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Asda Life Insurance Review
When most people think about Asda, they think about doing their weekly grocery shop! However, a lot of the major supermarkets in the UK have branched into the financial sector, and Asda is one of them. Not only do Asda offer insurance, but loans, travel money, credit cards, and money transfers as well.
Asda insurance products are provided by a number of carriers, with their life coverage being offered by Ageas Protect Ltd. It is the only life insurance product that provides guaranteed acceptance to residents in the UK who are between the age of 17 and 50-years-old. Coverage level will vary based on gender, smoking status, and age. The term-life policy will be paid out in a lump sum upon the death of the insured prior to the age of 65-years-old.
Asda also provider over 50’s Life Cover. This is provided by LV. It is for residents in the UK that are between the age of 50 and 80-years-old. As with the Life Cover that is provided by Asda, this option will guarantee acceptance without any medical examination. Plus, it provides a pay-out upon the death of the policyholder.
Why life insurance is a must
Before we discuss Asda Life Insurance Cover in further detail, it is imperative to establish why life insurance is so critical. It ensures that there is financial support for surviving beneficiaries. The lump-sum benefit that is paid can help your loved ones to pay household living expenses, cover educational expenses for children, or pay off a mortgage. However, you need to make sure you choose a policy with care. There are a lot of different options to choose from, so you need to narrow down your search effectively.
A straightforward life insurance policy - Instant life cover
One of the main benefits associated with Asda Life Insurance is the fact that the process is really simple. The monthly premium of either £15, £10, or £5 is not going to increase. Plus, the coverage will run until your 65th birthday, so long as you have paid the premiums as scheduled.
Premiums for Asda Over 50s Life Cover
Premiums will begin a £5 per month and they can either be uncapped or capped. Uncapped premiums are where you pay premiums per month for as long as 30 years. Capped premiums are when you pay monthly premiums to build-up to the level of cover that you want. If you opt for uncapped premiums and you die within the 30 years, the value of the payout is going to be more than what you have paid in. Nevertheless, if you live longer, you could end up spending more money than what your payout is actually worth.
Payout after 12 months
A lot of the over 50 life insurance plans that are available on the market today do not pay out until the premiums have been paid for two years. However, this is not the case with Asda. They offer a policy that will be paid out so long as there have been payments made for 12 years. This means that the over 50’s plan for Asda provides a guaranteed payout if the insured person dies after one year from the policy’s effective date.
No increases are guaranteed
Another benefit that is associated with Asda life insurance is that you are guaranteed to not have your monthly premiums increased unless you decide to increase the coverage limit. The available limit is going to be based on the monthly premium, smoking status, sex, and age.
There is no cash-in value
One thing that you do need to recognise when you are choosing between over 50’s coverage and instant life insurance from Asda is that there is no cash-in value for the policy. If the coverage ends because you have not paid your premiums, you are not going to be refunded any of the money that you have paid. Nevertheless, you can restart instant coverage within two months of the date of the first payment you have missed.
What about cancellations?
Aside from the factors of Asda Life Insurance that we have discussed so far, coverage could be cancelled within 30 days of the start date of the policy. Unless a benefit has been paid, the premiums will be refunded. Throughout the policy term, the coverage level is not going to rise with inflation. The insured has to request for the level to be increased if desired.
Instances whereby the life insurance will not pay out
There are a number of exceptions to the benefit payout that is offered by Asda’s instant life coverage. For example, if you have been diagnosed with a terminal illness, stroke, Aids or HIV, diabetes, a heart attack, or cancer before the start of the policy date and the condition result in the death, the policy will not payout. Moreover, should the insured die within a year of the start date because of suicide, the benefit will not be paid.
Other instances whereby your life insurance will not payout is if the policyholder is a member of the HM Armed Forces and dies within six months of an injury they have suffered during an operational tour of duty that is not within the UK. Moreover, should the policyholder claim that they have not smoked within the year leading up to their policy, but this is determined to be a lie, the benefit is not going to be paid. This is why it is imperative to make sure that you are honest on your application. If the policyholder was advised to participate or attend a drug or alcohol abuse program before they coverage date, a payout will also not be paid.
All in all, Asda Life Insurance is one of the more straightforward policies out there. Of course, Asda Life Cover is not going to be suitable for everyone. However, if you are looking for a low-cost policy that will offer consistent payments, this is definitely worth thinking about.
Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.