Royal London has been appointed as the new provider of Over 50s life cover to customers of Yorkshire and Clydesdale Banks; members of the CYGB group. The product is available either via the banks' branch networks or online.
Clydesdale and Yorkshire had previously partnered with Engage Mutual Assurance to provide a similar product, although this deal has not been in place for a number of years. In addition, both banks continue to provide mainstream protection products through a partnership with Legal & General. Interestingly, L&G does have its own Over 50s life offering which it distributes through other affinity partners.
The banks continue to partner with RSA for home and motor insurance, Hiscox for "high net worth" covers, AIG for travel insurance and Arthur J. Gallagher for commercial insurance.
The deal suggests an increasing appetite for partnerships by Royal London. The insurer has never been a significant player in this channel, although it did launch a major life deal with Post Office Money in January 2017.