Santander UK is offering its customers a cashback incentive to take out new life insurance policies. Eligible customers can receive £100 cashback simply by purchasing a new life insurance policy, with the funds automatically deposited into their account. Premiums for these policies start at £5 per month, and a variety of coverage options are available, including those for families, individuals over 50, and critical illness.
Some customers may be eligible for a higher cashback amount of £150. This enhanced offer applies to new life insurance policies taken out by existing Santander mortgage, Private Banking, Select, and current account holders (specifically from the Santander Edge range).
The cashback is typically received 280 days after policy inception, provided the policy has not been cancelled. If a policy is held jointly, only the first named policyholder will receive the cashback. Santander emphasizes that this offer is subject to change and could be withdrawn at any time.
In addition to the life insurance cashback, Santander is also running a separate promotion where eligible customers can receive a £200 bonus for switching their current account to Santander. To qualify for this bonus, customers must use the Current Account Switch Service, complete the switch within 60 days, deposit at least £1,500 into the new account, and set up two active household Direct Debits. However, individuals who held a Santander current account before January 1, 2025, or have previously received a switching incentive from Santander, are not eligible for this £200 bonus. This switching offer is also subject to withdrawal.