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

Asda carries three life insurance products:

Instant Life Insurance
Over 50s Life Insurance
Advised Life Insurance

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:

Great value. Asda’s Life insurance products can be availed of with Asda’s promotional offers. For instance, there are promotional offers that provide Asda gift cards upon purchase of the Over 50s Life Cover. (Asda conditions apply to promotional offers.)
Guaranteed acceptance. Over 50s Life Cover and Instant Life Cover are offered on a guaranteed acceptance basis. No need to undergo medical exams.
Easy application. You can buy these two products from the Internet and you won’t have to fill up complicated paperwork.

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 65^th 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: 1^st 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:

The maximum limit is based on the actual funeral cost, subject to a cap of £1,000. This means that the 10% will be computed based on the cost of the funeral. In this event, Asda will be the one to cover 10% of the costs.
The cover will start only after the first 12 months that the policy has been in existence.
To avail of the extra 10%, Dignity will need to provide the Funeral Services for the person insured.

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:

Death certificate of the person insured
Birth certificate of the person insured
Proof that the claimant is the legal beneficiary (i.e. marriage certificate, will, etc.)
Police reports/doctor’s reports, where applicable
Other documents that Asda may require to help them assess the claim

The content of this article is provided for informational purposes only and is not created to be a financial advice. Contact Asda directly for details about their offerings.
Updated on: 08.06.2013

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