Virgin Money has announced plans to launch a new life assurance partnership with BGL Group, following earlier efforts with Scottish Widows (2006), Friends Provident (2009) and Friends Life (see our post dated 20th August 2013 for details).
The new 5-year partnership is due to start in Summer 2017 and will include a range of term and critical illness products. Despite the strength of the Virgin Money brand and its apparent attractiveness for many, it is understood that life assurance has previously seen disappointing results. In addition, Virgin Money does seem to change its provider partners on a regular basis, but is currently working with Ageas for home and motor insurance, InsureandGo for travel insurance and UK Insurance for pet covers.
The more significant development is that it represents BGL Group's first foray into life assurance partnerships, following its many successes in general insurance partnerships with the Junction brand.
It is not yet clear whether BGL will provide a panel solution or instead, will follow the model of its "Beagle Street" brand which provides life assurance underwritten solely by Scottish Friendly.
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