ASDA over 50 life cover

Asda offers an excellent deal with its Over 50s Life Cover plan and as a bonus, they periodically offer incentives when a policy is taken out. The deal allows you a capped and uncapped option.

Capped entitles you pay into the plan from £6.25 a month up to £99.38 but once you have reached your cash lump sum, you stop paying. Uncapped means you pay less in but for the rest of your life. This could mean that you end up paying in more than you get back. You can also choose the option which gives you an extra 10 per cent which can go towards the cost of your funeral.

Asda’s scheme is guaranteed for all UK residents aged between 50 and 80 to be accepted. This means no medicals or letters from GPs and no complicated forms to fill in.

The company offers full cover after one year, with a guaranteed payout should you die a year or more after you commence the Life Cover plan. Depending on circumstances, payments already made without any interest will be paid out to those who die in under twelve months of starting the plan. Money can be given to loved ones or can be put towards funeral costs. Asda also offers a Funeral Benefit option which offers an extra 10 per cent towards your funeral. This means that for every £100 of the lump sum that goes on funeral expenses, an extra £10 will be added up a maximum of £1000.

Monthly payments are guaranteed not to increase unless you choose to do so. However, the rate of inflation may reduce the buying power of the final cash lump sum.

ASDA Over 50s Life Cover FAQs

How long am I covered for?
Providing you keep up with premiums, you are covered for the rest of your life.

How much does it cost?
You choose the level of cover from £5 up to £100 a month. Or choose to cap your payments from £6.25 a month.

How do I apply?
Fill out the online application form.

Can I apply for a joint life plan?
No, this plan is for the plan holder only but you can both take out a plan.

How do I pay?
By Direct Debit.

Is there any cash-in value?
No. The plan only pays out on death.

Are the benefits tax-free?
Yes the final lump sum is tax-free although it may be subject to inheritance tax.

Can I change my mind?
You have the chance to cancel within 30 days.

Do I have to use your funeral director, Dignity on the Funeral Benefit option? Yes, there are over 544 Dignity Funeral Directors throughout Britain and Northern Ireland.

Don't get caught out with expensive life insurance cover for over 50s.

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