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Asda Over 50s Life Cover
- Guaranteed acceptance and no medical
- You’re fully covered after just 1 year
- You'll get a £30 Asda gift card after your plan starts*
- Better rates on uncapped plans for a limited time only~
- Tell me more
Great value Asda Over 50s Life Cover
3 special offers for new customers:
- A FREE £30 Asda Gift Card after your plan starts*
- 10% extra cover when you take out our FREE Dignity funeral benefit
- Better rates on uncapped plans for a limited time only~
Plus you are guaranteed all this as standard:
- Guaranteed acceptance if you’re a UK resident aged between 50 and 80
- No medical questions to answer
- You’re covered in full if you pass away after 12 months
- Your payments stay fixed and never go up
- Cover starts from £5 depending on your age.
Things to consider
- Consider how much you want to be paid out and of course how much you want to pay monthly. It’s also worth thinking about inflation – which will reduce the value of the sum of money you leave behind.
- There’s no cash-in value with this plan. So if you cancel your plan you won’t get back any of your premiums and any beneficiaries won’t get a cash lump sum when you die.
- If you pass away within 12 months of your plan starting, it may only pay out the premiums you’ve paid in.
- If you choose the uncapped option you may end up paying more in total than is paid out when you pass away, but rest assured, premiums are payable for a maximum of 30 years
- You may want to cap your premiums, so you stop paying as soon as the total amount you've paid reaches the amount paid out when you die.
- The money paid out when you die usually goes to your estate, which could be subject to inheritance tax.
- If you want your payout to go towards funeral costs, then consider the Funeral Benefit option, which will add up to 10% to your final sum with no added cost to you.
- As usual, we’re here to help, so it’s a good idea to read the Frequently asked questions.
The information on this website doesn’t give you advice, it’s up to you to decide if Asda Over 50s Life Cover is right for you. If you’re unsure, please contact a financial adviser.
What you need to know
*Your Gift card will be sent within 28 working days of your third monthly premium being received. Please see full terms and conditions.
~Rates apply from the 1st July onwards. Around 80% of customers applying for uncapped plans will get more cover for their money or pay less for the same cover than they would have between 07 January 2014 and 30 June 2014.Find out more
ASDA Tesco Sainsburys Legal and General Sun Life Direct British Seniors Capped payments ✔^ X X X X X Guaranteed full payout After 1 year After 1 year After 1 year After 1 year After 2 years After 1 year Fixed Premium ✔ ✔ ✔ ✔ ✔ X
^Capped payments start from £15 per month. Capped payments mean you stop paying premiums once the total you've paid equals your chosen amount of cover. This means you'll never pay more in premiums than is paid out when you die.
Information sourced directly from product providers’ websites, August 2014. With ASDA, Tesco, Sainsbury’s and Legal & General, if you die in the first year, you may only receive an amount equal to the premiums you've paid. With Sun Life Direct, if you die in the first two years, you may only receive an amount equal to the premiums paid, plus half as much again. With British Seniors, if you die in the first year, you will receive nothing unless death results from an accident.Get a quote
- Funeral Benefit
Choose the Funeral Benefit option for up to 10% extra on your payout at no cost to you
It’s surprising how expensive funerals are today. And they’re likely to get more expensive in years to come. But you can do something about it now.
Choose the Funeral Benefit option and you’ll get up to an extra 10% towards your funeral at no extra cost. That’s because your plan is ‘charged’ to Dignity, one of the leading providers of funeral related services in the UK with over 690 funeral directors nationwide. It means your cash lump sum is paid directly to them to be used towards funeral costs.
They’re experts in their field, so you and your family will have the peace of mind that everything is carried out to your exact wishes as well as getting that bit extra towards meeting those funeral costs.
Rising cost of funerals
Many people underestimate the cost of a funeral. If you’re looking to take out a plan to cover this cost, you may be surprised at just how much it can be.
Research from LV= has shown that the average cost of a basic funeral in the UK in September 2013 was £3,541**, and it's estimated to increase by over £3,000, to £6,587***, by 2023.
However, there are many extras to think about, such as the church service, flowers, a funeral car for your family etc. In 2013, this could have pushed the cost of a funeral up to as much as £4,321**.
**Source: LV= cost of a funeral research – Consensus Research, September 2013 (based upon a sample of 100 UK Funeral Directors). ***This is a projection based on the rise of funeral costs between 2003 & 2013 using a yearly rate of 6.40%. Please be aware that this is only a projection based on the LV= cost of a funeral research – Consensus Research, January 2014 (therefore this figure could increase or decrease based upon market conditions).
- Capped or Uncapped?
Example - How the two options work
Olivia is a 61 year old housewife and a non-smoker. She wants to take out an Asda Over 50s Life Cover plan. The premiums and amounts of cover used here are to help you understand the difference between the two premium options only. They may not be the same as our current premiums and amounts of cover.
Uncapped costs from £5 a month (depending on age)
Olivia chooses not to cap her premiums, and pays £20 a month, which means her plan will provide her with cover of £4,237.
This option means that Olivia will pay premiums for a maximum of 30 years, up to age 91.
In Olivia's case if she dies at any point before she reaches 78 years and 7 months, the amount paid out will be more than she has paid in total in premiums (£20 (monthly premium) x 211 (number of months to age 78 years and 7 months) = £4,220).
However she will still need to keep paying premiums until she is 91- so if she lives beyond age 78 and 7 months, then she will have paid more in premiums than her chosen amount of cover. So although Olivia gets a higher amount of cover compared to if she had chosen to cap her premiums, there is a risk that she will pay more in premiums than her chosen amount of cover.
Capped costs from £15 a month (depending on age)
Olivia chooses to cap her premiums at £20 a month, which means her plan will provide her with cover of £2,636.
This means Olivia will stop paying premiums once they reach her chosen total amount of cover.
In Olivia's case if she dies at any
point before she reaches 72, the amount paid out will be more than she has paid in total in premiums (£20 (monthly premium) x 12 (months in a year) x 11 years = £2,640)
Although Olivia gets a lower amount
of cover than she would if she'd chosen not to cap her premiums - she will stop paying monthly premiums the month before her 72nd birthday, so she will never pay more in premiums than her chosen amount of cover.
Over 50s Guides
Find out more information about Over 50s Life insurance
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