The partnership provides Co-op customers access to high-quality protection products at competitive prices, with exclusive benefits for Co-op members.
19 Dec 2023
Legal & General has announced a new partnership with Co-op Insurance to offer members and customers its Life and Critical Illness cover. The partnership provides Co-op customers access to high-quality protection products at competitive prices, with exclusive benefits for Co-op members.
The products offered through the partnership are Life Insurance and Decreasing Life Insurance (with or without Critical Illness Cover) and Over 50s Fixed Life Insurance.
Customers who buy a policy through Co-op will also benefit from access to Legal & General’s Care Concierge and Wellbeing Support via RedArc, two additional services provided free of charge.
Care Concierge helps customers and their families find and arrange later life care, while Wellbeing Support offers emotional and practical support for customers and their loved ones during difficult times.
Cover will be available from £5 per month on both Life and Over 50s products, depending on the customer’s age, health and lifestyle.
Matthew Collings, Partnership Development Manager at Co-op Insurance: “We’re thrilled to be working with Legal & General to offer our members and customers peace of mind and protection for themselves and their families. This partnership is part of our ongoing commitment to provide products and services that make a difference to our customers’ lives, and to support them through every stage of their journey. We share Legal & General’s values of putting customers first and offering quality products that are easy to understand and access.”
Claire Beardmore, Partnerships Director at Legal & General: “I am delighted to be partnering with Co-op Insurance Services to provide a range of Life and Critical Illness products. Co-op and Legal & General are strategically aligned in wanting to offer products that provide excellent value and important protection to families should they ever need it. With exclusive pricing for Co-op members, we are confident that this new partnership will be a great success.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022