ASDA is offering a new life insurance product for the over 50s, and hopes to increase the number of its customers who have life cover.
Developed for ASDA by mutual insurance group LV=, the new over 50s life insurance policy from ASDA is available from today and is hoped to encourage the half of over 50s without life insurance to think about taking out protection.
Gideon Ingham, head of insurance and savings at ASDA, hopes that the new life insurance product will help those of its customers with children or grandchildren who "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."
ASDA teamed up with LV= to provide this cover because of a shared ethos of "putting customers at the heart of everything we do," said Mr Ingham, and because of its track record in managing long-term business partnerships.
The new ASDA life insurance product will offer an optional guarantee that the premiums will never add up to more than the policy will pay out, he says, and hopes that the supermarket can triple the number of its over 50s customers who have "all-important financial protection for the future."
Stuart Tragheim, business development director of LV= life and pensions, said: "As a mutual organisation, owned by and run solely for the benefit of our members and customers, our key aim is to help people to look after what they love in life."
He added: "We will work closely with ASDA to highlight to customers and their families the peace of mind that comes from having great life cover."
ASDA life insurance for over 50s offers lump sum life cover once the policy has been held for 12 months, with premiums that start from £5 a month. Each new customer also receives a £30 ASDA gift card.
© Fair Investment Company Ltd
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