Asda Over 50s Life Cover
Over 50s Life Insurance from Asda
There are 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
Plus you get this as standard
- An additional £300 contribution when you add 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.
- Funeral Benefit
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 an additional £300 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 770 funeral directors nationwide. It means your cash lump sum is paid directly to them to be used towards funeral costs.
Please be aware that if you have already taken out the Funeral Benefit Option on a previous plan, you may not be able to take out this option on further plans. Please see our FAQs for further details.
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 how expensive funerals can be. Our research has shown that the average cost of even a basic funeral in the UK in May 2016 was £4,229.** However, there are many extras to think about, such as a church service, flowers and funeral cars for family members. In 2016, this could have pushed the cost of a funeral up to as much as £5,144.**
Even more worryingly, as the chart below shows, we estimate that this figure will increase to £7,533 by 2025.***
** Source: LV= cost of a funeral research – Breaking Blue Research, May 2016 (based upon a sample of 100 UK Funeral Directors).
***This is a projection based on the rise of funeral costs between 2005 & 2016, using a yearly rate of 6.63%. Please be aware that this is only a projection based on the LV= cost of a funeral research, May 2016 (this figure could increase or decrease based on market conditions).
The Funeral Benefit is provided by Dignity Funerals Limited, a company registered in England and Wales. No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No 0121 355 8081. Part of Dignity plc. A British Company. www.dignityfunerals.co.uk. The funeral service is provided by Dignity who is not regulated by the Financial Conduct Authority or the Prudential Regulation Authority, but is a member of the National Association of Funeral Directors.Find out more
- Capped or Uncapped? (Over 50s Life Insurance)
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 £4,365.
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.