Asda’s Life Insurance Introduction

ASDA is Britain’s second largest supermarket but the services offered by ASDA go much beyond retail and grocery shopping. ASDA has branched into various financial sectors such as insurance. Whether you want to insure a vehicle, your pet or even your life, there are a number of policies offered by ASDA that are worth considering. Agea Products limited offer the life coverage by ASDA insurance and it is the only life insurance that guarantees acceptance to everyone between the ages of 17 to 50 years, who are residents in the UK. Although the level of coverage differs on the basis of age, gender and other habits like smoking. On top of that ASDA also provides life coverage for people above the age of 50 years through LV, without any medical examination. The life insurance policy by ASDA has a number of benefits.

NOTE: ASDA has withdrawn its ASDA life insurance provision but will maintain past policies until they expire.They are allowing some flexibility in changing your existing policy too.

Importance of Life Cover

Life does not come with a guarantee and misfortune can strike anyone at any time. It is better to be prepared for any eventuality. Life insurance puts in place financial arrangements for your loved ones in the event of your death. It provides peace of mind and you can rest assured that your family will have financial support even if you are not there. Contemplating death is not a pleasant thought and it is easy to fall into a sense of security when you are in the prime of your life and feel completely healthy. But starting a lover cover early is the key. According to analysis by MoneySuperMarket, your monthly premiums are likely to be cheaper if you opt for life insurance at a younger age. ASDA life insurance ensures the pay out to your family in case of your death during the term of the policy and all you have to do is keep up with the premiums. ASDA life insurance provides coverage to UK residents between the ages of 17 to 50 years without the need of any medical examination. No other life insurance provider offers this facility.

Flexibility of coverage and features

ASDA offers a variety of coverage options to the policy seekers. You can choose from multiple coverage levels and even incorporate additional features and benefits that you would like to add to the insurance plan. The ASDA policies provide a minimum coverage of 650 pounds and it can go up to 10,000 pounds. You can choose a life coverage with monthly premium as low as £5, £10 or £15 and it comes with a guarantee that the monthly premium will not increase. As long as you maintain the payment of monthly premiums, the coverage of the policy will run up to your 65th birthday. Life insurance cover requires full disclosure by the policy seeker at the time when the policy is taken out. So generally the life insurance plans by ASDA do not become void by any subsequent changes in your health status and lifestyle, although it is best to refer to the terms and conditions of each plan.

Critical Illness Cover

ASDA also provides an extra option of critical illness coverage. This option provides pay out to the policy holder in case he or she is diagnosed with a serious illness which is specified in the policy. It generally covers any kind of permanent disability or loss of vision. This option can be added to the life insurance plan for extra security. You can also choose the manner in which the company will pay out the insurance claim in case you pass away. The claim amount can be directly used to cover the funeral costs or a lump sum amount can be given to the beneficiaries. You can also choose the Funeral Benefit option which grants up to additional 10% for the funeral costs. This option provides additional 1000 pounds to cover the burial costs and that reduces the financial burden on your loved ones. With ASDA life coverage you have the freedom to decide the manner in which the claim money would be utilized.

Additional benefits of the over 50 life insurance

ASDA also provides insurance to UK residents over the age of 50 and below the age of 80 years. Unlike many other life insurance plans for elderly, ASDA’s over 50 coverage does not require any medical examination. This is a significant advantage because many elderly people are not eligible for insurance or get minimal benefits under the coverage as their medical records are likely to reveal some underlying health problems.

ASDA Beats Other Life Insurance

Most life insurance plans for people above the age of 50 years do not guarantee the payment of claim unless the premiums have been paid for at least a period of two years. But the ASDA Life coverage for over 50 cuts this mandatory period by half. The payout is guaranteed after payment of the premium for a minimum period of only 12 months. In case the policy holder dies before this period of one year then the premiums paid so far are refunded. ASDA life insurance has very simple, clear and fair terms, and you’ll never feel cheated as is the case with many life insurance plans in the market. ASDA offers capped and uncapped payment options to the policy seekers. In case of the capped option, the payment of the premiums will stop when the amount reaches equal to the chosen coverage. While in case of the uncapped option, the premiums are paid for a maximum period of 30 years. If the policy holder chooses the uncapped option and dies within 30 years, then the amount of the payout will be higher than the amount of the premium paid in. If you choose ASDA life coverage then the company also gives you a 30 pound gift card. This is the company’s way of showing gratitude to the policy holders for choosing them. You can spend the money on the gift card in any way you like. Such small gestures show that the company truly cares about its customers.

Changes to the coverage plan

ASDA life insurance plans have friendly terms for the policy holders. Moreover the plans are flexible and allow the policy holder to make changes to the life insurance policy. ASDA ensures that all your needs are accommodated. You can request various changes such as:
● Reducing or extending the period of the coverage offered by the plan
● Change the date for the payment of your monthly premiums
● Reducing or increasing the life cover amount under the plan
● In case of a joint policy, requesting removal of a life insured
● Request removal of any policy feature you pay for, like the indexation option.
● You can also apply for the separation of a joint policy. Upon such separation, the joint policy will be split into two standalone policies. This feature is especially helpful in case a couple gets divorced or when a joint mortgage is changed into a sole name.
● You can also apply for the cancellation of the ASDA life coverage within 30 days of the start of the plan. Any premiums paid by you will be refunded, unless any specific benefit has been paid.
However any changes to the existing plan may be subject to medical underwriting. Your circumstance at the time of requesting the changes can also be taken into consideration and it can also affect your premiums.

Simple claim procedure

ASDA is sensitive towards the sorrow and hardship that loss of a loved one can bring. That is why the life insurance plans provide a simple procedure for making a claim in case of death of the policy holder. Before making a claim, check if the premiums have been paid up or if they are still being paid. Then you should contact the insurers claim line, who will provide you with a form. You just need to fill that form and submit it along with the death certificate to prove the cause of death, and some other documents which a specific plan may require. You can send these documents to the insurers by registered post. After receiving the documents, the insurers will cross check all the necessary information in order to process the validity of the claim. When all the information matches and everything is in order, the insurer will pay out the claim. The entire process takes only a few days or sometimes weeks. A life insurance policy provides satisfaction to the policy holders, especially in old age that their loved ones will be taken care of in the event of their death. Surviving beneficiaries get much needed financial support by the life insurance claim. The lump sum paid out by the ASDA policy can help out your loved ones to pay for the living expenses, to pay off a mortgage or provide quality education to a child. By planning for the uncertain future and choosing the life insurance plan by ASDA, you can discharge all your responsibilities towards your family and put your mind at ease.

In Conclusion

All the benefits offered by the ASDA life insurance, including flexible coverage, a variety of payment options, acceptance without any medical examination as well as the funeral benefit option make it a perfect choice to secure the future of your loved ones.