You may have heard ads for Asda over 50 life insurance if you listen to national and local commercial radio.
Many people over the age of 50 are beginning to consider these possibilities and are looking into what Life Insurance options may be available to them.
Asda over 50 life insurance offers a plan with many benefits and guarantees that may appeal to policy seekers.
As we age, we must consider how our spouses and other loved ones will carry on after we pass away.
Although you may be uncomfortable discussing this topic, planning is essential when preparing for the future.
ASDA Life Insurance Over 50s Offers Guaranteed Acceptance and Low Premium Payments
Like many Life Insurance plans available to the older market, ASDA offers guaranteed coverage to policy seekers between the ages of 50 and 85 with permanent residence in the United Kingdom.
This coverage is granted without medical examination and offers low monthly premium payments that will never increase.
Click To Compare QuotesWhen the policy seeker decides how much coverage they want to pay, ASDA guarantees their premiums will never increase.
However, the amount of coverage chosen is fixed, and inflation may negatively affect the lump sum value. Depending on your age and coverage amount, premiums can begin as low as £5 a month.
Eligibility Criteria for ASDA Over 50 Life Insurance
Eligibility is straightforward for Asda Over 50 Life Insurance. Applicants must be permanent residents in the UK and fall within the age bracket of 50 to 85 years.
This broad acceptance ensures that a wide range of individuals can benefit from the policy without undergoing a medical examination, thereby simplifying the application process and providing peace of mind.
Applicants are encouraged to provide proof of permanent residency within the UK. This ensures compliance with the policy’s prerequisites, confirming eligibility.
Furthermore, understanding the age constraints and residency requirements upfront helps streamline the application process, reducing the likelihood of delays or issues.
Choose Your Level of Coverage and Desired Options – Asda Over 50 Life Insurance
ASDA offers policy seekers the option of choosing their coverage amount and any additional options they would like to add to their plan.
Depending on the coverage needed, coverage through ASDA can range from a minimum of £650 to a maximum of £10,000.
You can also choose how your policy will pay out if you pass away – for example, funds can be paid out in a lump sum to beneficiaries or put directly toward funeral costs.
ASDA also offers a Funeral Benefit option, which can grant up to an additional 10 per cent toward burial costs.
The Funeral Benefit option can ease financial pressures on loved ones. If selected, the additional funds are activated upon death to cover burial costs. The process for availing of these benefits involves nominating beneficiaries who will receive the payout.
It’s advisable to inform them in advance about this provision to ensure a smooth claim process.
For every £100 of the lump sum amount used toward funeral costs, £110 will be granted in extra funds, up to £1,000.
Click To Compare QuotesAre There Any Additional Benefits – Asda Life Insurance for Over 50s?
This plan offers unique benefits from ASDA, including guaranteed acceptance, flexible coverage, and the Funeral Benefit option.
Generally, Life Insurance will not pay out if the holder passes away within the first two years of the policy, but ASDA will honour payment if the holder passes away after only one year.
This policy also offers a capped payment option, meaning the policyholder will stop paying premiums once the total reaches the amount of their coverage.
Conversely, the uncapped payment option is payable for a maximum of 30 years.
Finally, ASDA will offer policyholders a £30 ASDA Gift Card just for taking out a policy. These funds can be used in any way you like with ASDA as a thank-you for choosing their company for your life insurance needs.
Having a Life Insurance policy is an excellent way for older individuals to feel reassured that their loved ones will be well taken care of in the event of their passing.
Benefits, including guaranteed acceptance with no medical exam, flexible coverage, multiple payment options, and other perks such as the Funeral Benefit option, make the ASDA Life Insurance for Over 50s plan a great choice.
If you need more information or assistance in deciding on a policy, contact Claybrooke.
Click To Compare QuotesOur knowledgeable consultants will be happy to explain the program and ensure that the life insurance policy meets your needs.
On your application, you choose how much cover you’d like to leave behind.
You must keep paying your monthly premiums until you die or reach the maximum age given in the policy; otherwise, the policy will not pay out.
Health and Wellbeing Services—These support services are separate and not part of the policy contract. They’re available to policyholders for free.
Comparison with Other Over 50 Insurance Providers
Asda sets itself apart by offering fixed premiums and no requirement for medical exams. In comparison, providers like SunLife and Post Office may offer similar acceptance guarantees.
However, Asda’s fixed premiums and the inclusion of a Funeral Benefit option can make it more attractive to those seeking certainty and added value. Checking independent reviews can also provide insights into customer satisfaction across these providers.
- You pay monthly premiums, and as long as you’ve paid premiums when due, when you pass away, your loved ones will receive a cash sum.
- Asda Over 50s life insurance isn’t a savings or investment product. It has no cash value, so your plan may be cancelled if you stop paying your premiums.
- There is Immediate cover for accidental death, plus death by any cause after 12 months.
- If you pay your premiums, this insurance pays out a cash lump sum when you die. Your beneficiaries can then use this to cover funeral costs and outstanding bills, or spend the funds as they please.
- In the event of death by natural causes, where death occurs in the first twelve months from the policy start date, we will pay 1.5 times the total premiums paid towards the cover.
- In the event of death by natural causes, where death occurs after the first twelve months from the policy start date, we will pay the total amount.
Remember, we guarantee to accept you, and there will be no medical questions.
If you live a long time, you risk paying more than the policy pays out. Inflation may also reduce the payout’s buying power.
Inflation can erode the real value of a payout over time. Historical data suggest that purchasing power may decline, which affects the adequacy of the lump sum.
Policyholders can mitigate this by regularly reviewing their coverage or opting for additional coverage where possible, which helps maintain the intended financial protection for their beneficiaries.
To further counteract the influence of inflation, policyholders might consider consulting with a financial advisor or contacting Claybrooke for assistance.
Regular check-ins can help assess whether the coverage remains sufficient over time, considering economic changes.
Adjustments, if needed, can align the policy’s worth with the policyholder’s growing needs or shifts in inflation trends.
Asda Over 50s Life Insurance Cover and Asda Life Insurance Over 60 policies are provided by LV= life insurance provider. Write To:
Claims Department for UK residents – claims process
LV= funeral expenses
Emperor House
Grenadier Road
Exeter
EX1 3LH
Does Asda offer Life Insurance over 50?
Yes, Asda over 50s life cover is at £36.42 per month for £251,000 of cover.
Does Asda Do Life Cover over 50?
Yes, Asda life cover over 50 is £11.79 per month for £282000 of cover.
Does Asda offer Life insurance over 50?
Yes, Asda Life insurance over 50 is £6.53 per month for £288000 of cover. If you pay your premiums, this insurance pays out a cash lump sum when you die.
Does Asda do Income protection insurance?
Yes, Asda Income protection insurance is £8.01 per month.
Does Asda do mortgage life insurance?
Yes, Asda mortgage life insurance is £9.58 per month for £273000 of cover.
What are the current Asda rates for critical illness cover?
Asda interest rates for critical illness cover is £7.92 per month for £253000 of cover.
Does Asda have good reviews for life insurance?
Yes, Asda reviews are commendable for life insurance.
Does the Asda life insurance calculator show the monthly costs?
Yes, the Asda life insurance calculator shows good monthly costs.
Does an Asda life insurance advisor charge a hefty fee?
No, Asda life insurance advisors are free.
Does Asda do a whole of life insurance?
Yes, Asda Whole Life Insurance is £48.95 per month for £285,000 of cover.
Does Asda do Joint life insurance?
Yes, Asda Joint life insurance is £29.54 per month for £283,000 of cover.
Does Asda do Terminal illness cover?
Yes, Asda Terminal illness cover is £27.11 per month for £265,000 of cover.
Does Asda do Term life insurance?
Yes, Asda Term life insurance is £29.32 per month for £267,000 of cover.
Does Asda offer Decreasing term life insurance?
Yes, Asda does decreasing term life insurance at £29.03 per month for £215,000 of cover.
Does Asda offer Increasing term life insurance?
Yes, Asda does offer increasing term life insurance at £28.32 per month for £289,000 of cover.
Does Asda offer Level term life insurance?
Yes, Asda level term life insurance at £28.33 per month for £297,000 of cover.
Does Asda offer Family income benefit life insurance?
Yes, Asda does family income benefit life insurance at £7.06 per month for £281000 of cover.
Common Questions and Misconceptions
There are often questions about the necessity of over 50s life insurance. Some believe it’s only for those with significant debts or financial dependents.
In reality, it provides a financial safety net for various needs, including funeral expenses or leaving a legacy for loved ones.
It’s also worth noting that acceptance is guaranteed without a medical check for those within the age criteria, addressing concerns about insurability due to health conditions.
Another common misconception is that all life insurance policies require extensive medical checks.
Asda’s Over 50 Life Insurance dispels this myth by offering guaranteed acceptance without medical evaluations, making it accessible to those who may worry about health assessments affecting their eligibility.
This feature significantly simplifies the process of obtaining coverage for many applicants.
Asda Over 50 Life Insurance
ASDA Money is a trading name of Asda Financial Services Limited and Asda Stores Limited, which have their registered addresses at Great Wilson Street, Leeds, LS11 5AD.
For general insurance products, Asda Financial Services Limited and Asda Stores Limited each act as an introducer-appointed representative.
For the Asda Money Credit Card only, Asda Stores Limited acts as a credit broker, not a lender, and is authorised and regulated by the Financial Conduct Authority (firm reference number 718361).
Jaja Finance Limited issued the Asda Money Credit Card.
Regarding personal loans, Asda Financial Services Limited t/a ‘Asda Money’ is an Introducer Appointed Representative of Aro, a trading name of Aro Finance Limited, which is authorised and regulated by the Financial Conduct Authority.
The firm details displayed on the register have been confirmed as correct by at least one of the Appointed Representative’s principal firms.
Principal firms must confirm that their Appointed Representative(s) information shown is correct at least annually.
Address:
Asda House for over 50 life insurance cover
Great Wilson Street
Leeds
LS11 5AD
UNITED KINGDOM
Phone:
+4401138261116
+44011-382-61116
Email:
money.queries@asda.co.uk
230174
Registered company number
04562707
Claybrooke Service – We compare policies from life insurance providers in minutes to help you find the cheapest life insurance for over 50s.
You can still get quotes for ordinary life insurance through us up to age 65, but you might find that the monthly payments are pretty high, especially if you’ve had any ill health over the years.