Life Insurance - Details
What is ASDA Life Insurance?
There are two types of cover available. Life Insurance, which is designed to pay you a cash lump sum and Mortgage Life Insurance which is designed to pay off your mortgage.
We will help you to decide which type of life cover is right for you when we talk to you about your family's particular circumstances.
When does ASDA Life Insurance pay out?
A cash lump sum is paid out if you die or if you are diagnosed with a terminal illness (that is expected to cause death within 12 months and before your cover ends) while you’re covered.
Can my partner be covered too?
Yes. You can set up two single life policies, or a joint policy which pays a cash lump sum should one partner die or be diagnosed with a terminal illness.
How much do I have to pay each month?
That all depends on the amount of cover you want and how long you want it to last. Your age, gender and state of health will also make a difference.
We will discuss all your options with you, and then find the lowest price we can.
When does the cover end?
Your cover would stop at the end of the length of time you chose to be covered for. It would also stop when we pay out the cash lump sum or the monthly income if you choose that option - whichever happens first.
What if I want to cancel or stop my cover?
We’ll give you back any money you’ve paid if you cancel your cover within 30 days of receiving your policy documents and cancellation notice. If you stop your cover after this you won’t get any money back.
Can anything stop my family getting the cash lump sum?
Yes. We may not pay out if:
- The information you give us in your application isn’t true and complete;
- We don’t receive proof about the events that result in the claim;
- We don’t have your authorisation to get medical information about you.
We may not pay out the cash sum for a terminal illness claim if:
- You’re expected to live for more than 12 months;
- You don’t tell us about the illness until within 18 months of the end of your cover;
- You’re not resident in the UK or another country specified in the policy provisions.
- For a quote or advice call 0845 600 2732†
- Click here to quickly get a quote
