Yorkshire Building Society has launched a life insurance partnership with AIG.
From today Yorkshire’s customers can buy life insurance or ‘critical 3 with life’, a low cost critical illness insurance that pays a lump sum if people have cancer, a heart attack or a stroke
These are the most common critical illness conditions in the UK, representing almost 80% of claims paid by AIG Life.
Russ Hargreaves, senior relationship manager at Yorkshire Building Society said: “It’s really important that customers consider taking out life or critical illness cover, especially when they are taking on such a big financial commitment as a mortgage, so we’re delighted to offer this new service with AIG Life.
“We have been very impressed by AIG Life’s flexibility and the way they have worked with us to create an accessible service that we feel will be well-suited to our customers.
“It was important for us to get the right insurance products at an affordable price available in ways that our customers want.
“We believe working with AIG Life reflects that and we hope it will enable customers to enjoy life knowing we have options available to give them the financial protection they wish.”
The mutual chose to work with AIG following a two-year search for a flexible life insurer that would allow customers to buy easy-to-understand insurance in a way and at a time best suited to them.
The products are available at any of the Yorkshire’s branches or by telephone following a meeting with a mortgage adviser, and also online.
The new application process should take less than 15 minutes to complete and most customers will be asked just 11 questions. The majority of customers will be able to purchase insurance immediately and without the need for medical evidence.
Both products also have added value as access to best doctors, a global second opinion medical service, is included at no extra cost.
Policy holders can use best doctors to find out about a medical condition that they or their immediate family may have or to check whether their treatment is right for them.
There is also an easy-to-use online life insurance calculator to help customers work out what type of insurance they need, and how much it may cost, as well as offering additional support via phone or web chat.
For people buying a house and taking one of the two available policies, the Yorkshire and AIG also provide free home purchase insurance to protect the member between exchange and completion when buying a property.
There’s also a mortgage guarantee to support any shortfall between the remaining insurance claim amount and the value of the outstanding mortgage.
Nicola Dryden, partnerships director at AIG Life, added: “We are delighted to have secured this new partnership with Yorkshire Building Society.
“Customers’ protection needs come into sharp focus during their house buying process. Our market-leading proposition helps protect more people and leaves them feeling confident their families will be taken care of financially should the worst happen.”