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Asda, which stands for Associated Dairies, was founded in 1949 and is a subsidiary of Walmart, the largest retailer in the world. As of 2021, Asda operates over 600 stores across the United Kingdom, making it the third largest grocery retailer in the country, behind Tesco and Sainsbury’s. It used to offer life insurance as one of its insurance products. The company has discontinued this service and no longer provides life insurance to its customers.
However, Asda still provides a wide range of other insurance products such as travel, car and home insurance. These products are designed to provide protection and peace of mind to customers who are looking for coverage in these areas.
It is worth noting that Asda’s life insurance was previously provided by LV and Ageas Protect Ltd, which rebranded as AIG in 2015. This means that customers who had life insurance policies with Asda prior to this rebranding, will have been insured under the AIG brand.
Asda’s life insurance policies used to come with different costs and options, depending on the coverage plan you choose.
For Asda Over 50s Life Cover, premiums began at £5 per month and could be capped (where you pay monthly premiums to build up the amount of cover you want), or uncapped (where you pay monthly premiums for up to 30 years). If your premiums were uncapped and you died within 30 years, the value of the pay-out would be higher than what you paid in. However, if you lived longer than this, you could be at risk of spending more than your pay-out is worth. The minimum amount of cover you can apply for was £650 and the maximum was £10,000. Selecting the Dignity Funeral Benefit Option when you sign up for an Asda Over 50s plan gave your beneficiaries an extra £300 towards funeral costs, following your death.
For Asda Guaranteed life insurance, there were 3 monthly premium levels to choose from – £5, £10 or £15. These were fixed, which means that your monthly payments would never go up, unless you chose to move to a higher premium.
If you were a UK resident between the ages of 17-50, Asda Instant Life Cover was the only life insurance product that guaranteed acceptance – with no medical examination required.
Provided by Ageas Protect Ltd, there were 3 monthly premium levels to choose from – £5, £10 or £15. These were fixed, which means that your monthly payments would never go up, unless you chose to move to a higher premium.
You would have been covered up to the age of 65, and if you died before this, a lump sum pay-out would have been made to your named beneficiaries. However, Asda no longer offers life insurance.
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Provided by LV, Asda Over 50s Life Cover was a life insurance option available to UK residents between the ages of 50-80. Similar to Asda’s Instant Life Cover, this option guaranteed acceptance without a medical examination and provided a pay-out upon the death of the policyholder.
Premiums for this policy started at £5 per month and could be either capped (where you pay monthly premiums to build up the amount of cover you want) or uncapped (where you pay monthly premiums for up to 30 years). If the premiums were uncapped and the policyholder died within 30 years, the value of the pay-out would be higher than the total amount paid in premiums. However, if the policyholder lived longer than this, they could risk spending more than the pay-out was worth.
The minimum amount of coverage that could be applied for was £650 and the maximum was £10,000.
When signing up for an Asda Over 50s plan, policyholders had the option to add the Dignity Funeral Benefit Option, which provided an extra £300 towards funeral costs following their death. This option could be removed from the policy at any time.
One of the benefits of Asda’s Over 50s Life Cover was that it made the same guarantee of paying out after just one year of monthly payments, unlike many other life insurance plans for the over 50s which require a minimum of 2 years of premiums paid. Additionally, if the policyholder died within 12 months of taking out an Over 50s policy, all premiums paid so far would be refunded to their loved ones.
Critical illness coverage is an optional add-on to a life insurance policy that provides additional protection in the event that the policyholder is diagnosed with a serious illness. These illnesses often include conditions such as cancer, heart attack, stroke, and other debilitating illnesses. Like many other life insurance options available today, Asda’s policies included the option to add critical illness coverage. This feature is an additional coverage that can be purchased for an extra cost.
When you add critical illness coverage to your life insurance policy, you have the option to make an early claim on your policy if you are diagnosed with a serious, yet non-life-threatening illness. This means that you can receive a portion of the death benefit while you are still alive, allowing you to use the proceeds to cover medical expenses, make lifestyle adjustments, or cover other expenses that may arise as a result of your illness.
Having the option to add critical illness coverage can provide valuable financial protection in the event of a serious illness, which can be a significant financial burden for many families. However, it’s important to keep in mind that the cost of critical illness coverage varies depending on factors such as your age, health, and the coverage amount.
Terminal illness cover is a feature that is often included in life insurance policies. It’s meant to provide policyholders with financial assistance in the event that they are diagnosed with a terminal illness, which is an illness that is expected to cause death within 12 months.
In the case of Asda’s life insurance policies, terminal illness cover was included at no additional cost. This meant that if a policyholder received a medical diagnosis giving them fewer than 12 months to live, they would be able to make a claim on their life insurance policy and receive a pay-out. This pay-out would be expedited, which means that it would be paid out sooner than the standard death benefit. The reason for this is that terminal illness cover is meant to provide financial assistance while the policyholder is still alive. This way, they can use the money to pay off debts, make lifestyle adjustments, or ensure their family’s financial security before they pass away.
As with all life insurance policies, there were exceptions to when Asda life cover would make a pay-out. If the policyholder died as a result of suicide within 12 months of taking out the policy, no benefit would be paid. Similarly, anyone who had been diagnosed with cancer, a heart condition, diabetes, HIV or Aids, stroke or terminal illness before the policy start date would not be covered if this was the cause of their death.
For members of HM Armed Forces, it was worth bearing in mind that if they died as the result of injuries sustained on overseas operational duties within 6 months of taking out Asda life cover, no pay-out would be made.
There were also exceptions on pay-outs for policyholders who had either attended or been advised to attend any programs for drug and alcohol abuse.
Joint life insurance is a way to protect two lives simultaneously and can offer cost savings of around 25% compared to purchasing two individual policies. However, Asda did not offer this option for their customers in the past.
It’s important to keep in mind that with joint life insurance, only one payout is made, usually upon the first death. This means that the surviving partner will be left without coverage and will need to secure a new policy at an older age and potentially higher rates.
Despite this, joint life insurance can still be a viable option for those on a tight budget. It allows couples to secure coverage at a lower cost, while also providing protection for both individuals. However, it is crucial to consider the potential drawbacks and weigh them against the potential cost savings before making a decision.
It’s not uncommon for insurance providers to offer free gifts or other incentives to attract new policyholders for their life insurance products. These gifts may include things such as gift cards, shopping vouchers, or other tangible items. In the past, Asda life insurance used to offer new customers a £30 Asda gift card as an incentive to purchase. This was a way for Asda to attract new policyholders and create a sense of value for the customer.
However, while a free gift may be tempting, it is important to remember that the primary purpose of life insurance is to provide financial protection for your loved ones in the event of your death. The coverage amount of your life insurance policy is likely to be much greater in value than the gift card. It’s essential to ensure that you are getting the right coverage that fits your needs and budget.
When considering life insurance, it’s important to take a holistic approach and not make a decision based on the gift alone. Instead, you should focus on factors such as the coverage amount, the policy’s terms and conditions, the company’s reputation and customer service, and the overall cost of the policy. It’s also important to review your policy regularly and make adjustments as your needs change.
In summary, while free gifts or incentives can be enticing, it’s important to remember that the primary purpose of life insurance is to provide financial protection for your loved ones, and it’s essential to focus on finding the right coverage that meets your needs and budget, rather than being swayed by a free gift alone.
As a previous policyholder of Asda life insurance, it is important to know that you can still reach out to the company for any questions or concerns related to your policy. This can be done through the following contact details:
Asda over 50s life insurance: 0800 202 8104. This is the customer service number for Asda’s Over 50s life insurance policy. You can call this number to get information about your policy, make changes to your coverage, or to request a claim.
Asda Guaranteed life insurance: 020 7954 7000.
Alternatively, you can also use the contact information provided in your policy paperwork. This will typically include a customer service number and email address that you can use to contact Asda’s life insurance customer service team.
It’s worth noting that Asda no longer offers life insurance. However, if you have a policy with Asda, you should be able to reach out to the company or the underwriter of your policy for assistance.
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