CUNA Mutual partners with Melton Mowbray to offer life cover to Building Society members
14 October 2011On 27 September 2011, CUNA Mutual Group, a market leader in the provision of insurance products to the mutual sector, signed a deal with Leicestershire based Melton Mowbray Building Society to provide term life insurance to its 50,000 members.
The product, underwritten by friendly society LV=, is the first of its kind to be offered in-house at Melton Mowbray, and broadens the protection available for their members. The cover enables Building Society members to have access to a simple, cost-effective way of providing for their loved ones in the event of death from as little as £5 a month1.
Martin Reason, Chief Executive of Melton Mowbray, says, “At the Melton we have been referring customers to our own financial services subsidiary in respect of life insurance products. Whilst this service has worked very well for our customers, as a result of these products now being available through CUNA Mutual, we are able to offer life insurance in-house at point of sale which makes the process a lot more convenient for our members as we can discuss the products with them as soon as they ask for our help.”
The partnership illustrates how the mutual sector can work together to encourage growth and provide members with good value financial products. Building Societies are currently experiencing a decline in mortgage transactions, so CUNA Mutual is supporting them by offering additional insurance products to its network to help improve revenue streams.
1All they ask is that you permanently live in the UK, you're aged 17 to 69 when your plan starts and your premium is at least £5 a month.