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Sainsbury puts L&G term cover on its shelves

Sainsbury has struck a deal with Legal & General to sell life insurance through its supermarkets.

It is Sainsbury&#39s first move into the non-advised term insurance market and the first time that L&G has tied to a supermarket as part of its direct-marketing operation, which includes Barclays, National Australia Bank and Chelsea Building Society.

Sainsbury will also sell the product on the internet and over the phone.

It says life insurance is still perceived as being more expensive than it is, with research showing that 43 per cent of people overestimate the cost of a typical monthly premium. Its product will start from £5 a month, which it believes will put it in the top quartile across a range of features compared with policies that regularly appear in best-buy tables.

Sainsbury&#39s Bank chief executive Tim Pile says: “We now have around two million customer accounts and continue to grow at a rapid rate. Our latest figures saw us achieve 29 per cent customer growth last year and increase our insurance sales by 66 per cent.”

L&G group director (retail distribution) Kate Avery says: “Together with our IFA and other intermediary partners, Legal & General is at the forefront of providing good value-for-money life products through a balanced distribution network.”

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