Over 50 Life Insurance with Free Gift » 2020 Review

Best over 50 life insurance with free gift (updated January 2020)

Having recently spent time researching the best life insurance with free gift offers, we thought why not do the same for over 50 plans.

We have examined all of the over 50 life insurance free gifts currently available in the UK.

Below are the best welcome offers we identified.

Our article will help you answer:

Which over 50s insurer is offering the best gift?
Can you win a free iPad with an over 50s plan?
Is everyone entitled to the free welcome gift?
When are you eligible to claim your free gift?
What’s really hidden in the policy’s terms and conditions?

Over 50 life insurance providers use a free gift as an incentive to encourage you to buy a policy directly from them.

But, is the free gift really worth it? Or can you secure the most suitable cover by using a broker?

Read on to establish the best over 50s offers and why they may not be as enticing as they first appear.

The best over 50 life insurance with free gift 2019:

Legal & General – £100 Amazon or M&S gift card & £135 will-writing subscription
Royal London – £150 Argos gift card
SunLife – £100 Love2Shop gift card
Direct Line – £100 gift card for Amazon, M&S or Love2Shop
Sainsbury’s Over 50s Life Insurance – £90 Nectar points & double points
Shepherds Friendly – £50 Love2Shop gift card
The AA – £50 or £75 M&S gift card (no longer available)
Vitality – 40% discount on gym membership & more
Aviva – £50 M&S gift card

*Please note: this ‘over 50 life insurance with free gift’ article was updated on 09/01/20.

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Legal & General – £100 Amazon or M&S gift card

Legal & General are offering a £100 Amazon or M&S gift card when you take out their over 50 life insurance.

This offer is only available if you take out a Legal & General over 50s fixed life insurance plan.

You’re eligible for the gift whether you take out cover online, by post or over the telephone.

As with most of the offers we found, you have to pay in 6 months worth of premiums before being entitled to the welcome gift.

You’ll be sent a letter or email 30 days after the start of your policy with details on how to redeem your voucher.

As with all offers, if you miss a premium or cancel your policy within the first 6 months you’ll not be entitled to the gift.

This offer is not available to cashback customers and you’ll receive your gift card 6 months after your start date, provided you have paid your premiums.

You have 12 months from your policy start date to claim your gift card or you’ll not be eligible for the offer.

Key points with Legal & General £85 free gift:

You have to pay 6 months premiums before you can claim your gift
Only 1 person per policy are eligible
Cashback customers are excluded from this offer
You have 12 months from your policy start date to claim your gift
No cash alternative offered
For policies taken out on or before 31/03/20.

Legal & General – £135 Farewill subscription

Legal & General also offer £135 towards a will writing service for customers who take out an over 50s fixed life insurance on or before 31 December 2019.

You will be entitled to a 12-month subscription with Farewill, the largest will writer in the UK.

This offer is available to customers who applied for their life insurance directly through Legal & General and provided a valid email address.

You will not be eligible for the offer if you live in Northern Ireland.

The subscription will start when your policy starts. An email will be sent with details on how to redeem the gift, but allow up to 30 days from your policy start date.

Throughout the 12 month subscription period, you will be able to make unlimited changes to your will.

Key points with Legal & General £135 free gift:

Cashback customers are excluded from this offer
You have 3 months from your policy start date to claim your gift
Limited to one single or two individual wills per policyholder
No cash alternative offered
Offer expires 31 December 2019.

Royal London – Up to £150 Argos gift card

Royal London are currently offering an Argos gift card of up to £150 for new customers taking out an over 50s plan.

As with most offers, you have to have paid 6 months of premiums before being eligible for the gift.

You need to provide your email so that after your 6th payment they can send you instructions for how to redeem your gift card online.

As with most other insurers offering a free gift, the value of the gift card is dependent on the cost of your premiums.

If you pay between £3.95 – £5 a month you get a £50 gift card; if you pay between £5.01 and £25 per month you receive a £100 gift card and so on until the maximum of £150 worth of vouchers if you pay over £25.01 a month.

You’ll typically receive your gift card around 4 to 5 weeks after you’ve made your 6th monthly payment (and redeemed online).

If you don’t make your gift choice selection and/or redeem your e-gift code within 90 days, you’ll no longer be able to claim a gift.

Key points with the £150 Royal London offer:

You’ll have to pay 6 months premiums before being eligible
Limited to 1 per policy and 2 per household
If you don’t redeem your gift within 90 days you’re no longer eligible
No cash alternative offered
For policies taken out between 09 September 2019 and 08 November 2019

SunLife – £110 Love2Shop gift card

SunLife’s Guaranteed Over 50 Plan is the most recognisable policy in the senior life insurance market.

In part due to the Michael Parkinson and Alan Titchmarsh TV adverts.

They currently offer both new and existing customers an £110 Love2Shop gift card.

Love2Shop gift cards are accepted at over 150 UK brands, including Argos, M&S, Currys, Mothercare and Boots.

Previously, SunLife had offered a £85 Love2Shop gift card and this was increased to £100 in August 2019.

One thing worth mentioning is that you’ll not receive the gift card until you’re 6 months into the policy.

Unlike most standard life insurance gifts, here you’re eligible whether you apply online or over the phone.

Perhaps this is in recognition of the generational differences in consumer behaviour?

Key points with the SunLife offer:

Gift will be sent after 6 months premiums paid
You’re entitled to the £110 gift card if you apply either online or by phone
May not be able to receive the welcome gift if you have previously held and cancelled a Sunlife policy
No cash alternative offered
Expiry date not stated.

Direct Line – £100 gift card or e-gift card for Amazon, M&S or Love2Shop

Direct Line are currently offering a £100 gift card with either Amazon, M&S or Love2Shop.

The gift cards will be issued after you’ve paid your premiums for 6 months.

You’ll be sent communications 30 days or more from the start of the policy on how to redeem your gift.

Direct Line’s over 50 life insurance cover is actually provided by Legal & General.

As a result, if you’ve previously cancelled a Legal & General policy, you’ll not qualify for this offer.

As well as Direct Line, Legal & General also provide their white label product for many well-known brands, such as the AA, Sainsbury’s and Churchill.

Key points with Direct Line free gift:

You have to pay 6 months premiums before you can claim your gift
Cashback customers are excluded
You’re limited to 1 gift card per policy
If you’ve previously cancelled a Legal & General policy, you’ll not qualify
No cash alternative offered
For term life insurance directly taken out via the Direct Line website or over the phone on or after 22/07/2019.

Sainsbury’s Over 50s Life Insurance – £90 Nectar points & double points

When you take out over 50s life insurance with Sainsbury’s (provided by Legal & General), you can benefit from a one-off bonus of £90 worth of Nectar points.

You’ll receive the 18,000 Nectar points within 60 days of paying your 5th monthly premium.

You can also earn double Nectar points on your Sainsbury’s shopping and fuel purchases.

You start earning double Nectar points from the start of your policy, as long as you’ve provided your Nectar card number.

If you’re a Sainsbury’s shopper this could be a good offer for you.

Key points with Sainsbury’s free gift:

You’ll receive your Nectar points after paying 5 months of premiums
Earn double Nectar points from your policy start date
Sainsbury’s will add your 18,000 Nectar points within 60 days of receiving your 5th premium
Limited to 2 gifts per household within a 12 month period
You need to inform Sainsbury’s of your Nectar number on application
No cash alternative offered
No expiry date stated.

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Shepherds Friendly – £50 Love2Shop gift card

Shepherds Friendly are currently offering a £50 Love2Shop gift card if you take out their over 50 plan.

The value of your gift card you receive is not tiered; you’ll receive the £50 gift card whether your monthly premium costs you between £10 – £50.

As with the majority of gift cards we identified, you’ll only qualify for the gift after paying your 6th monthly premium.

The Love2Shop gift cards will be sent to you in an email after confirming your 6th payment.

As mentioned above, Love2Shop gift cards are accepted at over 150 retailers, including Argos, M&S and Boots.

Key points with Shepherds Friendly free gift:

You have to pay 6 months premiums before being eligible
A voucher code is sent to you via email
You’ll only receive a voucher code if you provide a valid email
This offer is only available to new customers
Limited to 1 gift per policy
Cashback customers are excluded from this offer
No cash alternative offered
No expiry date stated.

AA – £50 or £75 M&S gift card (this offer is no longer available)

The AA were offering a £50 M&S gift card for non-members and a £75 M&S gift card for their members.

You’d qualify for the gift after paying 4 months worth of premiums, which is less than most offers and part of why we included the AA in our list.

The AA are yet another white label product of the insurer Legal & General.

As such, if you’ve previously cancelled a Legal & General policy you’d not eligible for this AA offer.

Key points with the AA free gift:

You’d have to pay 4 months premiums before being eligible
If you’ve previously cancelled a Legal & General policy, you’ll not qualify
Cashback customers are excluded
No cash alternative offered
This offer has expired.

Vitality – 40% discount on gym membership & more

Vitality offers a very different proposition to other insurers in the UK.

Their commendable marketing approach is to incentivise you make positive lifestyle changes, to improve your health.

Therefore, if you want to live a healthier lifestyle, this could be a good option.

It’s possible through Vitality over 50s life cover to get 40% of gym membership with Virgin Active, David Lloyd or Nuffield Health.

You can also receive a discount on Polar and Garmin devices, enabling you to track your activity.

Lastly, you can earn weekly rewards from the like of Starbucks Coffee, Cineworld or Vue.

However, to enjoy these benefits you’ll need to pay at least £30 a month on your premium, as well as subscribe to their Vitality or Wellness Optimiser.

The Optimisers will cost you an additional £4.50 per month…

…as with all these offers, things are rarely as good as they first appear.

Key points with Vitality free gift:

Your premium must be £30 or more
You need to subscribe to the Vitality or Wellness Optimiser
Gym joining fees will still be applicable
Join your local (participating) gym straight away
Earn Vitality Points attending the gym
No cash alternative offered
No expiry date stated.

Aviva – £50 M&S gift card

If you take out an over 50s plan with Aviva, they will give you £50 worth of M&S vouchers.

You’d be eligible for this offer after you have paid the 4th premium of your policy.

You’d need to take out the policy online, and directly with Aviva themselves.

Key points with Aviva’s free gift;

No cash alternative offered
One voucher per person in a 12 month period
You will not be eligible if you have cancelled a policy with Aviva previously within the last 12 months
No expiry date stated.

Secure the right over 50s plan, (not just the best gift)

So there you have it, the best over 50 life insurance with free gift offers in 2019.

It’s possible that a free welcome gift is enough of an incentive for you to take out a particular plan.

However, generally, the most important thing is securing the over 50s plan that best meets your unique needs and budget.

In the long run, financially it’s usually much more important to make sure you secure the right policy, with the most cost-effective premium.

Reassured use the information you provide to search the insurance market on your behalf, at no cost.

Then we present back to you the best available quotes we identified.

We’re an award-winning and FCA registered brokerage, here to help you save both time and money.

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Please note, if you purchase life insurance through a broker, like Reassured, generally you’ll not be entitled to the gift.

Sources:

https://www.sunlife.co.uk/life-cover/over-50-life-insurance/welcome-gift/

https://www.sainsburysbank.co.uk/life-insurance/index

https://www.shepherdsfriendly.co.uk/l2s-terms-and-conditions

https://www.royallondon.com/promotions/terms-Nov08/

https://www.legalandgeneral.com/life-cover/over-50s/marks-and-spencer/

https://www.directline.com/life-cover/over-50s

https://www.theaa.com/life-insurance/over-50s

https://www.vitality.co.uk/life-insurance/over-50s/

https://www.aviva.co.uk/insurance/life-products/over-50-life-insurance/