12,000 Avios or 12,500 Flying Club miles (5,000 Clubcard points) with Tesco Life Insurance

Love Clubcard, don’t collect Avios?  You should be reading our sister site, Shopper Points (www.shopperpoints.co.uk), which covers the latest Clubcard and Nectar offers without any distracting frequent flyer talk!  Why not check it out now?

It’s back – earn 5,000 Tesco Clubcard points when you take out Tesco Life Insurance!

Five years ago, Tesco Life Insurance was a licence to print Avios (or BA Miles, as they were then).  You got 4,500 Clubcard points per policy, you could take out as many policies as you wanted, and you only needed to make one £5 payment before you received the points.  Happy days indeed!

The offer today has changed considerably, although it still lets you buy Avios points at 0.5p eachNote, though, that you no longer get all the points upfront.  You will be waiting a year to get the full lot.

This Tesco webpage is your starting point.

Tesco Life Insurance

And here are the key things you need to know:

  • The minimum premium is £5 per month, so £60 over the year
  • This promotion is only available to the under-50’s – if you are over 50 you would need to apply for their separate over-50’s policy which does NOT come with any bonus Clubcard points, only a £50 Tesco gift card
  • The 5,000 points are awarded in quarterly chunks of 1,250 points, with the first batch awarded after you have paid three premiums
  • You must be over 18 and a UK resident
  • Maximum two applications per household – so they are happy for you and your partner to both apply.  Note that the points will only be issued to a Clubcard in the same name as the policy holder, though, so you would both need your own Clubcard.
  • You may be asked to go for a medical before you policy is accepted if you disclose any existing health conditions.  Even if you disclose no previous health issues, you may be randomly selected to attend a medical.
  • There is quite a bit of paperwork associated with this promotion.

The application form is here and you need to use code P4L5K when applying.

(Note that the Tesco Critical Illness policy is ALSO offering 5,000 Clubcard points.  In general, I do not recommend this as you are more likely to be called in for a medical, given the nature of the product.)

Enter £5 per month as the amount you want to pay, and select a short period of, say, 5 years for the policy.  (You can still cancel at any time.  However, the price is locked in for the period you select.)

All in all, it is not a bad deal, although far from the bonanza it was in the pastEven at the basic Clubcard to Avios conversion rate, you will receive (5,000 x 2.4 =) 12,000 Avios for your £60 of premiums.  0.5p per Avios is pretty good deal.  The downside is the paperwork you need to complete, of course.

The closing date for applications under this offer is 29th October.

There are some other Tesco Insurance deals which I will cover tomorrow.

Love Clubcard, don’t collect Avios?  You should be reading our sister site, Shopper Points (www.shopperpoints.co.uk), which covers the latest Clubcard and Nectar offers without any distracting frequent flyer talk!  Why not check it out now?

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Comments

  1. Sir Stamford says:

    Tesco is also offering 2,000 Clubcard points to new customers with a Clubcard when they buy a combined buildings and contents policy by 24 September 2013 quoting 2000HOME.

    Link: http://www.tescobank.com/insurance/homeins/index.html

    Make sure you get a few other quotations before you purchase.

    Sir Stamford

  2. Andrew Grant says:

    I took the policy out at the beginning of the year for 3500CC. Funnily enough I only cancelled it last Thursday (with no knowledge of this promotion.) I wander if I can take out this new policy once my final month of the old policy has finished.

  3. will be doing this for both me and the wife…. 24000 avios at the standard conversion rate and a cash bonus if the wife dies….lovely

  4. I signed up for this deal today. Thanks Head for points. Need to apply for the wife. Should I apply for my wife on a different clubcard account? (i.e. Currently only have one clubcard for the house, should I setup a differnt one under my wife’s name? Just wanted to see if this is normal practice?)

    Thanks

  5. Cheers Raffles. Will get a clubcard in my wifes name this afternoon then.

  6. Jonathan P says:

    Done for me. If anybody has any suggestions on how to tell Mrs P I want to take out Life Insurance on her I would be enormously grateful…

    • just tell her the fact that your simply doing it for the CC points,

      and that the timing has nothing to do with the new shovel you just brought lol (maybe leave this bit out)

  7. If my premium starts tomorrow and my first DD is taken on the 25th of September 2013, when is the earliest I can cancel?

    • after the 12th payments been taken i would guess (since you have to have it for a year)

      so the 25th of sept 2014 (tho you could always try to cancel after you receive the 4th 1250 quarterly CC points from tescos with might come before the above date, tho if the 12th payment has not been completed tesco might take the points back so for £55 vs £60, better to just wait until the 12th payment is taken

  8. If I had already taken a life insurance with Tesco and cancelled it,which gave out 3500 points am I still eligible to apply for this insurance?

    • Yes, should be fine. I have done this more than once over the years.

    • I applied earlier in the year and cancelled after 3 months. Just applied for both life and critical illness cover today, both accepted immediately. So you should be fine.

  9. What's the Point says:

    Just got my £5 per month life cover. Feels a bit depressing answering some of the questions. Must push it to the back of my mind, I’m going to live for ever!

    Can I bequeath spare Avios in my will?

    • Sir Stamford says:

      Probably not. Have a look at BAEC T&C.

      Link: http://www.britishairways.com/travel/ec-terms-and-conditions/public/en_gb

      16.1.13. If a participant dies, ceases to reside at the Household Account address or ceases to be a Member of the British Airways Executive Club, the unredeemed Avios Points held by that person will be removed from the Household Account balance.

      Beats bequeathing them to “whoever was the party of government of the day”, I guess.

      Sir Stamford

      • squillion says:

        I think the strategy here would be to wangle the ‘closing the household account’ process. If non-head of household dies, no problem, just close the household a/c and No 1 gets all the Avios.

        If head of household dies, don’t tell anybody, close the household a/c, set up new one with new, living head of household (and include the dead person). Then close it some time later.

        There is meant to be some 6 month limit on closing and re-opening household a/cs but I think in practice this is ignored.

        • Or just don’t do anything! How are they going to find out . Obviously you will have to use all the points in the dead persons name within 3 years.

          • Sir Stamford says:

            They probably won’t find out if you keep quiet but if any member of the household account disagree as to how the Avios is to be divided up or utilised and notify BA, there might be consequences that we would rather not discuss.

            Sir Stamford

  10. What's the Point says:

    Virgin Atlantic are much fairer:

    2.9. Miles may be transferred from a Member’s account to a different account if:
    (a) a Member dies provided that (i) we are provided with a copy of the deceased Member’s death certificate; (ii) we are provided with a copy of the deceased Member’s will showing that the proposed transferee is the lawful beneficiary of the Miles; and (iii) the requested transfer of the Miles is undisputed

    Can you imagine sending someone’s will off to an airline to claim their points, it feels so wrong!

    • squillion says:

      I’ve got about 100K Virgin miles sitting there for the last 15 years (waiting for some European flights, Virgin, baby 😉 ) and if I drop down dead I sure hope my family gets my miles lol.

  11. What's the Point says:

    I am mildly impressed that we have had a fairly sensible discussion about what to do with unused points when you depart this mortal world.

  12. cba to read fine print,

    whats the policy on suicide