Asda launches Real Life protection plan

by Gill Montia

Story link: Asda launches Real Life protection plan

Asda Financial Services has launched its Real Life Cover protection plan which it says can provide financial protection across a variety of eventualities.

The policy, which has been developed in conjunction with LifeSearch and Fortis, contains seven elements including life, critical illness, income insurance and unemployment cover.

Consumers can select the cover they need on a menu basis and can take out one policy for the areas of cover needed, via a single application.

The policy contains a Life Fund, which pays out on death or the diagnosis of a terminal illness, and a Living Fund, which covers income and critical illness.

The Life Fund component of the policy is unaffected by claims on the Living Fund component.

In the case of the Living Fund, policyholders can make as many claims as they wish but will be limited by the amount of cash in their fund.

The policy has been designed to be attractive to consumers who are aware that they need more than life insurance but find it difficult to choose between the types of additional cover available in today’s complex market.