YBS selects AIG to provide life insurance
Yorkshire Building Society is making life and critical illness insurance available to customers by working with AIG Life Limited.
The mutual selected AIG following a two-year search for a flexible life insurer that would allow customers to buy insurance in a way and at a time best suited to them.
Customers can buy Life Insurance or Critical 3 with Life policies at any of the Yorkshire’s branches following a meeting with their mortgage adviser, or by telephone or online. Critical 3 with Life* pays a lump sum if policy holders have cancer, a heart attack or a stroke – the most common critical illness conditions in the UK representing almost 80% of claims paid by AIG Life.**
The new application process should take less than 15 minutes to complete and most customers will be asked just 11 questions.
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. As with all insurances, limitations and exclusions apply.
Customers who purchase either the life insurance or critical illness insurance have access to AIG’s partnership with Best Doctors https://bestdoctors.com/, a global second opinion medical service, at no extra cost. Policy holders can get a second opinion and recommendations for themselves or their immediate family treatment from 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 It is a non-contractual benefit which can be withdrawn by AIG Life at any time.
Yorkshire Building Society and AIG Life also offer an online life insurance calculator to help customers consider what type of insurance they may need, with an indicative cost, as well as 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 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.
For people buying a house and taking one of the two available policies, the Yorkshire and AIG Life 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 be working 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.
*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. Critical 3 with Life Insurance also provides life and terminal illness protection.
**Source: AIG Life Limited critical illness claims paid in 2017. Cancer, heart and stroke made up 78% of all CI claims in 2017.