Focusing on Asda’s Instant and Over 50s Life Cover

Asda carries three life insurance products:

Advised Life Insurance cover is provided through ASDA life insurance advisers who partner with leading insurers to provide the client with the best quote, depending on the client’s unique needs. Since Advised Life offers a wide range of products, this will not be featured here.

Why Go with Asda?

Here are some reasons to go with Asda:

Quick Facts

  Over 50s Life Cover Instant Life Cover
Primary Purpose of Product

Provides life insurance cover for those 50 years old and above

Provides a lump sum to the beneficiaries upon the person insured’s death

Plan Basics

Provides fixed life insurance cover throughout the policy term.

The lump sum is payable for the first year only if the death is caused by an accident (except for accidents happening outside of the UK). Premiums will be refunded if death is due to natural causes or by pre-existing conditions.

After 12 months, the lump sum is payable, regardless of any cause of death.

Provided by LV= for Asda

Basic Term insurance until the person insured’s 65th birthday.

Provides guaranteed cover for those who say “no” to the medical questions, no medical exams needed.

Provided by Ageas Protect Limited for Asda.

Cover Limits

£25,000 for all policies with Aviva

Maximum cover is based on maximum premium

Cash-In Value

None

None

Eligibility
Minimum Age at entry

50

17

Maximum Age at entry

80

50

Other eligibility requirements

Must be a resident of the UK, Channel Islands or Isle of Man are excluded

Must be a resident of the UK, Channel Islands or Isle of Man are excluded

Length of Cover
Minimum Term

Not applicable

No minimum term, as long as person insured meets eligibility requirements

Maximum Term

No maximum term, plan can continue for the whole of the person insured’s life

No maximum term, as long as person insured meets eligibility requirements

Maximum Age

Not applicable

65 years old

Premiums
Minimum Premium

£5 monthly

£5 monthly

Maximum Premium

£100 monthly, regardless of the number of policies with the company

£15 monthly, regardless of the number of policies with the company

Guaranteed premiums

Yes

Yes

Reviewable premium

No

No

Other benefits

Optional Funeral Benefit Option

None

Exclusions

For the first year, death due to natural causes and pre-existing conditions are excluded.

For accidental death, the following are excluded:

  • Self-inflicted injury
  • Active participation in a criminal act
  • Active participation in a riot, war, civil commotion or anything similar
  • Racing
  • Any type of flying where the person insured is not a fare-paying passenger
  • Accidents occurring while the person insured is permanently living outside the UK

No payments if cause of death is due to:

  • Alcohol and drug abuse
  • Smoking
  • Cancer
  • Heart attack related to diabetes
  • HIV/AIDS
  • Membership of HM Armed Forces, for tour of duty outside the UK
  • Stroke related to diabetes
  • Suicide
  • Terminal illness

Plan Details

Payment of Benefit. The policy will pay out the death claim when the person insured dies within the plan term and as long as the policy remains in force.

For the Over 50s cover: 1st 12 months: Benefit is only payable for accidental death, where the death occurs within the United Kingdom and within 90 days from the date of the accident.

Number of policies. More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Additional Benefits/Options

Funeral Benefit Option. This is offered at no extra cost and is available for the Over 50s Life Insurance cover. This provides up to 10% of the Sum Insured that will go towards funeral costs, as provided by Dignity.

Other details:

Capped Premiums. For the Over 50s cover, the person insured can choose whether to cap his premiums or not. With capped premiums, premium payments will stop when the total premiums paid is equal to the Sum Insured. When this happens, even without additional payments, the cover will continue for the rest of the person insured’s life.

How to Make a Claim

When making a claim, the beneficiary will usually need to prepare:

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.