ASDA Life Insurance Cover Reviews For 2024
ASDA Financial Services offers travel, home, motorist, pet, life insurance, personal loans, trade, gift, and credit cards.
It is a division of ASDA, which includes a large supermarket, general merchandise, and a mobile telephone network. In 1999, ASDA became a subsidiary of Walmart, the American retail company and the largest retailer in the world.
We Compare The Top Insurers. Find The Best Cover For You & Help Provide Your Family With Financial Security
ASDA Life Insurance Overview
| Feature | Description |
|---|---|
| Provider | ASDA Financial Services, offered through Ageas Protect Ltd and LV (Liverpool Victoria) |
| Excludes certain pre-existing conditions, suicide within the first 12 months, etc. | 17-50 for guaranteed acceptance (Ageas), 50-80 for over 50s life insurance (LV) |
| Medical Examination | Not required for guaranteed acceptance and over 50s plans |
| Coverage Term | Up to age 65 for guaranteed acceptance, whole of life for over 50s plan |
| Premium Structure | Starts from £5 per month, with fixed premiums |
| Benefit Payout Exceptions | Excludes certain pre-existing conditions, suicide within first 12 months, etc. |
Key Considerations for Choosing Life Insurance
| Consideration | Description |
|---|---|
| Age and Health | ASDA via Ageas offers guaranteed acceptance for younger individuals; LV caters to the over 50s without medical exams. |
| Coverage Needs | Determine if the coverage amount aligns with your financial responsibilities and goals. |
| Premium Affordability | Assess whether the premium structure fits your budget over the long term. |
| Policy Terms | Understand the terms, especially the exclusions and conditions for payout. |
| Additional Benefits | Consider policies that offer terminal or critical illness cover for comprehensive protection. |
FAQs on ASDA Life Insurance
| Question | Answer |
|---|---|
| Who underwrites ASDA’s Life Insurance? | Previously underwritten by Ageas Protect Ltd and LV, now offered through partners. |
| Can I apply without a medical exam? | Yes, for certain products like guaranteed acceptance and over 50s plans. |
| What happens if I miss a premium payment? | Policies may lapse, but conditions vary. Contact the insurer for specific policies. |
Different carriers provide ASDA insurance products; we include them in our market research when searching for the best coverage for you.
ASDA instant life coverage is provided by Ageas Protect Ltd. It is the only life insurance product that offers guaranteed acceptance to UK residents aged 17 to 50 years old with no medical examination required.
This term life policy pays out a lump sum upon the death of the insured before age 65, and coverage level varies by age, smoking status, and gender.
Simplicity In Itself
The Asda life cover application process is simple, and the monthly premium of £5, £10, or £15 is guaranteed not to increase. The coverage term runs through the 65th birthday of the insured as long as premiums are paid as scheduled.
There are several exceptions to the benefit payout offered by instant life coverage. The policy will not pay out if an insured was diagnosed with cancer, heart attack, diabetes, HIV or Aids, stroke, or terminal illness before the policy start date and the condition is the cause of death.
A benefit will not be paid if the insured dies within 12 months of the coverage start date due to suicide.
HM Armed Forces members who die within six months of an injury sustained during a non-UK operational tour of duty will not receive a benefit payment.
If the insured claims not to have smoked within 12 months before the coverage start date but if this is later discovered to be false, a benefit will not be paid.
If an insured were advised to attend or participate in a program for alcohol or drug abuse before the coverage start date, a payout would not be made.
Over 50s life coverage is provided by LV, and premiums begin at £5 per month. This whole-of-life policy provides a guaranteed lump sum payout upon the death of the insured as long as premiums are paid as scheduled.
The available funeral benefit option provided by Dignity offers up to ten percent extra coverage at no extra charge.
UK residents aged 50 to 80 are guaranteed acceptance without health questions or a medical examination.
The insured may pay more monthly to cap premiums, so payment stops once the amount paid equals the benefit selected.
Payout After Only 12 Months
Many over 50s life plans do not pay out until premiums have been paid for two years. The ASDA over 50s plan provides a guaranteed payout if the insured dies one year after the policy’s effective date.
If the insured dies within the first 12 months, paid premiums may be refunded.
The monthly premium is guaranteed not to increase unless the insured increases the coverage limit. The available limit is based on age, sex, smoking status, and monthly premium.
Consumers should understand that the policy has no cash-in value when considering either ASDA instant life or ASDA over 50 life cover.
If coverage ends due to non-payment of premiums, money paid will not be refunded. However, instant coverage can be restarted within two months of the date of the first missed payment.
In addition, coverage may be cancelled within 30 days of the policy start date, and premiums will be refunded unless a benefit has been paid.
During the Asda life cover policy term, the coverage level will not increase with inflation. The insured must request to increase the level if desired.
Life insurance offers financial support to surviving beneficiaries. The lump-sum benefit paid under an Asda life cover policy can be used to pay off a mortgage, cover educational expenses for a child, or pay household living expenses.
With Asda over 50 life cover, the insured may choose to have the lump sum benefit applied to funeral expenses by selecting the funeral benefit option.
This option can be removed from the policy at any time, and if the insured dies within 12 months of the plan start date, the funeral benefit may not apply.
A joint policy is not available with either type of insurance, but partners may each purchase an individual policy.
We make it easy for you to review ASDA life insurance options because we do the research. If we find the coverage suitable, we will provide comprehensive policy information and a quote for your review.
This eliminates the need to search the Internet for applicable life insurance policies, which can sometimes be time-consuming and frustrating.
How do you find the best life insurance policy?
- Evaluate your life insurance goals
- Calculate the best insurance coverage you require
- Find the best life insurance policy that offers the fairest deal by determining the premium you will have to pay
- Choose the right policy term
- Choose a reputable provider of life insurance
Alternatively, sit back and let us do the work, then choose the most affordable policy that will best provide for your loved ones.
In Conclusion
Life insurance could be a good option if you’re looking for an affordable way to leave some money behind for your loved ones.
It can give them a cash sum if you die during the policy term, which you choose when you sign up.
You need to decide how much cover you want and how long you want it for – then we can give you a no-obligation free quote today.
