The product will be available in-store, online and over the phone from today.
Asda plans to triple the number of customers covered by its over 50s life insurance over the next three years.
The firms will combine their considerable marketing expertise to increase awareness and take-up of the new product through in-store promotion, direct marketing, TV and press advertising and online marketing.
Asda head of insurance and savings Gideon Ingham says: “We can now offer our customers a superb new over 50s life cover plan and with Asda they also get the option to guarantee that the premiums paid in will never add up to more than the policy pays out.
“By combining our retail reach with a great product, we believe we can triple the number of our over 50s customers who have all-important financial protection for the future.”
Asda says it chose to partner with LV= because of the mutual insurer’s like-minded customer-focused ethos, its strength in this product area and its track record in managing long-term business partnerships.
LV= life and pensions business development director Stuart Tragheim says: “We will work closely with Asda to highlight to customers and their families the peace of mind that comes from having great life cover.”
The plan offers lump sum life cover, after the plan has been held for 12 months, from £5 a month.