Norwich Union has struck a distribution deal with Post Office Financial Services which will make NU protection products available to post office customers.
The first product will be a 50-plus life insurance plan, with another life cover policy planned later in the year.
Products will be available to buy over the phone, through the Post Office website or at the 14,000 branches.
Norwich Union intermediary and partnerships director David Barral says: “We are delighted to build on our existing relationship as the Post Office’s lead insurance provider.
“This is an exciting opportunity which supports our strategy to develop new distribution channels, in particular to increase our offerings direct to customers and to develop new, simpler products which are affordable and easy to buy.”
Post Office director of insurance Phil Ashkuri says: “The Post Office has already attrac-ted well over half a million insurance customers and this new launch builds on our existing range, which now includes travel, home, motor and van insurance and payment protection policy life-style protection.
“As with all our financial services products, our new over-50s life plan offers a simple and straightforward solution at a value-for-money price.”
CBK IFA Peter Chadborn says: “We do not feel this is a threat. Consumers should always check with an IFA before going ahead with a protection plan. There are a lot of protection companies to choose from. Some have a quality product but it is not just about cost or quality. It is about how good the service proposition is. Norwich Union will profit from this because it has a major concern over market share and this will do that for them.”