Life insurance for over-50s launched by Tesco

14 May 2008

Tesco has released a new life insurance product for those over the age of 50, it has emerged.

Stating that applicants to the financial scheme are "guaranteed" to be accepted, the firm reports that a medical is not required for those customers who are between the ages of 50 and 75.

Premiums start from £10 per month - and after two years of savings customers will have a guaranteed cash lump sum to leave for their loved ones.

Those taking out the product will stop paying upon their 90th birthday, however they will continue to receive cover until they die.

Jeremy Sutton, head of Tesco Life Insurance, said: "Increasingly, people are living longer than in previous generations.

"Customers have been telling us that they want a product that meets their needs for leaving something for their loved ones."

The product can be taken out over the internet in addition to being available to purchase via telephone.

Earlier this month Leeds Building Society unveiled its new five-year fixed-rate escalator bond, which offers an initial interest rate of 5.55 per cent, although this steadily rises over the duration of the financial product.