Santander has announced that customers could receive up to £150 paid directly into their bank accounts by taking out a new life insurance policy. The high street bank has been sending emails this year outlining eligibility criteria and the exact amount—either £100 or £150—depending on the customer's existing relationship with the bank.
Eligibility and Payment Details
According to Santander, new life insurance policyholders will receive £100 cashback. However, Santander mortgage customers, Select account holders, or those with a current account from the Santander Edge range are entitled to £150. The cashback is deposited automatically into the customer's account without the need to make a claim.
The offer is underwritten by Aviva, Britain's largest insurer, which reported that 99.8% of Aviva life insurance claims were paid out in 2024. Santander emphasized that quotes can be obtained online in just a few minutes.
Terms and Conditions
Santander noted that terms and conditions apply, and the offer may be withdrawn at any time. Cashback is credited to the account 280 days after the policy starts, provided the policy remains active. The cashback is limited to one payment per customer and covers a single policy only.
Part of the email sent to customers reads: "You've got a lot on your plate - work, family, life. But some things are worth taking a moment for. With Santander life insurance, protecting your loved ones is simple. You can get a quote online in just a few minutes."
Policy Features
Santander confirmed that once a policy is set up, monthly premiums will remain fixed. The life insurance is underwritten by Aviva, which reported a high claims payout rate of 99.8% in 2024.
