New life insurance for over 50s launched by Asda

Asda and LV= have launched new life insurance for the over 50s.

Asda Financial Services is teaming with insurer LV= to launch a new life insurance product for the over 50s.

The new plan offers over 50s a guaranteed life cover lump sum among other features, including a fixed level of monthly payments and a complementary gift card.

Commenting on the introduction of the new policy, Asda highlighted research conducted by LV= which suggested that more than half of over 50s do not have any life insurance in place.

As a result, Gideon Ingham, head of insurance and savings at Asda, recommended that older people look to take out insurance in order to help safeguard their family's financial future.

He said that doing so will allow over 50s 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".

This echoes advice issued by insurer Bright Grey earlier this year, which called on consumers not to avoid thinking about life insurance in order to guarantee their own financial security.

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