Asda comment on Tesco life insurance

Wed, 14 May 2008

The recent decision by Tesco to launch a new life insurance policy for the Over-50s has prompted rival supermarket chain ASDA to pass comment.

The Head of Insurance at ASDA, Gideon Ingham, reportedly commented: "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."

Ingham reportedly continued: "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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