ASDA comment on Tesco’s new life insurance for Over-50s
ASDA Head of Insurance, Gideon Ingham, comments: “Tesco’s offer is another addition to all the other Over 50s life cover products that are unfair as consumers could have to pay in far more than their cover will pay out. We cannot understand why another new product to market hasn’t got a cap on it. This launch looks like every little premium helps Tesco and we are asking them to review its offering and introduce a cap”
ASDA Financial Services last week asked if it’s fair that thousands of people with over 50s life policies could have to pay in far more than their cover will pay out. ASDA pledged to put that right with its new Over 50s Life Cover and the promise that customers who maintain their premiums won’t ever have to pay in more than they get out.
“For too long, thousands of Over 50s Life Cover policy holders have been penalised for living longer by having to pay much more in premiums than is paid out. ASDA has a long standing reputation as a consumer champion and will go that extra mile to identify policies which do not unfairly penalise customers. Our new cover is going to ruffle a few feathers, but it’s high time that this customer group was treated fairly - so we think that all over 50s life policies should put a cap on premium payments.
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