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“ASDA” is a fast growing UK life insurance provider. It is the only insurance company (at least from the main ones) that can offer guaranteed life insurance for persons aged 17-50 years. “ASDA” is third largest British supermarket chain, which is now is a subsidiary of “Wal-Mart”, which expanded its services to financial industry by offering various insurance products such as life insurance or car insurance. Because of favourable conditions to get life insurance it became one of the most popular life insurance providers in UK. “Wal-Mart” offers five life insurance options: instant life cover, advised life cover, income protection, critical illness benefit and over 50s life insurance.
Over 50s life insurance is for people who are between 50 and 80 years old. There are some benefits which are provided which can be very convenient for possible clients. These include: guaranteed no medical acceptance benefit or option to never pay out more than you get out. First is convenient as each UK resident who are between 50 and 80 years old will get guaranteed acceptance while the second one guarantees that the person will not pay amount of premiums higher than the cash sum his dependents will get in case of his death. However, with second benefit premiums start from £14.99 a month while without it, it is possible to get insurance policy with premiums as low as £5 a month.
Moreover, fixed payments benefit is offered which guarantees that payments will never go up. “ASDA” also offers guaranteed lump cash sum and full cover after one year benefits. It is important to remember that if full cover after one year benefit is chosen than in the first 12 months the person is not covered and risks that his dependents will get nothing.
Instant life cover is a very convenient plan especially for those who have some medical conditions (in some cases the policy will not pay out). It requires no medical check-up and offers guaranteed acceptance to the ones aged 17-50. It is possible to choose three sizes of premiums: £5, £10 or £15 a month. It is easy to be accepted into this insurance program as in some cases it is possible to have a valid contract within 5 minutes of request by filling online application.
However, there are some serious things that should be taken into account. This policy will not make a pay out because of death of some pre-existing conditions (heart condition, HIV, terminal illness, stroke, cancer and AIDS). Moreover, the person will not be paid out if he has diabetes and dies because of heart attack or stroke and in case of suicide within first 12 months of the insurance policy. Furthermore, the same happens if the person has drug or alcohol abuse in his medical history and there are some exclusions about which questions must be asked before taking out the insurance policy if the person is a member of HM Armed Forces.
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By choosing this kind of policy the person is advised by “ASDA” financial specialists and offered the quote that best the needs of the client. There can be two types of advised life cover: life insurance and mortgage life insurance. The first one provides lump cash sum in case of death or diagnosis of terminal illness. It is possible to get fixed cover or decreasing cover, which will reduce in line with mortgage. The premiums offered can be as low as £5 a month. Mortgage life insurance is offered for those who have taken mortgage or other financial obligations. ASDA specialists offer a quote from acquiring information from more than 100 companies.
The cover by “ASDA” can be offered from £15 a month if the person wants to insure himself from the situation where he is diagnosed with critical illness. Key benefits that come from choosing this option are that tax-free sum will be paid in case of diagnosis of terminal illness and you do not have to worry for finding the insurance policy by searching and getting quotes from various insurers. “ASDA” does this job for the individual and makes getting life insurance very convenient and quick process. However, it must be remembered that in some cases by searching yourself and putting some effort it may be possible to find an insurance policy with better rates, thus it is advisable not only to trust the provider and get a quote form only one insurance company.
Income protection benefit covers the person in case of disability or illness. The younger and healthier the person is the lower the premiums will be. “ASDA” offers income protection benefit from £15 a month. Income protection cover pays out a tax-free lump sum in case of disability or illness up to the moment of recovery or retirement date. It may be possible to add redundancy insurance cover as part of the policy. Moreover, it advised that the cover should not be higher than 50% of person’s income after tax as the person might not be able to claim more of it because of regulatory institutions.