Tesco has entered into a new partnership with Aviva to launch a life insurance product aimed at its shoppers and Clubcard members.
Life insurance remains one of the UK’s largest retail protection products, with over eight million active policies. While industry figures show that the majority of claims are paid, demand has been subdued in recent years as rising living costs and tighter household budgets weigh on consumers. To bridge this gap, insurers have increasingly turned to partnerships with high-street and retail brands to engage customers who may be less inclined to seek out traditional intermediaries.
Through the collaboration, Tesco customers will be able to access life insurance via the supermarket’s digital channels and in stores across the UK. Applications can be completed online, with premiums starting at £5 per month.
Aviva noted that it paid out 98.8% of life insurance claims across its portfolio in 2024, representing more than £862 million. The Tesco-branded plan will also include access to a range of health and wellbeing services, offered on a non-contractual basis and subject to change.
