Protection  

Santander offers cashback deal on life insurance

Santander offers cashback deal on life insurance

Santander has introduced a cashback deal for life insurance policy holders who also have current accounts with the high-street bank.

Santander UK has introduced a cashback deal for its 123, 123 Lite, Select and Private current account customers.

This means that new and existing Santander life protection policyholders will be eligible to receive 2 per cent cashback on premiums paid by direct debit from their Santander current account.

The new cashback category, which applies to Santander life protection policies administered and underwritten by Aviva, aims to boost the cashback already on offer on the current accounts. 

According to Matt Hall, director of banking and unsecured credit for Santander UK, the life protection products include a range of decreasing, increasing and level term cover as well as critical illness and over 50s protection.

Mr Hall said: “We are always looking at ways to increase the value we give our customers and help them make more of their money.

"Life protection is such an important part of family financial planning so it’s great to be able to give a little back with this new cashback category."

Tom Conner, director at Drewberry Insurance, commented: "For me it's good to see a bank promoting protection again. Banks have huge access to people and an offer like this can be the spark that gets their customers thinking about protection.

"In my view, banks pulling back from insurance promotion and sales after the payment protection insurance scandal was the main cause of the recent stagnation in the market.

"We used to have people come to us daily, saying their bank had recommended a protection policy and they wanted to compare their options. 

"Most advisers would agree that agreement income protection is often the most important protection policy anyone can own, so it'd be good to see Santander extend this offer to IP."

simoney.kyriakou@ft.com