TSB Bank plc is a retail and commercial bank in the United Kingdom operating a network of 536 branches across England, Scotland and Wales, providing various bank accounts, loans, mortgages and other financial services. TSB has partnered with Legal & General to provide protection products for our customers.
Topics
Life Insurance
Designed to pay out a fixed cash lump sum to your loved ones if you die during the length of the policy. This can be used to help protect your mortgage or your family’s lifestyle. You choose the amount of life cover you need and how long you need it for, and you can pay your premiums monthly or annually. Premiums start from £6 per month and are fixed premiums so they won’t go up, unless you alter your policy. The maximum age for buying this policy is 77 years old. At no extra cost TSB include additional benefits which give you even more protection and offer you extra peace of mind, such as Terminal Illness Cover and Accidental Death Benefit. Terminal Illness Cover could pay out the full amount of cover when life expectancy is less than 12 months.
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Over 50s Life Insurance
TSB does not offer over 50s life insurance.
Mortgage Life Insurance
This decreasing level of cover is used to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases. It is designed to pay out a cash sum if you die during the length of the policy. The minimum age to take out this policy is 18, the maximum age is 74 years old.
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Critical Illness Cover
You can choose to add critical illness cover at an extra cost when you take out life insurance with TSB. Critical illness cover could pay out a cash sum if you are diagnosed with one of the specified critical illnesses we cover during the length of your policy, such as heart attack, cancer or stroke. The minimum age to take out this policy is 18, the maximum age is 67 years old. A relevant child or any children you have in the future if, will also be covered if they’re diagnosed with one of the critical illnesses specified in the policy.
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Whole Life Insurance
TSB does not offer whole of life insurance.
Income Protection Insurance
TSB does not offer income protection insurance.
Other Services
TSB offers a range of related financial services including various bank accounts, savings, loans, mortgages and insurance products.
TSB Reviews and Ratings
Online reviews for TSB are generally very bad with users complaining about poor communication, unhelpful customer service, difficulties accessing online accounts, and poor claims handling.
Trust Pilot – 1.4/5 (based on 1132 reviews)
Reviews.co.uk – 5/5 (based on 2 reviews)
Facebook – 1.4/5 (based on 1459 reviews)
Pros
- A large, well-known brand
- Partnered with Legal & General to provide protection products
- Competitive premiums from £6 per month
- Terminal Illness Cover and Accidental Death Benefit included for free
- Children included in Critical Illness Cover
Cons
- Very poor customer reviews
- Reports of slow communication and unhelp customer service
- Over 50s Life Insurance not offered
- Income Protection Insurance not offered
- A large, fairly overwhelming website with limited product information
Website: TSB