Legal & General and Key Retirement have signed a tied distribution deal that will see Key delivering equity release advice restricted to L&G products.
The insurer entered the equity release market this year and will now offer its customers access to advice through Key, operating under the brand name The Retirement Lending Advisers.
Six advisers will work for the firm initially.
Key will continue to offer whole of market advice on equity release.
L&G managing director of individual retirement says: “Advice is crucial to the growth of the equity release market and customers need specialist expert support when exploring their options which is why we are working with Key Retirement.
“Over 60s are sitting on £1.3trn of housing wealth which can potentially be accessed via equity release and we believe housing should play a more central role in retirement planning and more people should be able to easily access the money.”
Key Retirement Group chief executive Colin Taylor says: “Legal & General’s decision to launch into the equity release market has been a major boost to the sector underlining the growth opportunities.
“The strength of their brand and reputation coupled with their extensive customer base and competitive range of products will help drive awareness of the benefits of equity release to a wide range of people.”