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Asda Life Insurance Review 2019

Asda

When most people think about British supermarket retailer, Asda, life insurance probably won’t be the first thing that springs to mind. Purchased for £6.7 billion by American-supermarket giant, Walmart, in the late 90s and named as Britain’s second biggest supermarket in April 2019, Asda has followed in the footsteps of other large retailers by branching out into the financial sector. This means that as well as supplying your weekly groceries, Asda can also offer money transfer, credit cards, travel money, loans - and insurance.

Whether you’re looking to insure your pet, caravan or your own life, Asda has a range of policies that are worth considering when you’re searching for the right cover for you.

What is life cover and why is it important?

Life cover is a way of providing peace of mind by putting financial arrangements in place for your loved ones in the event of your death. As long as you keep up with your monthly premiums, the insurance company will make a pay-out to your family if you die during the term of the policy.

Asda offers policies that cover long-term debts, such as mortgages; and policies that make a pay-out in the form of a lump sum to your beneficiaries. With Asda life insurance, the amount of cover and the duration are chosen by you.

Death is never pleasant to contemplate, and it can seem pointless when you’re in peak health and in the prime of your life. However, research shows that this is exactly when you should start a life insurance policy.  Figures taken from MoneySuperMarket, based on customers looking for a level term policy (without critical illness cover), show that the younger you are, the cheaper your monthly premiums are likely to be.

With some of Asda’s life cover policies costing as little as 18p per day, it’s a small price to pay for knowing that after your days your family will be able to stay in their home, the cost of your children’s education will be covered, and that your loved ones will be able to grieve without the added weight of financial problems.

Asda Terminal illness cover

Terminal illness cover is included at no extra cost in all Asda’s life insurance policies. This means that if you receive a medical diagnosis giving you fewer than 12 months to live, the pay-out will be expedited so that you can take care of your debts and ensure your family’s financial security before you die.

Asda Instant Life Cover

If you are a UK resident between the ages of 17-50, Asda Instant Life Cover is the only life insurance product that guarantees acceptance – with no medical examination required.

Provided by Ageas Protect Ltd,there are 3 monthly premium levels to choose from - £5, £10 or £15. These are fixed, which means that your monthly payments will never go up, unless you choose to move to a higher premium.

You will be covered up the age of 65, and if you die before this a lump sum pay-out will be made to your named beneficiaries.

Asda Over 50s Life Cover

Provided by LV, Asda Over 50s Life Cover is for UK residents between the ages of 50-80. As with Asda’s Instant Life Cover, this option guarantees acceptance without a medical examination and provides a pay-out upon the death of the policy-holder.

Premiums begin at £5 per month and can 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 are uncapped and you die within 30 years, the value of the pay-out will be higher than what you’ve paid in. However, if you live 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 is £650 and the maximum is £10,000.

Selecting the Dignity Funeral Benefit Option when you sign up for an Asda Over 50s plan gives your beneficiaries an extra £300 towards funeral costs, following your death. This option can be removed from the policy at any time.

While many life insurance plans for the over 50s refuse to pay out until premiums have been paid for a minimum of 2 years, Asda’s Over 50s Life Cover makes the same guarantee after just a year of monthly payments. Furthermore, if you die within 12 months of taking out an Over 50s policy, all premiums paid so far will be refunded to your loved ones.

Is a pay-out guaranteed?

As with all life insurance policies, there are exceptions to when Asda life cover will make a pay-out. If the policy-holder dies as a result of suicide within 12 months of taking out the policy, no benefit will be paid. Similarly, anyone who has been diagnosed with cancer, a heart condition, diabetes, HIV or Aids, stroke or terminal illness before the policy start date will not be covered if this is the cause of their death.

If you are a member of HM Armed Forces, it’s worth bearing in mind that if you die as the result of injuries sustained on overseas operational duties within 6 months of taking out Asda life cover, no pay-out will be made.

There are also exceptions on pay-outs for policy-holders who have either attended or been advised to attend any programmes for drug and alcohol abuse.

It’s always worth reading the small print before you sign up to anything.

Critical illness cover

Asda Critical Illness Cover is an extra option that provides a pay-out if you are diagnosed with one of the critical or serious illnesses defined in the policy, such as permanent disability or loss of sight. This can be added to your life insurance or mortgage protection policy for extra peace of mind.

Online discounts and expert advice

Buying your Asda’s life cover online brings with it a 10% discount. However, if you feel you need more information on Asda’s range of financial products, calling their 24 hour international helpline on 0800 202 8104 can provide expert advice for all your life cover queries.

Get a free no obligation life insurance quote by comparing the UK's leading life insurers, including Asda life insurance. Hundreds of people obtain over 50s life insurance, critical illness cover, whole life insurance and term life insurance policies every day.

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