Yorkshire Building Society selects AIG to provide Simple, Easy Access Life Insurance
Monday 13 August 2018
Yorkshire Building Society is making life and critical illness insurance available to customers thanks to a new partnership with AIG Life Limited.
The mutual has chosen 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.
From today, the Yorkshire’s customers can buy Life Insurance or Critical 3 with Life - a low-cost critical illness insurance that pays a lump sum if they 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*.
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. Policyholders 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.
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 in partnership 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 this partnership 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.”
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, and
- 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.”
The partnership between Yorkshire Building Society and AIG Life Limited is effective from 13th August 2018.
AIG Life Insurance is available to Yorkshire Building Society customers as level, increasing or decreasing term insurance and pays a lump sum if the member dies or is diagnosed as terminally ill with less than 12 months to live. Home purchase insurance is also provided between the exchange of contracts and completion of a house purchase.
Critical 3 with Life Insurance is a simplified version of traditional critical illness insurance and insures for the most common conditions at a significantly lower price. It pays members a lump sum if they are diagnosed with cancer, a heart attack or a stroke, the definitions of which meet or exceed the industry standard from the Association of British Insurers. These conditions make up almost 80% of AIG’s critical illness claims paid in 2017*. Critical 3 with Life Insurance also provides life and terminal illness protection.
AIG’s partnership with Best Doctors (www.bestdoctors.com) means members can get a second opinion and recommendations for themselves or their immediate family treatment from one of 53,000 medical experts even on a pre-existing condition, and it doesn’t need to relate to a claim. AIG covers the cost of the Best Doctors service, which arranges for the collection, assessment and return of any medical information. It is a non-contractual benefit which can be withdrawn by AIG Life at any time.
*Source: AIG Life Limited critical illness claims paid in 2017. Cancer, heart and stroke made up 78% of all CI claims in 2017.
For further media information please contact:
Yorkshire Building Society Press Office on 0345 1200 890 or Sue Helmont at AIG Life on 07711 370335.
About Yorkshire Building Society
Yorkshire Building Society has assets of £42.0 billion and has more than 3 million customers.
The YBS Group includes Yorkshire Building Society and its brands Chelsea Building Society and Norwich & Peterborough Building Society, and its subsidiary companies including Accord Mortgages Limited.
For more information on Yorkshire Building Society visit www.ybs.co.uk