High street banking giant Santander is offering a cash incentive to customers who take out a new life insurance policy, with payments of up to £150 available.
How the Santander cashback offer works
The bank has been contacting eligible customers via email this week, outlining the opportunity to receive a cash sum. The promotion is designed to encourage take-up of its life insurance products, which are provided in partnership with Aviva.
New life insurance policyholders will receive £100 cashback once their policy is active. However, an enhanced payment is available for certain existing Santander customers.
Those who hold a Santander mortgage, are 'Select' customers, or have a current account from the Santander Edge range will be entitled to a higher sum of £150 cashback for arranging a new policy.
Key terms and conditions to know
Prospective customers should be aware of several important conditions attached to the offer. The cashback is paid directly into the customer's account and does not require a claim to be made.
However, there is a significant waiting period: the funds are credited 280 days after the policy starts, provided the policy remains active and in force at that point.
Santander has stated that the promotion could be withdrawn at any time and is limited to one payment per customer, applying to a single policy only. The bank also highlighted that monthly premiums for the policy are fixed and pointed to Aviva's claims record, noting that 99.8 per cent of Aviva life insurance claims were settled in 2024.
Is this offer right for you?
While the cashback provides an immediate financial incentive, customers should always consider whether a life insurance policy meets their long-term needs and fits their budget. The offer, promoted with the message "protecting your loved ones is simple," requires applicants to get a quote online.
As with any financial product, it is crucial to read all terms and conditions thoroughly before committing. The cashback should be viewed as a bonus, not the primary reason for purchasing a policy that must be maintained for nearly ten months before the payment is received.
