Asda has added life insurance for customers over the age of fifty to its portfolio of financial products .
The new insurance product, called Over 50s Life Cover, has being developed in partnership with mutual insurance provider LV= .
It comes after research by the retailer found that while family wellbeing is considered the top priority among the over-fifties, half are not covered in this sector of the market.
Gideon Ingham, the head of insurance and savings at Asda, said: “We know that many of our customers with children or grandchildren 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.”
“That’s why we’ve teamed up with LV=, a provider that shares our ethos of putting customers at the heart of everything we do.”
“By combining our retail reach with the new product, we believe we can triple the number of our over-50s customers who have all-important financial protection for the future.”
He added that the policy offers an optional guarantee that premiums will not at any time surpass the amount that could be paid out.
Over 50s Life Cover is available in-store, online and over the phone, with cover starting from £5 a month.
Asda, the UK’s second largest supermarket chain, also offers customers home, pet, life and car insurance under its Financial Services arm.
