ASDA today announced plans to triple over the next three years the number of customers covered by its over 50s life insurance. The supermarket chain has unveiled a brand new Over 50s Life Cover product, developed for ASDA by mutual insurance group LV=.
Family wellbeing is far and away the biggest priority for Britain’s over 50s population, according to recent independent research, yet over half have no form of life insurance in place at all [1]. ASDA and LV= will therefore combine their considerable marketing expertise to increase awareness and take-up of the new life insurance through in-store promotion, direct marketing, TV and press advertising, and online marketing.
Gideon Ingham, 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.
“We can now offer our customers a superb new over 50s life cover plan. And with ASDA they also get the option to guarantee that the premiums paid in will never add up to more than the policy pays out. By combining our retail reach with a great product, we believe we can triple the number of our over 50s customers who have all-important financial protection for the future.”
ASDA says it chose to partner with LV= because of the mutual insurer’s like-minded customer-focused ethos, its ‘best of breed’ strength in this product area, and its track record in managing long-term business partnerships.
Stuart Tragheim, business development director of LV= life & 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.
“We already help ASDA customers by providing car breakdown cover through our Britannia Rescue brand, and today’s announcement is an exciting natural extension of our partnership. We will work closely with ASDA to highlight to customers and their families the peace of mind that comes from having great life cover.”
From today, ASDA’s Over 50s Life Cover will be available in-store, online and over the phone. The plan offers lump sum life cover, after the plan has been held for 12 months, from as little as £5 a month. Customers will receive a £30 ASDA gift card with every new policy, plus the guarantee that monthly payments are fixed from the start with no increases at any time in the future.
There is also the option for ASDA customers to guarantee that the premiums they pay in will never add up to more than the policy pays out.
Details of the new ASDA Over 50s Life Cover product include:
- Cover from just £5 a month.
- £30 ASDA gift card with every new policy.
- Guaranteed acceptance, no medical test or report required.
- Guarantee that premiums will not increase at any time during the policy.
- Option to guarantee that premiums paid in will never add up to more than the policy pays out.
- Guaranteed cash lump sum on death – amount of cover chosen by the customer at the outset.
ASDA customers can pick up a leaflet in stores across the UK, or call 0800 2028109 or visit www.ASDA.com to apply for cover.
[1] Opinium Research conducted an online poll for LV= of 2,026 British adults from 15-19th May 2009. Results have been weighted to nationally. representative criteria: 60% of over 55s cited family wellbeing as joint top priority along with “personal wellbeing”.
