Friendly society Liverpool Victoria has joined the procession of insurers aligning themselves with major retail outlets, with a deal to sell life insurance through Boots.
In contrast to other insurers, it will offer a free advice line for customers to seek guidance on their insurance needs from a specialised adviser.
A typical policy will see a female non-smoker aged 35 next birthday paying £8.10 a month for a 20-year policy with £100,000 cover and a male pay £9.50. A 20-year policy with cover of £250,000 costs £17.25 a month for a female and £20.75 for males.
Other insurers in similar partnerships with major retail chains include Legal & General with Sainsbury's, Scottish Widows with Asda and Norwich Union with Tesco. Some of these arrangements have been criticised over the lack of advice, particularly on potential inheritance tax problems.
Liverpool Victoria group director of corporate distribution Andy Chapman says: “This partnership between the UK's biggest friendly society and one of this country's leading retailers is a powerful combination. We are delighted to be able to bring the benefits of our flexible and competitive life insurance to a wider audience.”
Life Policies Direct director Jason King says: “It is another one size fits all proposition. The advice line is a positive step from a supermarket tie-up but with only one product on offer and no critical-illness cover, what use is that advice? The rates are the standard Liverpool Victoria rates, as available to most IFAs, so there is no real threat to IFAs on price, especially given the added value that IFAs can bring to the client.”