Engage Mutual Insurance has struck up a relationship with supermarket Asda to launch its new Over 50s Life Cover Plan.
The plan will offer low cost life cover for UK residents aged between 50 and 75 from £7 per month and guarantees family members a cash lump sum when you die.
Asda's director of financial services, Gev Lynott, said: "The plan is designed for customers aged between 50 and 75 years of age. Acceptance is guaranteed, with no need for a medical, and with fixed monthly payments, customers who sign up are not faced with the headache of rising premiums.
"Asda customers who take out a plan online, will also automatically receive a £30 gift card to spend in store, plus your first monthly premium will be paid for you - which could be anything up to £30."
The UK insurance industry is the third largest in the world, paying out a massive £249 million a day in pensions and life insurance claims.
Around 160 insurance companies are authorised, either by the UK or another EEC country, to sell life insurance.To read more about Life Insurance, click here.
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