Funeral plans were competitive and very well received by their customers. There were no bolt ons other than Funeral Benefits and premium payments were fixed per month with a promise that the final sum would be ready to be paid out in the event of death once all payments had been received.

 

How Does Tesco Over 50s life insurance Work?

 

A person contributes to an Over 50s life insurance policy by paying premiums for a set period of time. When you die the named next of kin or your estate receives a lump sum of money. This entitles your family to a clause defined as Funeral Benefits. A parcel of money will be reserved to pay all funeral costs plus any written wishes.

 

Will my money be safe?

 

Yes, FCA oversight.

 

Any Cancellation fees?

 

No, being a whole of life insurance policy the best way to cancel is to simply stop making payments and cover ends after thirty days. However you don’t receive any premiums back or any sum of money.

 

Will my plan stay the same if I move house?

 

Yes.

 

What happens to my plan if I die before paying the full amount?

 

There are two different ways these payment plans work. It may have been a life insurance cover where you pay until age 90 continually and then receive free cover after. Or pay in for a set period to receive a set amount or pay for your entire life until die. Further terms would ascertain how much of the money you would receive if die earlier than the plan might accept, either full payment, part or premiums returned.

 

Tesco Funeral Plan Customer Reviews

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After my father passed without any arrangements, I had to sort everything out, it was difficult. I quickly decided that I didn’t want to leave my kids with that kind of burden. Now, I pay a small monthly amount and it’s such a relief..."
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Steve Bailey
Hertfordshire

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