12,000 Avios / 12,500 Flying Club miles for £60 with Tesco’s Mortgage Cover policy

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?

Back in August, I wrote about the latest offer on Tesco Life Insurance.

This is not a bad offer at all.  Take out Tesco Life Insurance or Critical Illness Cover (or, er, both) and you will receive 5,000 Tesco Clubcard points.  These are paid at the rate of 1,250 per quarter for a year.

The minimum spend is £5 per month, so you would be paying £60 for your 5,000 points.  This would convert into 12,000 Avios points.

This offer is still running – the closing date is 29th October.

However, Tesco has added a new product – Mortgage Cover.

Mortgage Cover

Mortgage Cover is simply another product which pays out a sum of money if you die.  Unlike life assurance, though, you can choose to structure the policy so that it pays out less and less over the years, in line with the reducing balance of your mortgage.

As with Life Insurance, the minimum payment is £5 per month and the points arrive in four lumps of 1,250 over 12 months.

The key thing, though, is that there is no reason why you should not be able to get this deal even if you have already taken out the Life Insurance policy.  They are two separate products.

Cancelling, by the way, is very easy.  You can either write to them, or just cancel the direct debit.  After a couple of months they will write to say that your policy is now terminated.

As per my original post, remember that there is a risk that you will be asked to go for a medical before cover is granted.  If you declare any medical conditions then the risk is higher, but I assume they also select a small random number of ‘clean’ applicants as well.

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?

Is cashing out points for cash EVER a good deal?
No sign-up bonus now offered on the Lloyds Duo Avios credit cards
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Comments

  1. Not sure if you can get both – would be great to know for sure so I might phone them.

    It’s the same promotional code.

    I got the mortgage cover policy x 2 a couple of days ago & they talk about it being a life insurance product. Having taken out their life insurance product in the past a few times: it was more or less exactly the same questionnaire.

    • Selecting life insurance quote or mortgage cover opens the same quote page. Perhaps the only difference is that mortgage cover provides decreased cover (i.e. payments decrease as with normal mortgages).

    • In the past, people have has Life Insurance and Critical Illness and got both bonuses.

  2. Grandmaster says:

    I’ve got both life cover and critical illness cover now thanks to this site. Is this actually a new policy I can apply for?

  3. do you actually need a mortgage to do this? or could you just pretend?

    • They could easily check your credit report to see if you had a mortgage. Go for Life Insurance or Critical Illness instead, unless you’ve already got those.

  4. Tesco insurance is provided by Aviva. So I filled out exactly the same data on both the Tesco and confused.com website and got the following results:

    Aviva (via Tesco) – £12.42 per month
    Aviva (via confused.com) – £9.91 per month

    I’ve emailed Aviva to query the discrepancy and establish whether or not you are effectively paying for the 5,000 clubcard points if going via Tesco.

    Also, I found that Aviva (for me personally) was not the lowest quotation on confused.com (the lowest being ~£50 pa lower than Tesco).

    • If you want the 5000 cc points just commit a fiver a month to Tesco for the year
      Make up the difference with a seperate policy if you need extra cover. I find Cavendish Online normally the best for life cover.

  5. It brings up exactly the same form as the life insurance cover and even has ‘life insurance’ at the top, is it different cover?

    Also I wouldn’t make any misrepresentations to get cover even if you only want clubcard points. It can cause problems if they find out.

  6. I didn’t see anywhere to quote the code given, though I did put in my clubcard number.

    Am I missing something, or is it automatic?

    • Argh – now I see it under the clubcard box… Phoned Tesco, they were very helpful and added it as I had just completed the application.

  7. It also says maximum two offers per household.. I think we’ll just go for the critical care cover for myself and my wife.

  8. Can’t make this comment in a relevant post because the comments are close, but:

    I’ve just been to my local big Tesco at Fulbourn and found some 3V cards for the first time. Splashed out on 4 of the things.

  9. Raffles – any idea how long the CC points take to post to your account? Signed up for life insurance and not had anything yet.