ASDA launches innovative combined life insurance plan

07 July 2008 / by Daniela Gieseler
ASDA has announced the launch of ASDA Real Life Cover, an all-inclusive protection product combining seven essential covers including life insurance, critical illness insurance and income protection.

The product intends to simplify cover in an increasingly diverse and complicated insurance market, and provides consumers with the opportunity to insure themselves against almost any serious calamity in one single policy.

As the products are packaged together, consumers only need to pay one premium instead of several at a very affordable cost.

The ASDA life insurance policy was designed following insight that most consumers need more than just one life insurance, but often find it too difficult to choose between the numerous types of cover available, and ultimately don't take out the cover they really need.

The cover is made up equally of two separate pots of money, the Life Fund which pays out if you die or are diagnosed with a terminal illness, and the Living Fund which includes income, critical illness and recuperation, as well as child and partner carer's cover.

The Life Fund will not be touched by any claims made of the Living Fund; so in the event of death or terminal illness the full amount will still be paid out. Also, consumers will be able to make as many claims as they need to, provided enough money is left in their fund.

The new combined policy, which is offered jointly with LifeSearch and Fortis, also offers the option of unemployment cover and several other flexible options for specialist needs.

ASDA's Head of Insurance, Gideon Ingham welcomed the launch: "For too long, the protection market has lacked innovation leading to millions of confused people.

He added: "With consumers facing a tumultuous economic climate and a gigantic £2.3 trillion life and £190 billion per annum income protection gap, we believe the launch of Real Life Cover can address a growing problem. It provides the protection our customers need at a price they can afford."

© Fair Investment Company Ltd