Ageas launches guaranteed life cover with Asda
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Ageas Protect has partnered with supermarket Asda to launch a guaranteed life cover product with no underwriting.
The Asda Instant Life Cover product will be marketed through Asda’s 500 UK stores and will also be available via the telephone and online.
The product is available for UK residents aged between 17 and 50 years old, and monthly premiums range from £5 to £15.
Ageas UK chief executive Barry Smith says: “This is a real milestone for Ageas Protect and the new partnership with Asda is part of the ongoing delivery of our multi-distribution strategy across our UK businesses.
“Three years since its launch, Ageas Protect is building on its already strong presence in the IFA market by widening its distribution so it can offer protection products wherever customers choose to buy their insurance.”
Asda head of financial services Kirsty Ward says: “We know our customers want an easy, quick and good value product to cover their protection needs and, working with Ageas Protect, this is exactly what we offer.
“The fact that it offers guaranteed acceptance means our customers are covered in minutes and it is a completely hassle free experience.”
Asda will offer the Instant life Cover product alongside its existing advised life cover service through LifeSearch.
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Readers' comments (2)
Alan Lakey | 11 Aug 2011 9:50 pm
This is an intriguing launch and I just hope that Ageas extends its availability to the IFA sector which provided support and promotion when they launched three years back.
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Simon Dunn | 12 Aug 2011 12:41 pm
Kirsty Ward suggests ASDA customers want a quick, easy and good value product. Well, I can't argue with the first 2 points but whether this product can be classed as good value is a matter of opinion.
Compared to an underwritten plan the level of cover is less than half for the same term and benefit level, so unless a client was to be loaded by 100% or more then the product is fairly poor value for money in my opinion.
I wonder which demograhic ASDA are targetting this at? Those clients who are loathed to have a 20-minute conversation with an adviser and take another 20-minutes to complete a medically underwritten policy for the sake of their families financial protection? That's fine if this is the case, as I’m sure there is a mass market out there, but don't propose the product is good value. It’s poor value for most clients but serves a purpose for a specific type of clientele.
I also wonder how many clients will take out their instant life cover then arrange critical illness cover and income protection elsewhere? Bravo for the innovation, but personally, I think it’s a little backward step when the industry is looking at ways to ensure client’s protect themselves in a more rounded way than just taking life cover.
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