Review of Asda Life Insurance

Asda life insurance offers quick and easy coverage, requiring no medical exams or health checks to take out a policy. While they are not the most flexible provider on the market, they do have something for everyone aged 17 to 80.

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Pros
  • No minimum or maximum term duration
  • Whole life plan (Over 50s)
  • Easy application process
  • No health checks or medical exams required
Cons
  • Not a wide selection of options
  • No opportunity to change or upgrade once you’ve taken out a policy
  • No cash-in value
  • Critical illness cover has to be added as an extra
  • No whole of life plan for under 50s

About Asda Money

Asda Money is a subsidiary of the Asda supermarket and retail group, which is itself part of the Walmart group. While it isn’t the company’s main product, Asda Money offers a range of different options.

Despite not being solely an insurance firm, Asda is a well-known and trusted brand. Asda partners with Ageas Protect for its term insurance plan, and with LV= for its over 50s policy. Both of those partners are well-respected names in the insurance world.

Asda Life Insurance Options: Out Honest Breakdown

Both of Asda’s plans are designed to be as simple as possible, meaning that getting a policy is very quick and easy but there’s little flexibility in coverage. You have control over the basic principles (time and cost) but little else.

Asda life insurance doesn’t ask for medical reports, which makes the process of getting insured faster but can have its drawbacks. If you die of a terminal illness Asda will refuse to pay the death benefit of the policy if it can prove you knew you had the condition when taking out the insurance.

There is no minimum or maximum term on an Asda life insurance policy. This offers a level of control that compensates for the lack of flexibility elsewhere.

Policy is offered to people up to the age of 80, which is higher than many other providers, and their over 50s plan is a whole of life plan, meaning you’ll avoid the threat of outliving the agreement.

Two main types of Asda life insurance are offered: term and over 50s life cover. Here’s how it all works:

Asda Term Life Cover

If taking out term insurance with Asda, you have two options: Asda Life Insurance and Asda Mortgage cover.

The former of these is a level term policy: your premiums and cash benefit remain the same over the whole length of the policy. Asda Mortgage cover is a decreasing term policy, which means your premiums will remain the same but the cash benefit will reduce over time.

In either case, outliving the plan will result in zero payment. Cover limits are based on the premiums paid. Plans may not be renewed or amended.

Asda Life Insurance

  • Premiums and cash benefit fixed for duration of policy.
  • Can choose length of term to finish up to your 65th birthday.
  • Open to applicants between 17 and 50.
  • Premiums set at either £5, £10, or £15 a month. Cash benefit depends on premium rate.
  • Pays out in a cash lump sum.
  • Critical illness cover can be added as an extra.
  • Cannot alter policy once it has been taken out.
  • Will not pay out if insured person was diagnosed with a terminal condition prior to policy being taken out.
  • Will not pay out if insured claimed not to have smoked for 12 months prior to policy and this is discovered to be false.
  • Will not pay out if the insured was advised to attend or participated in a program for alcohol or drug abuse before the policy being taken out.

Asda Mortgage Life Cover

  • Premiums fixed for length of policy but the cash benefit decreases over time.
  • Designed to cover a debt that depreciates over time (such as a mortgage)
  • Tend to be better value for the premiums.
  • Can choose length of term to finish up to your 65th birthday.
  • Open to applicants between 17 and 50.
  • Premiums set at either £5, £10, or £15 a month. Cash benefit depends on premium rate.
  • Pays out in a cash lump sum.
  • Critical illness cover can be added as an extra.
  • Cannot alter policy once it has been taken out.
  • Will not pay out if insured person was diagnosed with a terminal condition prior to policy being taken out.
  • Will not pay out if insured claimed not to have smoked for 12 months prior to policy and this is discovered to be false.
  • Will not pay out if the insured was advised to attend or participated in a program for alcohol or drug abuse before the policy being taken out.

Asda Life Insurance: Over 50s

Asda’s over 50s policy is a whole of life policy that pays out a cash lump sum to your family in the event of your death. Any UK resident between 50 and 80 is guaranteed acceptance and policies pay out up to £25,000.

Asda Over 50s Life Cover

  • Premiums are fixed throughout policy and range from £5 to £100 a month.
  • Guaranteed acceptance if you’re a UK resident between 50 and 80.
  • Free funeral benefit (10% discount on funerals arranged through Dignity).
  • Policy will pay out as long as you survive the first 12 months.
  • Cash benefit up to £25,000
  • Coverage may be cancelled within 30 days of starting the policy and premiums will be refunded.
  • Asda over 50s life cover is a whole life policy.

Asda Life Insurance: Conclusion

Asda life insurance offers coverage for UK new applicants aged 17 to 80 while over 50s are covered for their whole lives. With coverage starting at £5 per month, and the option of increasing the cover at an increased premium, it’s a good option for anyone seeking a simple plan.