The move marks a change from a single-tie arrangement to a broker model, with LifeSearch providing life insurance, critical illness and income protection products.
The move follows research from LifeSearch showing that 62% of consumers prefer to access products from multiple insurers when seeking life cover from financial institutions.
Alex Sitaras, head of savings and partnerships at Skipton Building Society, said the partnership is “an important step in giving our members more choice, better value and the confidence that they’re getting the right protection for their circumstances.”
“Moving to a broker model means our members can access expert, unbiased advice and a wider range of products from across the market – all while receiving the same trusted service they expect from Skipton,” he added.
LifeSearch has over 280 advisers, and Skipton said this would give the building society’s one million members greater choice across its 82 branches.
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Protection a critical market
The move comes after a study last year showed that many mortgage holders do not have protection insurance, leaving them vulnerable.
Research from LifeSearch and the HomeOwners Alliance showed that over a third of UK mortgage holders have no life, income, or critical illness protection, even though nearly half said they would struggle to pay their mortgage within six months of losing their income, and 21% within two months.
This is despite the fact that 67% spoke with an adviser, broker or family member when taking out their mortgage and discussed protection, with 39% receiving this from a mortgage adviser and 20% from a bank or building society.
Debbie Kennedy, CEO of LifeSearch, said: “While many mortgage holders have spoken to someone about protection, far fewer have actually taken steps to put cover in place – leaving themselves, and their homes, vulnerable to life’s unexpected events”.
She said that by partnering with Skipton, LifeSearch was “empowering members with specialist protection advice and wider market access so they can make confident decisions about the cover that’s right for them. Together, we continue to raise the bar across the industry, championing guidance and support that works for everyone.”
