Yorkshire Building Society has introduced a new life insurance service in partnership with LifeSearch, aimed at improving access to protection products for its customers.
The service allows customers to obtain life insurance quotes and purchase cover online quickly. For those needing further support, LifeSearch advisers will be available to provide personalised guidance.
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 the right insurance products at an affordable price in ways that they want. We believe that passing any commission back to customers in their premiums continues to demonstrate our commitment to providing our members with value.”
The announcement follows research by Yorkshire Building Society, which found that nearly 60% of people in the UK do not have life protection. Younger people aged 18-34 were most likely to take out a policy (42%), compared to 38% of 35-54-year-olds and 26% of over-55s. Two in five (42%) said they took out cover to protect their families, while 23% cited mortgage-related recommendations as a reason.
Debbie Kennedy, CEO at LifeSearch, said: “We’re pleased to be working with Yorkshire Building Society to help provide its customers with access to protection products. Many people don’t fully understand what protection insurance they might need or how to get it. At LifeSearch, our aim is to offer people the guidance they need to make informed decisions about their protection options.”
Kennedy added: “This partnership is about offering choice and reassurance to customers. By working together, we aim to give people greater financial security and help them plan for unexpected events.”
Both Irwin and Kennedy emphasised the importance of making life insurance more accessible and ensuring customers can find suitable options for their needs. The service will be available through Yorkshire Building Society’s website, with further support from LifeSearch’s advisers for those requiring detailed advice.
