OneFamily to become Beagle Street’s insurer as part of growth plans

Posted in: Corporate

OneFamily became the insurer of all new Beagle Street, Budget and Virgin Money term life insurance and critical illness policies from Tuesday 19 September.

The move was the next stage in the integration of the two businesses, following Beagle Street’s acquisition by the financial mutual at the end of last year.

This change is a shift for Beagle Street, which previously acted as a distributer of another insurer’s products. Bringing the distribution and insurance elements under the OneFamily umbrella will see both businesses coming together to form a direct insurer. This will mean a more agile and cost-efficient business offering innovative, competitive products that align closely with OneFamily’s socially inclusive ethos.

Alistair Rose, Managing Director of Beagle Street said, “This is the first step in an exciting growth strategy for both Beagle Street and OneFamily’s life and critical illness businesses that will focus on product development and the expansion of our distribution channels.

“This change, along with the ongoing modernisation of our technology, will see Beagle Street significantly growing its footprint and market share, and providing more customers access to life insurance.”

Notes to Editors

About Beagle Street

Beagle Street is a leading distributor of life insurance and critical illness cover to thousands of customers across the UK. Launched in 2012, the brand aims to deliver a life insurance service that is straightforward and supports customers throughout every step of the life insurance process while retaining, speed, ease, and value at its core. Beagle Street is part of OneFamily, a customer-owned financial services company that offers lifetime ISAs, lifetime mortgage advice, junior ISAs, child trust funds, bonds, and over 50s life cover.

About OneFamily

OneFamily is a member-owned financial services company that offers lifetime ISAs, lifetime mortgages, junior ISAs, child trust funds, bonds and over 50s life cover.
We have over 45 years’ experience of being a trusted provider of financial solutions, with nearly 2 million customers and over £5.5 billion in funds under management at the end of 2022.

We are the UK’s biggest child trust fund provider, holding over 25% of the market.

Supporting our members and their communities

At OneFamily, we’re owned by our members for our members – and doing right by them is at the heart of our business.

We don’t have shareholders to pay dividends to, so we reinvest our profits to provide quality products and services for the benefit of our members.

We think that financial products should be accessible to everyone regardless of how much money they have to invest. That’s why our products have low investment levels and minimum contributions, giving more people the opportunity to save regardless of their circumstances.

Inspiring Better Futures

Our Inspiring Better Futures vision underpins our commitment to doing the right thing at every level for our members and customers, colleagues and communities.

The Inspiring Better Futures vision is built on 3 pillars – Members and customers, colleagues and communities.

Our focus is on long-term sustainability, so we can continue to be relevant and impactful to our members and communities.

Access to education and training

The costs of further education and training can be a barrier to many young people and their families. This is why we offer OneFamily customers the opportunity to apply for a Young Person’s Education Grant of up to £250 – for someone aged 15-19 – to help meet these costs, when they would otherwise struggle without financial assistance.

The grant can be used towards study materials, specialist uniform, travel costs or a laptop/tablet.

Applications are open throughout the year, and grants are awarded following a random computerised draw.

We’ve improved the lives of over 3,400 people through our individual grants since 2015.

Charity partnerships

Supporting our communities has been a key focus of ours for many years. We’ve established partnerships with local and national charities that champion access to education and improving life chances for people from disadvantaged backgrounds.