Term insurance and critical illness provider, Beagle Street, has confirmed that it is working on a unique proposition that will see it entering the intermediary space next year.
The insurer has stated that its priority will be to make advisers’ lives easier, by providing a simple process and attractive products that will support firms as they seek the right cover for their customers.
Beagle Street’s new Distribution Director, Holly Ewing, said, “We’ve been working hard to build an extremely strong team and are investing in technology that will mean we have an exciting offer when we bring it to market next year.
“Our recent research found that around 10 million young adults do not have life insurance. Why? Around three in ten said it was because they didn’t think they could afford it.
“This is a huge protection gap and must be urgently addressed to ensure that a whole generation of adults and their families are not left in a vulnerable position.
“Life insurance is a basic financial requirement for anyone encountering a major life event, such as the birth of their first child or getting a foot on the housing ladder, and it’s often better value than people think. And that’s where advisers can help.
“Over a third of those with life insurance said that they had chosen to source their insurance through an intermediary who could highlight the different options available to them.
“But we also know that the systems that advisers are working with to support their customers are far from straight-forward to use, and that they find this frustrating.
“So, we are putting advisers’ needs right at the heart of everything that we are doing, to design an easy-to-use platform that will exceed their expectations when we launch.
“Our priority is to make life easier for advisers.”
Advisers can register their interest by visiting the Beagle Street Advisers’ Hub.
Beagle Street term insurance costs from less than £10 per month¹.
ENDS
Unless otherwise stated, all research conducted by Opinium, on behalf of OneFamily, 14th – 19th February 2024, among a sample of 2,000 UK adults aged between 18-40.
- 34% of those with life insurance spoke to a financial adviser to choose the product that was right for them
- 51% of adults aged 18-40 do not have life insurance
- 27% say they simply cannot afford life insurance
¹Based on a 30-year-old non-smoker, £200,000 decreasing term cover for 40 years
About OneFamily
We’re owned by our members for our members, which means we don’t have shareholders to pay – so we can reinvest our profits for good. Putting our members first and improving the financial wellbeing of those who need it most is firmly built into our values.
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*As at 12 May 2024.
**Source: Bright survey, 2023.