Leading UK mutuals team up for new Life Cover product
28th September 2011
Two of the UK’s leading mutual organisations, Benenden Healthcare Society and Engage Mutual Assurance, both of which are based in Yorkshire, have teamed up once more to launch their second major product together.
The new Benenden Over 50s Life Cover plan is brought to Benenden Healthcare members by the Friendly Healthcare Organisation Limited - a subsidiary of Benenden Healthcare Society Limited. The plan is provided by Engage Mutual, who also currently provide the Benenden Health Cash Plan - launched at the start of the year.
This latest partnership is part of Benenden Healthcare Society’s ambitious plans to extend its offering to its members.
Marc Bell, Marketing & Business Strategy Director at Benenden Healthcare and Director of FHOL said: ‘This is a natural next step in the evolution of our working relationship with Engage Mutual. The new Over 50s Life Cover product is a major move towards broadening the Society’s range of products and services, offering greater choice to its members with the same good value and quality of service provision.
‘There’s something natural in two mutuals working closely in this way. We understand each other’s business model and recognise the long-term value to both our organisations.’
Karl Elliott, marketing director at Engage Mutual said: ‘Working to our mutual strengths and with shared insights, we have developed an exclusive product tailored to the needs of the Benenden membership base.
‘Our complementary values as mutuals ensure a co-operative relationship which is to the benefit of both organisations and their members.’
The Benenden Over 50s Life Cover Plan is available to members of the Benenden Healthcare Society and their family & friends who are aged 50 – 80 (inclusive) and UK resident and provides a cash lump sum in the event of the death of the plan holder.
Other key benefits of the plan include:
- Premiums starting from £7.60 per month(including a 5% discount on premiums) which is £1.76 per week or 26p per day
- Guaranteed acceptance –without a medical
- Pays a cash lump. However, it is not a savings plan and only pays out on death
- Funeral funding option available. Although this option isn’t a funeral plan and won’t necessarily meet the full cost of your funeral, it can help towards it.