Marks and Spencer Life Insurance. Compare them against the market now. Compare the whole life insurance market.
Marks and Spencer (also known as M&S or even Marks and Sparks!) is a household name with over 600 stores in the UK and nearly 900 world-wide. M&S Money has existed for over 25 years now, and provide a wide range of financial products including Life Insurance.
M&S Money is a trading name only of Marks and Spencer Financial Services Plc which in turn is a completely owned and operated subsidiary of the HSBC Group. HSBC is a famous name also on the British high street, and own other finance companies such as First Direct. In fact HSBC is one of the most highly capitalised and liquid banks in the world, with a large and robust balance sheet. This is extremely important to remember when taking out a life insurance policy, as the policyholder needs the provider to be around to pay out. Choosing a reliable company is absolutely critical. As you would expect M&S Money’s life insurance policies are provided by HSBC Life (UK) Limited.
They offer Life Cover to protect your family and Mortgage Life Cover to help pay off any remaining mortgage if the worst happens. Both offer peace of mind for a low price, as they advertise that life insurance policies start at £5 per month.
Types of cover
Marks and Spencer life insurance provide two types of cover: life cover and mortgage life cover. Ultimately life insurance can be tailored to protect the policy holder and their family appropriately.
Life cover pays a lump sum which provides financial stability for your family and loved ones. The premiums are guaranteed to not rise and it is called level term life insurance cover because the lump sum does not decrease over the term of the policy. As the lump sum does not decrease or amortise over time it is more expensive.
Mortgage Life Cover/h4>
Mortgage life cover is perhaps more commonly known as mortgage life cover protection insurance. It is designed to protect the policyholder’s future mortgage payments instead of providing a lump sum for family or loved ones. As such the lump sum that the protection pays out is amortising or decreasing, this means that it is cheaper than level life cover.
M&S life insurance have not got great reviews at reviewcentre. This is perhaps expected as the most likely people to leave comments are those that feel badly treated. The sample size is also small, so the score of 2 out of 5 should be taken with a large dose of salt. Check out the link to see the latest Marks and Spencer life insurance reviews. Reveiwsmore information