Supermarket to sell provider's products
Aviva has signed an exclusive five-year deal to provide life protection products for Tesco Bank’s UK retail customers.
The deal will begin later this year. Until then, Tesco will continue to sell Friends Life's protection products.
The agreement will cover the sale of Aviva's core protection products, including life insurance and critical illness cover. These products will be available online via Tesco Bank or over the telephone. Customers will also be able to obtain information through some of Tesco's 2,900 stores.
Tesco customers will be able to choose simplified life insurance, over 50s life insurance and life insurance with critical illness cover.
The agreement expands Tesco's existing relationship with Aviva which already provides a private medical insurance (PMI) scheme for Tesco's employees. However, the supermarket will not be selling Aviva UK Health PMI to its customers as it is understood that its current relationship with AXA PPP healthcare remains in place.
Rival supermarkets also offer life insurance to their customers. Sainsbury's has partnered with Legal & General to do so, while ASDA sells a variety of providers' products and has a specific advised arrangement in place with Ageas Protect and financial advice firm LifeSearch.