Asda Over 50s Life Cover
- Guaranteed acceptance and no medical
- You’re fully covered after just 1 year
- Get as much as 10% extra paid out with our Funeral Benefit option
**Starting premiums of £5 a month depends on your age
- Tell me more
Asda Over 50s Life Cover pays out a cash lump sum to help out those special to you when you’re no longer around. If you’re a UK resident between 50 and 80, you’ll be accepted – guaranteed.
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 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 never pay more in premiums than is 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.
Over 50’s cover – now with more guarantees
Take a look at all your guarantees
- Guaranteed acceptance if you’re a UK resident aged between 50 and 80
- No medical questions to answer
- With our capped option you'll never pay more than is paid out
- With our uncapped option you'll never pay in for more than 30 years - guaranteed
- You're covered in full if you pass away after 12 months
- Your payments stay fixed and never go up
- Choosing the Funeral Benefit Option will mean up to 10% extra to help with funeral costs
- You'll get a £30 Asda gift card after your plan starts*
*Your Gift card will be sent within 28 working days of your third monthly premium being received. Please see information pack for full terms and conditions.
- Funeral Benefit
Get as much as 10% extra money when you take out the Funeral Benefit option
It’s surprising how expensive funerals are today. And they’re only going 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 UK's leading funeral specialists with over 680 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.Find out more
ASDA Tesco Sun Life Direct Sainsburys Post Office Legal & General Capped payment option ✔ X X X X X Guaranteed full payout when you pass away After 1 year After 1 year After 2 years After 1 year After 1 year After 1 year Cover from £5^ £7 £4 £8 £7 £8
^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. Capped payments start from £15 a month.
Information sourced directly from product providers' websites, October 2013. With ASDA, Tesco, Sainsbury's, Post Office 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.
- 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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