The Nationwide Building Society is offering customers a £75 Marks & Spencer e-gift card for customers who take out life insurance or mortgage life insurance, with or without critical illness cover.
The deal is available to those applying online, in branch or by telephone and will run until 30 June 2016. Customers taking out the cover will qualify for an e-gift voucher once three months’ premiums have been received or after three months if paid annually.
This follows recent research from Nationwide Protection into critical illness cover, showing that only 31% say they could support themselves if they were unable to work due to a critical illness, with a further 36% saying they wouldn’t know how to cope financially.
In addition, while the income shortfall would lead to 48% relying on their savings, Nationwide customer data shows the average person has just £7,707 saved.
Rob Angus, Nationwide’s strategy & propositions director for financial planning, protection and investments, said: “The gift of a £75 voucher is an extra reward for those looking to make sure they have the right protection in place. It is natural for customers to worry about the financial consequences and the knock-on stresses for their family if they were to be become seriously ill or to die.
“As a result, it is important to consider if there is adequate life and critical illness cover in place, to cover the mortgage and to ensure sufficient provision to care for the family. In such difficult times, where unexpected challenges and expenses arise, providing important protection is a must for any financial plan.
“As Nationwide’s research into critical illness protection showed, many people don’t consider having cover or the cover they have may not be adequate, despite the fact that if the worst happens they will face significant additional costs and are unlikely to have enough saved to be sufficiently protected financially.”