There were higher offers available, however, your monthly premium would need to be in excess of £250+ to be eligible!
- LV= - Up to £1,000 cashback.
- The Insurance Genie - Up to £2,255 cashback
Beagle Street's £980 TopCashBack offer
Let's look at the headline offer from Beagle Street on TopCashBack.co.uk of up to £980 cashback.
Sounds pretty appealing. Let's look at the detail...
Firstly, is everyone entitled to claim the £980 cashback when taking out a policy with Beagle Street?
The answer, unfortunately, is no.
In fact, only a tiny percentage of policyholders are eligible, as obtaining this maximum sum requires your monthly premiums to be £250 plus.
The reality for most of us, regardless of policy type and cover amount, is that our premiums will cost nowhere near £250 a month.
For example, Beagle Street's current TV advertising campaign promotes £200,000 worth of cover for under £7 a month, which puts the above into perspective.
The £950 figure is quoted to encourage click-throughs, thereafter the cashback offer (as with ALL offers) is scaled.
The higher the monthly premium, the larger the commission the insurer pays, the more cashback you receive.
A more common premium would cost around £14 a month, which could still earn you £82 cashback.
However, as with free welcome gifts offered from insurers, the monetary value of the cashback over the course of an entire policy term is relatively insignificant.
Think about if you were to take out a life insurance policy over a 30-year term to protect your family.
A £14.50 monthly premium for £200,000 worth of cover versus a £12.25 premium for £210,000 over the 360 months' is a sizeable difference, regardless of the cashback incentive.
In this hypothetical scenario, over the policy term that's a saving of £810 (£5,220 - £4,410) for £10,000 more coverage!
The most important thing when securing life insurance is making sure you get the right policy, an appropriate term length, whilst locking in the best premium.
Remember your motive for taking out life insurance in the first place; to make sure your family would be protected if anything were to ever happen to you.
Try not to let a cashback incentive detract from your original motivation for life cover.
What's in the TopCashBack small print?
- The quote has to be started and completed solely on TopCashback
- You'll not be eligible if you've previously been a Beagle Street, FiftyLife, Budget Life Insurance or Virgin Money Life customer in the last two years and have received an incentive
- Quotes obtained through a comparison site and then completed on TopCashback won't be eligible
- You must have your BACS details registered in order to acquire cashback
- Cashback rates are subject to change, (up and down)
As you can see from the above, if you decide to go down the cashback route, it's important to read the small print to check you're eligible.