"By removing barriers and meeting customers where they already shop with us, we can help more parents take those important first steps towards protecting what matters most: their loved ones."
- Ban Mahsoub - Tesco Insurance and Money Services
Tesco Insurance and Money Services, in partnership with Aviva, has announced the launch of its Free Parent Life Cover, designed to help address a gap in parents and families obtaining life insurance.
The proposition for Tesco customers will provide each parent with £15,000 of free life cover for every child under the age of four, for a period of 12 months, after new research by Tesco Insurance and Money Services revealed that 38% of parents of under-fours do not have life insurance.
Meanwhile, three in ten UK parents say that the cost of life insurance has actively put them off taking out a policy, something the proposition aims to address by offering Tesco shoppers and Clubcard members with young families a free starting point, intended to help them consider their long-term protection needs.
Tesco will also be implementing a broader engagement strategy for Free Parent Life Cover customers, including practical tools to help families understand their protection needs, personalised communications, and access to Tesco benefits, Clubcard offers and partner content designed to support with the practical and financial demands of early parenthood.
This latest collaboration between Tesco and Aviva comes after the partnership launched its Critical Illness Plan in May of this year.
"We know that becoming a parent is one of life’s most important milestones, but it can also bring new financial responsibilities that many families feel unprepared for," Ban Mahsoub, partnerships director at Tesco Insurance and Money Services, said.
"Free Parent Life Cover is designed to give parents a simple, no-cost way to start thinking about protection and their financial futures, while offering immediate peace of mind. We’ve made it as easy as possible for families to get started, with a quick sign-up process that takes less than two minutes and doesn’t require bank details or medical questionnaires.
"By removing barriers and meeting customers where they already shop with us, we can help more parents take those important first steps towards protecting what matters most: their loved ones. It forms part of our wider commitment to making insurance more accessible, relevant and rewarding for Tesco customers, supporting them through key life moments in a way that feels genuinely helpful."
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Daren Boys, protection distribution director at Aviva, added: "This is a significant initiative by Tesco and Aviva to actively engage millions of families with protection insurance and supports our ambition to strengthen financial resilience across UK households by reaching customers through a diverse range of distribution channels.
"At Aviva, we see first-hand how starting a family can reshape priorities. Free Parent Life Cover is about meeting parents in that moment, offering protection in a way that’s simple and easy to take up. Through our partnership with Tesco, our aim is to encourage more families to get started with protection earlier and to support them in taking positive steps to build their financial resilience, so they can focus on what matters most."
