Source: www.topcashback.co.uk
These offers and prices are correct as of 08/11/23 but are subject to change or withdrawal without notice by the cashback site and/or provider
Legal & General up to £1,500 TopCashBack offer
Let's look at the headline offer from Legal & General on TopCashBack.co.uk of up to £1,500 cashback.
Sounds pretty appealing. Let's look at the detail...
Firstly, is everyone entitled to claim the £1,500 cashback when taking out a policy with Legal & General?
The answer, unfortunately, is no.
While you’ll be entitled to claim cashback when taking up this offer, only those who obtain the maximum sum (a premium of £250.01+) will be eligible to claim £1,500 cashback.
This is also the case with Beagle Street, who are also offering up to £1,500 cashback.
The reality for most of us, regardless of policy type and cover amount, is that our premiums will cost nowhere near £250 a month.
The £1,500 figure is quoted to encourage click-throughs, thereafter the cashback offer (as with ALL offers) is scaled.
The higher the monthly premium, the more cashback you receive. Which can lead you to pay more than is necessary if you’re unsure of the level of cover you require.
A more common premium would cost around £14 a month, which could still earn you £100 cashback - not bad.
However, as with life insurance with free gift offers, 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 this hypothetical family life insurance policy over a 30-year term to protect your loved ones.
A £14.50 monthly premium for £200,000 worth of cover offers £100 cashback.
However, you could secure a cheaper policy from another provider - for example, a £12.25 monthly premium for the same amount of cover.
Over the 30 year term, the saving from the cheaper policy would be much larger than the cashback incentive.
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 insurance protection.
- The quote has to be started and completed solely on TopCashback
- Only available to new customers
- You’ll need to pay a certain amount of premiums before cashback is issued (typically this is 6 months of premium payments)
- 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)
- Cashback offer won’t be completed if you cancel the policy
- It’s wise to check the insurer's policy terms and conditions on their website
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.
Reassured are working with TopCashBack to provide new customers with up to £1,050 cashback.
You’ll simply need to take out cover with Reassured through Topcashback (you won’t be eligible if you’ve previously held a policy with us in the last 2 years or if you take out a policy through our website).
The cashback value you receive will depend on your monthly premium price.
While it can seem tempting to take out a larger cover amount to benefit from a larger cashback value, it’s important to only take out the cover you need.
For example, with common premium prices from £5 - £20 you could receive £42 - £120 of cashback (which is a great bonus on top of protecting your loved ones).
To find out more and for full terms and conditions check out Reassured on Topcashback.co.uk