ASDA launches Over 50s Life Cover

ASDA Financial Services today asks if it's fair that thousands of people with over 50s life policies could have to pay in far more than their cover will pay out.

ASDA pledges to put that right with its new Over 50s Life Cover and the promise that customers who maintain their premiums won't ever have to pay in more than they get out.

The commitment is part of ASDA's new Over 50s Life Cover policy, a unique product which ensures customers will only pay premiums until their chosen sum assured is reached. After this point their premiums stop but their cover continues for the rest of their lives.

ASDA's Head of Insurance, Gideon Ingham comments: "For too long, thousands of Over 50s Life Cover policy holders have been penalised for living longer by having to pay much more in premiums than is paid out. ASDA has a long standing reputation as a consumer champion and will go that extra mile to identify policies which do not unfairly penalise customers. Our new cover is going to ruffle a few feathers, but it's high time that this customer group was treated fairly - so we think that all over 50s life policies should put a cap on premium payments.

He continues: At ASDA, our whole business is based on making things simple while offering best value and with this new product we have achieved this thanks to the cap on customers' premiums."

Furthermore, ASDA's no-hassle policy guarantees acceptance if customers are a UK resident and aged between 50 and 75 so there are no medical questionnaires or long forms to fill in when applying. To sign up for cover, just four simple questions are asked: date of birth, gender, whether you smoke and how much you would like to pay.

Premiums have been designed to fit every pocket with cover starting at £6.95 a month.

There are a number of other added incentives for taking out Over 50s Life Cover policy with ASDA. The first month's cover is free, monthly payments are guaranteed never to increase and policy holders will benefit from the added bonus of a £30 ASDA gift card when they take out their policy.

This new policy is provided by AIG Life and is available exclusively through ASDA.

For more information, visit asdafinance.com.