The lender has joined forces with protection specialist LifeSearch to provide customers with quotes from different life insurance providers. They will then be able to buy cover online through the Yorkshire Building Society website.
Life insurance protection products provide cover for mortgage customers if they become unable to work and cannot, as a consequence, make repayments. They also provide families with financial cover in the event of the death of the policyholder.
According to Yorkshire Building Society, however, as many as 58% of Brits have no protection in place to cover their lives. Meanwhile, one in six (16%) have not reviewed their current policy for over five years
Its new proposition, built in collaboration with LifeSearch, aims to provide customers ‘more choice and accessibility’ when it comes to purchasing the life insurance protection products they need for financial security in their lives. They can access a variety of life and lifestyle insurance protection products, from the big household names to specialist insurers.
Although customers can buy cover online within minutes, directly from the Yorkshire Building Society website, they can also speak with a LifeSearch adviser for support with more complex decisions or discussions about health-related conditions.
The building society said no commission would be made for any referrals, with the savings passed directly back to customers through reduced monthly premiums. This is to ensure customers obtain the best possible price available.
Chris Irwin, director of savings at Yorkshire Building Society said: “As our latest research shows many people in the UK do not have any life protection in place, it is important for our customers to be able to access right insurance products at an affordable price available in ways that they want.
“We believe by passing any commission back to customers in their premiums continues to demonstrate our commitment to providing our members with value and we hope this new service will enable customers to enjoy life knowing we have options available to give them the protection they need.”
Debbie Kennedy, CEO at LifeSearch, added: “Financial vulnerability is rising fast, with many people not realising what protection insurance they might need, what’s available or best for them, or how to get it. This is where we come in. At LifeSearch, our core purpose is to protect people, properly.
“Through working with Yorkshire Building Society and our aligned values, our goal is to offer real choice, exceptional value, and the comfort of reassurance for customers.
“Together, we’re giving them much needed peace of mind that – in the event of an accident, injury, serious illness or death – they and their loved ones will be more financially prepared and resilient to whatever life throws at them.
“We look forward to our continued work with the Society and are excited to see how we can better support the financial security of millions across the UK.”
