Sainsbury's has entered a partnership with Legal & General to sell life assurance through its supermarkets.
The move marks Sainsbury's first jaunt into non-advised term assurance. As well as through its supermarkets Sainsburys will sell the product on the internet and over the phone.
This sees the first time L&G has tied to a supermarket as part of its direct marketing operation, which also includes Barclays Bank, National Australia Bank and Chelsea Building Society.
Sainsbury's Bank chief Executive Tim Pile says: “We now have around 2 million customer accounts and continue to grow at a rapid rat. Our latest figures saw us achieve 29 per cent customer growth last year and increase our insurance sales by 66 per cent.”
L&G group director (retail distribution) Kate Avery says: “”Together with our IFA and other intermediary partners, Legal & General is at the forefront of providing good value for money life products through a balanced distribution network.”