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.
For more information please see full terms and conditions.
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