Growing mutual enters cash plan market

Posted in: Products Last updated: 01 Jul 2008

engage Mutual, the Yorkshire-based family financial services provider and one of the country’s best life assurance new business performers in 2007 in Money Management’s July new business trends survey*, is entering the health cash plan market with an announcement of partnership with Wakefield & District Hospital’s Contributory Scheme Ltd (WDHCS).

The partnership will ensure the continuing provision of health cash plans to the Wakefield community, together with ongoing support of the Charity, which provides health and welfare support to the local area.

This initial move by engage is part of a larger ambition to develop a significant presence in the cash plan market, and fulfils the Mutual’s strategy to provide a comprehensive range of simple, relevant products to assist families’ financial planning. As families face rising costs and household budgets continue to be squeezed, cash plans can help to prepare for unexpected hospital, dental and optical costs.

Chief Executive, Andrew Haigh commented:

“We are delighted to announce this strategic partnership, a first step forengage, and to welcome customers from WDHCS to the benefits of theengage Group. With offices in Harrogate and now Wakefield, and building upon an impressive record of growth, the entry into health cash plans demonstrates our strategic intent and reinforces our core values.”

“In what are challenging financial times for many, health cash plans will extend the engage product range on offer to those customers seeking to better plan for the ongoing financial ups and downs of life.”

In support of this strategy and to further build brand recognition, engage has also just announced a two year extension to its current sponsorship of the engage Super League, Rugby League’s premier competition.

notes to Editors
*”the highest year on year increases for total new business in this survey came fromengage Mutual with growth of 27%…” (Money Management New Business Trends Survey, 1 July 2008)

WDHCS’ Premier Health Benefits Cash Plan scheme currently has 30,000 customers in Wakefield who will transfer to engage from 31 July, retaining all existing policy terms and benefits. The cash plans will continue to be administered from the existing Wakefield office.

Premier Health Benefits is part of Wakefield & District Hospitals’ Contributory Scheme Limited (WDHCS) a registered charity with a proud history of providing health and welfare support to the community in various forms for over two hundred years.

engage Mutual:

  • is one of the larger UK mutuals providing simple, value for money savings, protection and investment products.
  • currently helps over 390,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market.
  • prides itself as a family-oriented, modern mutual, providing products that help enable households of all kinds to proactively plan their finances to meet their future needs. More information on engage Mutual is available at www.engagemutual.com
  • engage Mutual Assurance is a trading name of Homeowners Friendly Society Limited (HFSL), Registered and incorporated under the Friendly Societies Act 1992, Registered number 964F and its wholly owned subsidiary engage Mutual Funds Ltd (eMFL). Both are authorised and regulated by the Financial Services Authority (FSA). HFSL’s FSA Register number is 110072, eMFL’s FSA Register number is 181487. You can check this on the FSA’s Register by visiting the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.