Asda Life Insurance FAQs
Frequently asked questions
How do I get an ASDA Life Insurance quote?
Just call 0800 975 1208 or click here to get a quote online.
Calls may be monitored and recorded for quality and security purposes.
What is ASDA Life Insurance?
There are two types of cover available. Life insurance, which is designed to pay you a cash lump sum and mortgage life insurance, which is designed to pay off your mortgage.
An adviser will help you decide which type of life cover is right for you if you’re unsure which cover you want.
When does ASDA Life Insurance pay out?
A cash lump sum is paid out if you die or if you're diagnosed with a terminal illness (that's expected to cause death within 12 months and before your cover ends) while you’re covered.
Can my partner be covered too?
Yes. You can set up two single life policies, or a joint policy which pays a cash lump sum should one partner die or be diagnosed with a terminal illness.
How much do I have to pay each month?
That all depends on the amount of cover you want and the number of years you want it over. Your age and state of health will also make a difference.
An adviser can help you if you are unsure.
When does the cover end?
Your cover will stop when you reach the end of the term you selected at the outset or when you make a claim whichever happens first.
What if I want to cancel or stop my cover?
You will receive back any money you’ve paid if you cancel your cover within 30 days of receiving your policy documents and cancellation notice. If you stop your cover after this you won’t get any money back.
Can anything stop my family getting the cash lump sum?
Yes. There are some reasons why a payment can't be made. These include:
- The information you include in your application isn’t true and complete;
- You don’t provide proof about the events that result in the claim;
- You don’t provide authorisation to get medical information about you.
A terminal illness claim may not be paid if:
- You’re expected to live for more than 12 months;
- You don’t provide information about the illness until within 18 months of the end of your cover;
- You’re not resident in the UK or another country specified in the policy provisions;
Why do I need life insurance?
If you’d like to look after the people you care about most after you’ve gone, then you should consider life insurance. Also, if your family relies on your income, you may want to consider other insurance options, such as Critical Illness Cover and Income Protection Cover as a way to make things easier if you’re unable to earn a living.
There are many reasons people take out life insurance. An adviser can explain your options and recommend the right cover for you and your family.
How much life insurance cover do I need?
The amount of cover you need is different for everyone. It’s usually recommended you cover your mortgage and any other debts. You’ll then need to take into account any existing life cover you have (from your employer, for example). As a guide, it’s suggested you take out around £150,000 for every dependant (your partner and each child). You should also think about increasing your cover if there’s a change in your circumstances, such as moving to a more expensive home or having another child.
What types of medical conditions can affect my cover?
Because people who have an existing medical condition or 'medical history' are considered a greater risk, you may find your premiums are higher, and some restrictions on cover may be imposed. So it might be important to talk to an adviser, so they can find the right insurance company and policy for your particular circumstances.
Can anything else affect how I arrange cover?
Yes. People in certain occupations and who have certain 'high risk' hobbies may be considered a greater risk and so this may affect premiums and some restrictions on cover may be imposed.
'High risk' occupations include working at heights, within the oil and gas industry (particularly working offshore), the Armed Forces, Pilots and Fishermen.
High risk hobbies include racing, hang gliding, mountaineering and diving.
For more information, you should speak to an adviser. They can find the right policy and insurance company to arrange the cover at the best possible price.
What do you do?
Choose to get a quote online or over the phone. LifeSearch search the market and use their expertise and experience to find you the best value life insurance cover possible. What's more, if you choose to take advice it is friendly and free.
How long should my cover last for?
Typically, your cover will last for a fixed term either in line with the term of your mortgage or until all your children are financially independent. If you wish an adviser can make a recommendation based on your circumstances and discuss the options available to you. Alternatively, call on 0800 975 1208.
Calls may be monitored and recorded for quality and security purposes.
Why do I need Income Protection Cover?
Income Protection Cover is not a widely known product, yet it should be top of most people's protection buying list. It replaces your income in the event that you cannot work due to illness or disability, potentially until you retire, which will take care not only of debts like a mortgage, but also enable you to maintain your standard of living. Unemployment Cover can also be added.
How much cover do I need?
It's recommended you take out around 50% of your income after tax. If you take more, then legally the Inland Revenue may not allow you to claim it. Please speak to an adviser if you have any further questions.
Why should I take advice?
It's always preferable to take advice. Make sure it's an adviser who is independent and can search the whole of the market. They can advise you on a range of different areas, like which policies are best and how much cover you should take, as well as find the best value for money policies too. Always shop around and make sure you speak to at least one independent financial adviser.
How can I keep the cost of the premiums down?
The more cover you take out and the term length you take it out for will determine how much you pay. This is why it's important to speak to an advisor if you're unsure about how much cover you need. They'll make sure you're not over-insured, helping you save money in the long run.
Any other tips?
The younger and healthier you are the cheaper premiums will be, so the sooner you take out cover the better off you should be. Non-smokers also pay less than smokers so giving up smoking is a good idea for financial reasons, as well as health reasons.
Why do I need Critical Illness Cover?
Critical Illness Cover will pay out a lump sum in the event that you're diagnosed with one of a number of serious illnesses of a specified severity, the most common being heart attack, cancer and stroke. The type and number of illnesses vary from insurer to insurer. This cover is very important in helping to pay for care and rehabilitation while you're sick, as well as supplementing or replacing income you might lose, helping to support you and any dependants you may have.