Asda Financial Services

Asda Financial Services

June 14, 2012 13:34 ET

Are We Having to Retire Later in Life?

As a Nation We Are Living Longer; But Could This Mean Many Over 50s have to Put Off Retirement?

LONDON, UNITED KINGDOM--(Marketwire - June 14, 2012) - Official figures* show that the nation is living longer and the average life expectancy for both men and women. The average life expectancy for men is now 78.2 years and 82.3 years for women. As the nation lives longer, could we be expected to work for longer and retire later?

To keep in line with rising longevity, the government has announced plans to increase the state pension age.** Currently the state pension age is 65 for men born after 6 December 1953 and women born between April 1950 and December 1953. This is set to rise to 66 by 2020 for men and women, a move that will affect people currently under the age of 56.

This could mean that a large number of over 50s will have to work for longer before being able to retire and access their pensions.

Under the current economic climate, with high inflation and record low interest rates***, pension pots and savings are rapidly shrinking. As Britons are living for longer and are more than likely having to work for longer it could be advisable to prepare for the future now by taking out over 50s live insurance.

Asda Finance offers over 50s life insurance which could pay out a cash lump sum to loved ones in the event of your death if you pass away 12 months or more after taking out the plan.

Notes for editors

* Office for National Statistics report, Life expectancy at birth and at age 65 by local areas in the United Kingdom, 2004-06 to 2008-10
http://www.ons.gov.uk/ons/rel/subnational-health4/life-expec-at-birth-age-65/2004-06-to-2008-10/statistical-bulletin.html
** Changes to the planned increase in State Pension age
http://www.direct.gov.uk/en/Nl1/Newsroom/SpendingReview/DG_192159
http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_4017919
*** The Bank of England has kept interest rates at 0.5% since March 2009. CPI annual inflation stands at 3.5% in March 2012, above the England target rate of 2%.
http://www.bankofengland.co.uk/publications/Pages/news/2012/040.aspx
http://www.ons.gov.uk/ons/dcp171778_262803.pdf

About Asda Over50's Cover

  • Asda Over 50s Life Cover, provided by LV=
  • For UK residents, aged 50 to 80 years old
  • From just £5 a month, that's about 17p a day
  • Full amount of cover payable after just 1 year
  • Fixed Premiums that never go up
  • Free £30 ASDA gift card
  • An affordable way to make sure your family aren't left with a financial burden when you die
  • You can leave your loved ones a useful cash lump sum to help towards funeral costs, help clear any unpaid bills or simply to make their lives a little easier.
  • Get an extra 10% amount of cover towards your funeral with Dignity

Guaranteed acceptance

All UK residents aged 50 to 80 will definitely be accepted without a medical.

No medical and no health questions - Guaranteed

You won't need to visit your GP for a medical and you won't be asked any questions about your health.

A guaranteed cash lump sum - Guaranteed

To help towards funeral costs or unpaid bills. Your amount of cover is fixed from the start of your plan, so inflation could reduce the buying power of the cash lump sum you leave behind., Normally, the lump sum we pay out when you die will go into your estate so may be subject to inheritance tax. The plan has no cash-in value. If you cancel our plan you won't get back any of your premiums and you won't receive a cash lump sum when you die. .

Fixed payments that will never go up - Guaranteed

You can choose how much you want to pay and that premium will never increase.

Full cover after just one year - Guaranteed

Your full cash lump sum will be paid out if you pass away 12 months or more after taking out the plan. If you pass away within the first 12 months, you may only get back the premiums you've paid in.

Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth, BH1 2NF

Asda Financial Services Limited and Asda Stores Limited act as Introducer Appointed Representatives to Liverpool Victoria Friendly Society Limited (LVFS) for Asda Over 50s Life Cover. Asda is a trademark of Asda Stores Limited. LV= and Liverpool Victoria are registered trademarks of LVFS and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF. Tel: 01202 292333. 21227078 05/12.

Contact Information

  • Asda Financial Services
    02070821194