Asda adds over-50s life cover to financial range

Published on Monday 31 August 2009 21:17

SUPERMARKET chain Asda has launched an insurance product for older customers and plans to triple the number of customers targeted for life cover.

As retailers step-up their competition with banks, Asda yesterday launched its "Over 50s Life Cover" product, developed for Asda by mutual insurance group LV>. It will be available in-store, online and by phone.

Asda said that independent research has identified "family wellbeing" as by far the biggest priority for the UK population aged over 50. However, more than half of that age group have no life insurance in place.

Asda said it is working with LV> to increase awareness and take-up of the new life insurance through advertising.

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, help make their lives easier, shield them from funeral expenses or even just leave a legacy."

Other personal finance products offered by Asda include home, life, motor and pet insurance, critical illness cover, income protection and a credit card.

Rival supermarket Tesco is also taking on traditional providers of financial products and has plans to break into the mortgage and current account market.