Both new and existing Santander mortgage customers are eligible.
All other customers receive a cashback of £100.
The bank’s life protection policies are administered and underwritten by Aviva Life & Pensions UK Limited.
To be eligible, customers must submit an application for a new life protection policy.
This can only be done from January 10, 2022.
Details pertaining to Santander UK’s life protection policies are readily available online.
The life insurance policies eligible for the cashback offer include a new Santander Life Insurance Plan, Life & Critical Illness Plan, Critical Illness Plan or Over 50s Life Insurance policy.
Cashback is paid on one of these policies only.
For those who don’t hold a Santander current account or credit card, it is possible to receive the money via cheque.
Cashback will be paid 240 days after the policy start date provided.
People won’t be provided with a separate notification of the payment.
If the policy is cancelled, there will be no cashback payment.
Premium payments must be up to date in order to qualify.
Also, for Santander mortgage customers, their mortgage must be active at the time the life policy qualifies for the cashback payment.
For a joint qualifying life protection policy, only one cashback will be paid to the first named policyholder.
The cashback will only be paid once per customer.
Santander notes this is a limited offer which only applies to new applications received between January 10, 2022 and March 31, 2022.
Life insurance is a type of financial protection that pays out following a valid claim if the policyholder dies.
People can choose to leave behind a lump sum for their loved ones and select how long they want their cover to run for.
They will then pay the same amount each month until their policy ends.
This lump sum can help to maintain the living standards of loved ones and could be used to pay off an interest-only mortgage or go towards general living costs and monthly outgoings such as rent.
People can also choose to make their cover amount increase in line with inflation.
This means that their monthly payments may rise and ensures that the lump sum won’t be worth less in the future because of the rising cost of living.