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Asda Over 50s Life Cover
- Guaranteed acceptance for UK residents aged between 50 and 80
- No medical questions to answer
- You'll get a £30 Asda gift card after your plan starts*
- New rates on uncapped plans**
**New rates apply from the 22nd May onwards. Around 67% 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 1st July 2014 and 21st May 2015.
- Tell me more
Great value Asda Over 50s Life Cover
There's not many things in life we can be certain of, but we can be prepared. That's why many people choose Asda Over 50s Life Cover.
Your guarantees at a glance
- 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
- Unlike some other providers, premiums are fixed, guaranteed to never go up and you'll get full cover after 1 year, not 2
- New rates on uncapped plans**
Plus you get this as standard
- A FREE £30 Asda Gift Card after your plan starts*
- Up to 10% extra cover when you take out our FREE Dignity Funeral Benefit
Things to consider
- You need to bear in mind that cover is fixed, with inflation it means it’ll buy less in the future
- Your plan may only pay out the premiums you’ve paid in if you die within the first 12 months
- With our Standard Plan (Uncapped) depending on how long you live you may pay more in total than is paid out when you pass away
- You might want to choose our capped version, which allows you 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.
- Please remember this isn’t a savings plan meaning there is no cash-in value
- If you cancel you won’t be entitled to get anything back and nothing will be paid out when you pass away
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.
**New rates apply from the 22nd May onwards. Around 67% 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 1st July 2014 and 21st May 2015.Find out more
- 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 700 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 January 2015 was £3,928**, which LV= estimated will rise to £7,642 in 2025***.
However, there are many extras to think about, such as the church service, flowers, a funeral car for your family etc. In 2015, this could have pushed the cost of a funeral up to as much as £4,731**.
**Source: LV= cost of a funeral research – Consensus Research, January 2015 (based upon a sample of 100 UK Funeral Directors). ***This is a projection based on the rise of funeral costs between 2005 & 2015 using a yearly rate of 6.88%. Please be aware that this is only a projection based on the LV= cost of a funeral research – Consensus Research, January 2015 (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)
Capped costs from £15 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.
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.
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