Asda the tradtional supermarket retailer like many of its competitors including both Tesco and Sainsburys began to make a move into Financial Services in the millenium.
Asda Money for life assurance purposes used to introduce to various Life Insurers including Ageas Protect (now AIG ) via instant life insurance. For over 50's Lifecover the plan was via LV= with funeral funding option via Dignity.
Asda Money did not use brokers but marketed its plans either via its supermarket chain, sales & marketing on TV, across the web & telephone.
ASDA LIFE INSURANCE - OLD PRODUCT REVIEW 2020
Looking in 2020 to compare old Asda Life Assurance products against leading Insurers, or need more cover ?
ASDA LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.
ASDA - INSTANT LIFE INSURANCE
Offered family protection if the policy holder dies or is diagnosed with a terminal illness during the term upto age 65. This was the only term life insurance that potentially offered no medical examination guaranteed acceptance for those aged 17/50.
However, to offer the guaranteed lifecover there were some exclusions in their application process. It would not pay out if the life assured was diagnosed with heart disease, diabetes, cancer, stroke, aids, hiv, alcohol issues, HIV or a terminal illness before policy commencement.
ASDA - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or terminal illness as it decreases during the plan term.
ASDA - CRITICAL ILLNESS INSURANCE
Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by the Asda Life Insurance policy.
ASDA - OVER 50 LIFE INSURANCE COVER
Asda life Insurance cover for over fifties was a no medical evidence insurance policy to always payout whenever death may occur perhaps for funeral costs but only after an initial period. They offered a free gift card to promote it.
The Over 50s plan was provided by LV= Insurance. The funeral funding option was via Dignity with 10% sum assured at no extra charge ie; Dignity wanted your funeral business.
ASDA LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your ASDA Life Insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via AIG (Ageas) :
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
What if my health or lifestyle changes after I have taken the Asda policy out ?
Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's
How do I make a Death Claim ?
Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed.
Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.
Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers.
Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application
If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.
Death Claims, Life Insurance Trusts & Life of Another
Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.
If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor.
However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.
Should I put my ASDA Life Insurance policy into Trust ?
If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.
If I started smoking after taking out my ASDA Life Insurance - Do I need to now tell AIG Ageas Protect ?
If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case.
Review on: Asda Life Insurance ~ for more information visit www.money.asda.com *
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