Asda launches new engage life plan

16 September 2005
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.

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