Yorkshire Building Society rolls out new life insurance service and waives commission to further support customers

Yorkshire Building Society has announced it is making access to life insurance protection products easier and more competitive through a new partnership with LifeSearch, the UK’s leading protection specialist

Related topics:  Insurance,  Building Societies
Editor | Modern Lender
13th January 2025
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Yorkshire Building Society has announced it is making access to life insurance protection products easier and more competitive through a new partnership with LifeSearch, the UK’s leading protection specialist.

The Mutual’s new proposition, built in collaboration with LifeSearch, will give its customers more choice and accessibility when it comes to purchasing the life insurance protection products they need for financial security in their lives. Through LifeSearch Yorkshire Building Society customers will benefit from access to a breadth of life and lifestyle insurance protection products, from the big household names to specialist insurers.

With the proposition built around efficiency, customers will be able to get life insurance quotes and buy cover online within minutes, directly from the Yorkshire Building Society website.  Alternatively, customers can speak with a LifeSearch adviser for support with more complex decisions or discussions about health-related conditions.

As part of the Mutual’s commitment to providing long term value to its customers, no commission will be made for any referrals, with the savings passed directly back to customers through reduced monthly premiums. This makes the offering one of a kind – ensuring customers can get the best possible price available.

The new service comes as research, released today by Yorkshire Building Society, shows that nearly three fifths (58%) of Brits don’t currently have any life protection in place. Those aged 18-34 are the most likely to take out a policy with two in five (42%) protecting their lives compared to 38% of 35-54 years olds and just a quarter (26%) of over 55’s.  Two in five (42%) said they had taken cover out to provide protection for their family and loved ones but almost a quarter (23%) confirmed a recommendation when taking out their mortgage was the main driver.

When it comes to shopping around for the best policy despite a quarter of people (24%) confirming they had reviewed their life policy in the last year, one in six (16%) have not reviewed their cover in the last 5 years.

Chris Irwin, director of savings at Yorkshire Building Society said: “I'm really pleased to launch yet another new service to our customers. Finding partners that hold values aligned to our purpose was absolutely essential.

“We’re confident we’ve found this in LifeSearch and I’m excited to see how they can help our existing and future customers with their life protection needs going forward.

“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: “We’re delighted to be working closely with Yorkshire Building Society and build this service to help better protect its customers, with real help for real life. 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.”

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