Asda Financial Services

Asda Financial Services

April 04, 2012 12:59 ET

Over 50 and Over Stretched: Brits Turning 50 Face the Most Expensive Time of Their Lives

- Asda Finance highlights the importance of over 50s life insurance.

- Family commitments see the over 50s with more financial outgoings than any other age group.

LONDON, UNITED KINGDOM--(Marketwire - April 4, 2012) - As the high cost of living takes its toll and children remain financially dependent well into their adult years, Asda Finance highlights the importance of over 50 life insurance for those in their fifties with a large number of commitments.

UK adults face one of the most expensive times of their lives once they reach 50 years and over. Rising university fees combine with housing deposits, not to mention additional extras such as wedding costs for adult children, can all make over 50s dig deep into their pockets for their youngsters. In addition to this, mortgage payments and elderly parents can also weigh heavy on the minds of 50+ adults.

A recent study* even found that more and more over 50s are covering their adult children's outgoings, including motoring costs, phone bills and higher education fees; as well as family holidays. Over 50s are also twice as likely to provide financial support for their own or partner's parents.

Comments Kirsty Ward from Asda Finance;

"It's no surprise that being over 50 is one of the most expensive times of your life. Not only will you have to cover your own expenses, but your children, regardless of their age, will also turn to the bank of mum and dad for financial support.

"As well as children being financially dependent, elderly parents may also need financial support. With such a wide range of financial responsibilities, it is imperative those over the age of 50 think about taking out life insurance.

"This could give you peace of mind that in the event of your death, your loved ones and family have a safety net to rely on. It's important to know which life insurance would be best for you and your situation. Life insurance could help give your loved ones a lump sum, help towards funeral costs or pay off any outstanding debt."

* 16 Feb 2012 Beneden Healthcare Society study

About Asda Over50's Cover

  • Asda Over 50s Life Cover, provided by LV=
  • For 50 to 80 year olds
  • from just £5 a month, that's about 17p a day
  • Pays out after just 1 year
  • Fixed Payments 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% towards your funeral with Dignity

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.

The Funeral Benefit is provided by Dignity Funerals Limited. A company registered in England No. 00041598. VAT registered No.486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield B73 6AP. Telephone 0121 354 1557. Fax No 0121 355 8081. Part of Dignity plc. A British company. The funeral service is provided by Dignity who is not regulated by the Financial Services Authority, but is a member of the National Association of Funeral Directors.

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 cover amount is fixed from the start of your plan, so inflation could reduce the buying power of the cash lump sum you leave behind The payments from this plan will usually go to your estate, so they 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 If you pass away within the first 12 months, you may only get back the premiums you've paid in If you choose not to cap your premiums, depending on how long you live you could end up paying more than is paid out.

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.

About Asda Stores Ltd.

Founded in the 1960s, Asda today is one of Britain's leading retailers. It has over 170,000 dedicated Asda colleagues serving customers from 424 stores, including 25 ASDA Living stores, 23 depots and eight recycling centres across the UK (Great Britain and Northern Ireland). It has its main home office in Leeds, Yorkshire and its George clothing division based in Lutterworth Leicestershire. Asda serves over 18 million shoppers a week in store and its growing home shopping business serves over 97 per cent of UK homes.

About Chosen By You

Chosen By You is an unprecedented re-launch of Asda's entire mid-tier own brand range, consisting of over 6,923 products. The launch follows an intense period of quality benchmarking and independent customer taste testing, which means Asda customers are given the very best in terms of quality and value. Every single one of the products has been tested by real customers up and down the country at 836 locations - and only those that get a big thumbs up make it into the range. Chosen By You has rolled out into Free From products and 4,250 tests have been conducted with the help from Coeliac sufferers. Asda have already conducted more than 370,000 blind taste tests involving 63,714 customers, making this the biggest piece of product testing ever done by a supermarket.

About Asda's Price Guarantee

With Asda's Price Guarantee customers can be safe in the knowledge that the price they pay at Asda is cheaper than at Tesco, Sainsbury's, Morrisons and Waitrose, otherwise we will refund the difference.

Contact Information

  • Asda Financial Services