UK Retailer Asda has added life insurance coverage for people over fifty to its suite of financial products.
The new life insurance product is called Over 50s Life Cover and was developed in conjunction with insurance provider LV=
The new product was developed after research by the retailer showed that despite family well being amongst the top priorities for people over fifty, more than fifty per cent of people over this age are not covered.
Gideon Ingham, the head of insurance and savings at Asda, said: “We know that many of our customers with children or grandchildren would like to leave some money behind for their loved ones, to help make their lives easier, shield them from funeral expenses or even just leave a legacy. That’s why we’ve teamed up with LV=, a provider that shares our ethos of putting customers at the heart of everything we do.”
Asda believes that its retail reach coupled with a product tailored for the segment, will give it the ability to triple the number of customers aged 50 or over who take life insurance coverage.
Mr. Ingham added that the product offers an optional guarantee which ensures that premiums paid will not exceed the amount that could be paid out.
Over 50s Life Cover is available online, over the phone or in-store, and premiums start as low as just £5 a month.
Asda also offers general insurance products , such as home, car or pet insurance.
Please Note - All Prices Quoted Are Correct at Time of Posting