The policy is not available to brokers but is similar to LV=’s intermediary term life assurance product, with maximum cover available up to £500,000 for customers up to the age of 56.
For those aged between 56 and 65 the maximum is £300,000 and for 66 to
69 year olds, the maximum is £200,000.
The basic premium is £12.69 a month based on a 30 year old male non-smoker for £225,000 worth of cover.
Paul Walsh, chief executive of CUNA Mutual, said: “This is the first time we’ve provided term life assurance to our building societies and the key to it is that it’s simple, quick and affordable. We’ve seen a significant uptick in consumers coming into building societies asking for protection in the last year and we hope this product will be a useful addition to our range.”
Kevin Carr, chief executive of Protection Review, said: " Anything moves that improve consumer access to competitive life cover should always be welcomed, although it’s hard to beat independent advice with any tied deals."
