Norwich Union has today underlined its commitment to growing the life protection market by announcing a major distribution deal with Post Office Financial Services.
The relationship will see exclusive Post Office-branded Norwich Union protection products available for the millions of customers who use the Post Office every week.
Products will be available to purchase direct either over the phone or via the Post Office website. Information will be available at all 14,000 Post Office branches(1) across the UK.
A 50-plus life insurance plan is the first product to launch. It offers simple, affordable life insurance for the over 50s without the need for underwriting. A further life protection product will be launched later in the year.
David Barral, intermediary and partnerships director for Norwich Union said: "We are delighted to announce our latest partnership, which builds on our existing relationship as the Post Office's lead insurance provider of personal motor, home and commercial vehicle insurance.
"This is an exciting opportunity which supports our strategy to develop new distribution channels, in particular to increase our offerings direct to customers and to develop new, simpler products which are affordable and easy to buy. It will also help to close the estimated £2.3 trillion life protection gap(2) that consumers have in the UK."
Post Office director of insurance Phil Ashkuri said: "The Post Office has already attracted well over half a million insurance customers and this new launch builds on our existing range, which now includes travel, home, motor and van insurance and a payment protection policy - Lifestyle Protection. As with all our financial services products, our new over-50s life plan offers a simple and straightforward solution at value for money prices."
(1) Obtained from royalmail.com
(2) Source: Swiss Re