From Monday (1 August) NFU Mutual advisers will switch from selling their own products to those from AIG Life, as part of a new partnership.
The deal was announced back in May, with whole of life, term assurance, income protection and critical illness insurance all being offered on an exclusive basis.
Speaking to FTAdviser, NFU chartered financial planner Sean McCann said the mutual had been looking at how to offer customers the best possible product range for some time, so wanted to partner with a specialist, rather than continue to sell its own protection cover.
Mr McCann said: “AIG were a good cultural fit for us, with their attitude to paying claims and strong underwriting, which sees around 60 per cent of people getting immediate decisions, with another 20 per cent getting a decision within 48 hours.”
Existing policies will stay in force, but the mutual plans to contact existing customers to let them know about the new policies available.
For individuals there are new term assurance level increasing and decreasing policies, critical illness with term assurance, income protection, family income benefit and whole of life.
In terms of businesses, there is new business term assurance, business term with critical illness and relevant life cover.
Mr McCann also mentioned the partnership will give customers access to second opinion service Best Doctors, bereavement counselling Winston’s Wish and a range of online trusts.
NFU Mutual has 300 offices around the country, with 130 advisers who have now been fully trained in the new product range, according to Mr McCann.