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Credit card insurance

What are the benefits of Balance Cancellation Cover (BCC)?

We would pay the minimum payment of 4% of your monthly statement balance for the first 30 days in a row and again after 60 days in a row that you are not working and then clear the balance at 90 days if you have not returned to work. In the event of your death, the balance could be cleared in full (up to £15,000) subject to your claim being approved.

What am I covered for under this policy?

We would pay the minimum payment of 4% of your monthly statement balance for the first 30 days in a row and again after 60 days in a row that you are not working and then clear the balance at 90 days if you have not returned to work. In the event of your death, the balance could be cleared in full (up to £15,000) subject to your claim being approved.

For more information, please see the Policy Summary.

What am I not covered for under this policy?

As with most insurance policies exclusions and limitations apply. The list provided is not exhaustive but highlights exclusions and limitations that may be considered significant.

Life & Disability cover

There are no exclusions under these cover types.

Unemployment cover

You will not be covered if:

  • You are aware of any unemployment or had reason to believe that it is likely to happen at the start date (including because you are employed on a fixed term contract which will not be renewed)
  • You retire, resign or take voluntary redundancy
  • Your unemployment is a result of misconduct, fraud, dishonesty, participation in an unofficial strike or a lock out.

    • Full details can be found in section 4 of the policy wording.

    How do I apply for insurance on my ASDA Credit Card repayments?

    You can apply for Balance Cancellation Cover when filling out your Asda Credit Card application form online.

    How long am I covered for?

    Your cover is valid for one month at a time and is automatically renewed every month until any of the following occurs:

    - for disability and unemployment cover, when you permanently retire; or

    - when you reach 65 years; or

    - your credit agreement ends; or

    - your insurance is cancelled; or

    - your card is cancelled; or

    - you die.

    If you fail to make monthly payments when due, as required under the terms of your credit agreement, for at least 3 months, we may cancel your insurance. We may also cancel your insurance if you only make part payments towards the minimum amount due.

     

    How much does insurance cover cost?

    Balance Cancellation Cover costs 1p per £1 of your monthly statement balance including Insurance Premium Tax. For example, if you have an outstanding balance of £600 in a month, you would pay £6 that month and if you keep your monthly balance at this level you would pay £72 over a year. In addition, interest may be charged on the premium at the current retail purchase rate if you do not pay off your statement balance in full every month.

    Is my partner covered?

    Only the person named on the agreement is covered. However if you are aged 18 - 64 but are not working, then your partner can claim benefits provided they are aged 18 - 64 and working. You will be ineligible to make a claim.

    Who provides my insurance policy?

    The insurance for disability and unemployment is underwritten by Financial Insurance Company Limited registered in England No: 1515187. The insurance for life cover is underwritten by Financial Assurance Company Limited registered in England No: 4873014. Both Financial Insurance Company Limited and Financial Assurance Company Limited are limited by shares and their registered offices are Building 11, Chiswick Park, Chiswick High Road, London, W4 5XR. Financial Insurance Company Limited and Financial Assurance Company Limited are authorised and regulated by the Financial Services Authority. Their FSA registration numbers are 202639 and 229586. Claims are administered by Financial Insurance Group Services Limited (registered in England number 1670707). Financial Insurance Group Services Limited is authorised and regulated by the Financial Services Authority. Its registration number is 313219.

    What are the age limitations?

    You must be aged 18-64 years and working in the UK in paid employment on a permanent basis or on a fixed term contract for at least 16 hours a week (including self employed).

    Can I cancel my insurance policy?

    Of course, Asda customers can cancel their Balance Cancellation Cover Insurance within the first 30 days of taking out the cover and any premiums paid will be refunded. Thereafter you may still cancel at any time without incurring any cancellation fees, but any premiums paid will not be refunded. Simply call 0871 522 5754 (Calls may be recorded and monitored for training and security purposes.Calls cost 10p per minute plus network extras).

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