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News

23 December 2009

Tesco Life Insurance goes live with Friends Provident

Tesco Bank has launched its life insurance partnership with Friends Provident, announced earlier this year. All new customers taking out Tesco Life Insurance will have their policy underwritten by Friends Provident. 

The following protection products are available for Tesco customers to purchase either via the Tesco Bank website or over the telephone via a dedicated sales team:

• Tesco Life Insurance (level or decreasing cover)
• Tesco Life Insurance (level or decreasing cover) with Critical Illness Cover
• Tesco Critical Illness Cover 
• Tesco Over 50s Plan

Benny Higgins, chief executive of Tesco Bank, said:

“Our customers told us that they wanted their life insurance applications to be simple and quick to complete. The life insurance partnership with Friends Provident has enabled us to provide a new application process that is straightforward and means that customers can get life cover in just 20 minutes. We will continue to listen to what our customers want as we further develop our product range.”

Trevor Matthews, chief executive officer of Friends Provident, said:

“This is an exciting new chapter for Friends Provident to begin working with the UK’s leading supermarket bank. The new arrangement opens up a whole new market for the protection side of our business. We are pleased that through this new partnership we can extend our product offering to potential customers directly.”

Tesco Life Insurance offers a quick and straightforward application process and customers can get a quote by answering just ten questions and can get cover in 20 minutes by phone or online.

Premiums start from £5 per month. Customers who get a Tesco Life Insurance quote on or before 3rd March 2010 then buy the policy will receive a free £50 Tesco Gift Card. For more information, visit www.tescobank.com.
 
– ENDS –

For media enquiries please contact:

• Matthew Dransfield, Tesco Bank, Tel: 0131 479 1346
• Victoria Lomax, Tesco Bank, Tel: 0131 479 1345
• Peter Timberlake, Friends Provident, 01306 871 834
• Lorna Wiltshire, Friends Provident, 01306 871 836

Notes for editors:

Tesco Bank

• Tesco Bank is the UK’s largest supermarket bank. Since our launch in 1997, we have grown to have nearly six million customer accounts across 28 financial products and services.
• Our principal activities are: general insurance - motor, home, pet and travel; credit cards and personal loans; personal savings; Tesco Compare and a network of cash machines (ATMs).
• We sell our products through multiple channels including in-store, by telephone and online. 
• Tesco Bank is fully-owned by Tesco plc.
• Tesco Bank is the trading name of Tesco Personal Finance plc. Registered in Scotland No. 173199. Registered Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH

Friends Provident:

Friends Provident Group Limited was originally founded in 1832 to alleviate the hardship of Quaker families facing misfortune.  Friends Provident's strategy today is to operate in markets where it can deploy its award-winning strengths in technology and service to gain competitive advantage.  Since its demutualisation in 2001, the company has developed strong offerings in pensions and protection to complement its historic With Profits business, and now prioritises international growth.  Friends Provident is fully committed to the principles of the FSA initiative ‘Treating Customers Fairly’.

Friends Provident distributes its products through intermediaries in the UK and around the world.  Its key business lines in the UK are protection and corporate pensions.  Friends Provident International develops competitive savings, investment and pensions products for a broad and diverse range of markets including Hong Kong, the United Arab Emirates and Germany.

Friends Provident wholly owns the Luxembourg-based company Lombard, a leading pan-European life assurance company which specialises in the use of life assurance as a wealth management solution for high net-worth investors, and Sesame Bankhall Group, a leading UK supplier of intermediary support services to financial advisers providing services to over 7,500 financial advisers across the UK offering life assurance, mortgages and savings arrangements.

About Friends Provident Protection Business:

Friends Provident has been writing term assurance since the company’s foundation in 1832 and income protection business since 1882.

Our award winning eSelect system offers online underwriting for term assurance, critical illness, income protection and waiver of premium, capable of accepting on ordinary rates or with special terms. The majority of Friends Provident’s new protection business is transacted online. This process allows end-to-end online electronic processing and account servicing ranging from new business quotations to new business tracking.

For more information on Friends Provident including, images, awards, fast facts, presentations, and media contacts please visit the media section at www.friendsprovident.com/media