Asda life insurance review

Asda life insurance no longer exists; however, the subsidiary still provides such insurance products as travel, car and home.

Previously, their life insurance was provided by LV and Ageas Protect Ltd which rebranded as AIG in 2015.

At Reassured, not only are we able to arrange AIG policies, we can also compare their quotes against other insurers to help you secure a great deal.

Still undecided? See below our Asda life insurance review.

Read on to establish if Asda would have been the right cover for you and why it's important to compare quotes…

Guaranteed Asda life insurance

Unlike most life insurance providers, Asda provided guaranteed acceptance to all UK residents aged 17-50; cover could remain in place until the age of 65.

Whilst guaranteed acceptance can make the application simpler, it means that the risk to the insurer is unknown and you can end up paying more to mitigate their risk.

At Reassured, all of our term-based life insurance applications take into account medical information to ensure you aren’t paying more than you need to.

Simply get in touch today and we'll provide you with our best available quotes.

Life Insurance Calculator

Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk

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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk

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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk

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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk

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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org

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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk

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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net

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Asda over 50 life insurance

Asda also previously used to provide an over 50s life insurance product.

Cover started from as little as £5 a month, offering guaranteed acceptance to all UK residents aged 50-80.

As with all over 50s plans no medical information was required.

The underwriting of Asda’s over 50s life insurance was carried out by LV

Like other over 50 products, Asda’s had a waiting period. If natural death occurred within the first 12 months of a policy, a life insurance pay out would not be made but all premiums would be refunded.

This 12-month period is lower than some over 50s policies, which can include a 24-month waiting period.

Asda over 50 life insurance also offered the option of a 'funeral benefit'.

Choosing this option would mean that upon your passing the pay out would be paid directly to Dignity funeral directors, who would arrange your funeral and even provide a 10% bonus towards the cost.

Finally, Asda over 50s cover provided protection between £650-£10,000.

This is considerably less than other providers which provide a sum assured of up to £20,000.

At Reassured, we compare quotes from a number of providers to ensure you find the right policy to meet your unique needs.

The cost of Asda life insurance

Unlike most standard policies, Asda offered guaranteed acceptance only, therefore, the only criteria factored into the life insurance premium cost were your age and cover amount.

The monthly cost is also kept simple, only coming in multiples of £5.

This pricing structure can result in being more expensive than standard rates which take into account your medical wellbeing, as being deemed low risk could significantly reduce your premium.

The best way to ensure you receive the right cover to meet your needs at the lowest possible price is to compare quotes.

Our award-winning team can help you with this task by providing multiple quotes from a range of UK insurers and providing all the information you need to make an informed decision.

Joint Asda life insurance

Arranging joint life insurance allows you to protect two lives simultaneously and can save you approximately 25%.

However, arranging a joint life insurance policy was not possible with Asda.

The downfall with joint life insurance is that while two lives are covered simultaneously, only one pay is made (usually upon first death).

Therefore, when first death occurs, a pay out is made, but the surviving partner will be left unprotected and required to secure cover at an older age.

But that doesn’t mean joint cover should never be considered as it can be a viable option for those on a tight budget.

At Reassured, we help arrange both individual and joint policies. Simply get in touch today to establish the best option for you.

Asda life insurance with terminal illness cover

Like most other life insurance policies, life protection through Asda came with terminal illness cover as standard.

This means, that if you're diagnosed with a terminal illness and given less than 12 months to live, you can file an early claim.

The early pay out could be used to help fund private medical treatment, allow you to get your finances in order or simply to enjoy with family.

Rest assured, all term policies arranged through Reassured also come with terminal illness cover as standard.

Asda life insurance with critical illness cover

Like most life insurance available in today’s market, Asda policies came with the option to add critical illness cover.

Whilst this costs extra, it does mean that you can make an early claim on your policy if you're diagnosed with a serious, yet non-life-threatening illness.

The pay out proceeds could then be used as you see fit.

At Reassured, we have the ability to add critical illness cover to all term life insurance policies we arrange for an additional cost.

Asda life insurance with free gift

It’s not uncommon for providers to offer life insurance with free gifts to attract new policyholders.

When available, Asda used to offer new customers a £30 Asda gift card when purchasing a life insurance directly through them.

Whilst a free gift can be enticing, it's important to consider the bigger picture.

The sum assured attached to your life insurance is likely to be a considerable amount, a sum which would overshadow the value of a gift card.

As a result, it's far more important to ensure you have the right cover in place, rather than selecting on gift alone.

When purchasing life insurance through a broker, such as Reassured, you will not be entitled to a welcome gift

Asda life insurance for colleagues

Being an Asda employee comes with a range of benefits, including pension, health insurance and share scheme, however, life insurance isn’t one of them.

Since taking themselves out of the life insurance sector, Asda no longer provides their employees with life cover.

However, like other members of society, it’s likely most Asda employees would benefit from having life insurance in place.

Without such protection could your loved ones:

  • Cover the mortgage
  • Pay for your funeral
  • Clear debts in your name
  • Maintain their existing lifestyle?

By arranging life insurance with Reassured, you can help to secure the financial future of your loved ones.

Simply get in touch today to receive your free of charge, no-obligation quote.

Asda life insurance contact details

For previous Asda policyholders, you can still speak with someone regarding your policy:

  • Asda over 50s life insurance - 0800 202 8104
  • Asda Guaranteed life insurance - 020 7954 7000

Equally, you can use the contact information detailed within your policy paperwork.

Compare life insurance quotes, (and save money)

As discussed, Asda, like Tesco, no longer offers life insurance products.

However, if you're looking to arrange protection to provide financial security for your loved ones you could benefit from comparing quotes.

This is because the cost of cover can vary significantly between different insurers.

At Reassured we compare quotes from some of the best life insurance providers so you can find a great deal.

...and the best bit is our award-winning, FCA-regulated broker service is completely free of charge to use.

Sources:

https://money.asda.com/insurance/

All information regarding Asda's product offerings is correct as of 18/05/2023. This is subject to change by Asda at any time

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