Over 50s Life Cover - Asda Financial Services

Asda Over 50s Life Cover is a simple, easy to arrange life cover policy that pays out a guaranteed tax free cash lump sum when you die. It could provide a welcome cash lump sum to put towards funeral expenses, outstanding debts or just to make your loved ones' lives a little easier.

As well as a guaranteed cash lump sum, Asda Over 50s Life Cover provides the following benefits:

• You'll never pay in more than you get out
• Guaranteed acceptance and no medical
• Cover from just £6.95 a month
• Your monthly payments will never increase
• FREE cover for the first month

If you're a UK resident aged between 50 and 75, you're guaranteed to be accepted. Plus, if your spouse or partner is also a UK resident aged between 50 and 75, they're also guaranteed to be accepted!

If you apply online you can get instant cover. Alternatively, you can arrange instant cover over the phone, just call 0845 900 0933* to speak to one of the Asda Over 50s Life Cover team.

And if you have a spouse or partner, they can get instant cover too. All we ask is they're a UK resident aged between 50 and 75.

Asda Over 50s Life Cover is a whole of life policy. That means that providing you keep up-to-date with your premiums, you're covered for the rest of your life!

Plus, you’ll never pay in more than the amount paid out by the policy. This is because as soon as you’ve paid in the amount of cover payable your monthly premiums stop, but you'll still be covered for the rest of your life.

Our premiums start from as little as £6.95, which makes Asda Over 50s Life Cover an affordable way to get life cover.

However, we’d like you to choose a level of cover to suit you, so we offer a range of premiums from £6.95 up to £49.95. To find out how much cover you could get, click here to get a quote now.

When choosing how much cover you want, please bear in mind the fact that over the years inflation will reduce the buying power of the lump sum paid out at the end of your policy.

No. If you're a UK resident aged between 50 and 75, you're guaranteed to be accepted. You won’t need to visit your doctor for a medical, we won’t ask any personal questions and there's no need for a doctor’s report either.

Applying for Asda Over 50s Life Cover is simple and easy. You can apply now, by filling out the online application form and as soon as your application is accepted, you'll be covered instantly. Or you can call 0845 900 0933* and speak to one of the Asda Over 50s Life Cover team.

Before applying for the policy it is important that you read and understand the following documents, just click the links for in-depth information about Asda Over 50s Life Cover:

For an explanation of the insurance service provided to you, please download our Key Facts about the Insurance Services. Everything you need to know about the Asda Over 50s Life Cover can be found in the Policy Summary and a reminder of everything you need to know is in our Demands and Needs leaflet. Finally, full details of the cover can be found in the Policy Terms and Conditions.

No. Individual policies are offered so that the remaining partner still has cover if one of you dies.

You'll pay for your Asda Over 50s Life Cover by Direct Debit. It's the simplest and safest way to make monthly payments from your bank or building society.

No. The plan has no cash in value and it only pays out on death.

The final lump sum is tax-free, but there is a possibility that it may be included in your estate and might be subject to inheritance tax.

Asda Over 50s Life Cover is provided by AIG Life. AIG Life is a trading style of American Life Insurance Company. Established in the UK for over 85 years, American Life is wholly owned by American International Group Inc. (AIG), one of the largest insurance and financial services organisations in the world.

Although we think it’s unlikely you'll change your mind after taking out Asda Over 50s Life Cover, you do have the right to cancel your policy within the first 30 days. If you cancel your policy within this time you'll receive a full refund.

Before applying for Asda Over 50s Life Cover, you should make sure you have read all the information available to you on our website. We have provided this information so that you can make a decision about whether our life cover is right for you. When deciding if this policy is suitable for you, you should consider not only the benefits of our policy, but also the risk factors, such as affordability or your personal circumstances. More details of the factors you should consider can be found in our Policy Summary.

’Charge’ is the term we use to describe the process which allows your cash lump sum to be paid to Dignity and used towards your funeral costs.

If you chose the Funeral Benefit option, your cash lump sum will go towards funeral costs. For example, if your cash lump sum is £5,000 and your funeral cost is £3,300, £3,000 from your cash lump sum will go towards your funeral, and your extra 10% will be based on this amount (i.e. £300 extra) to cover the full cost of £3,300. The maximum Funeral Benefit receivable is £1,000.

No. To receive the Funeral Benefit (the extra 10%) on your cash lump sum you have to use a Dignity funeral director. There are over 550 Dignity funeral directors throughout Britain and Northern Ireland. Dignity is the UK's leading funeral planning organisation and each year they conduct around 70,000 funerals.

At Asda we believe you deserve the best value for money and that's why choosing our Funeral Benefit option won't cost you a penny extra.

It is important to let your loved ones know about your intentions. If your funeral is arranged with an alternative funeral provider, the money that would have been paid to Dignity would be paid to your estate. However, the extra 10% would not be received and the cash lump sum paid out by your policy may be subject to inheritance tax.

You can change your mind at anytime by simply contacting Dignity. Your charge would be released and your Asda Over 50s Life Cover Policy would continue as normal (excluding extra 10%).

If you were to stop paying your premiums before the amount you've paid reaches the cash lump sum, then your policy would end with no value. You would not get any of your premiums back and your estate would not get your cash lump sum.

It’s important to remember that inflation in the future will reduce the buying power of the cash lump sum or the Funeral Benefit. You should bear this in mind when choosing your level of cover.