PensionBee will start offering life insurance via LifeSearch partnership
Going “hand-in-hand” with its existing pensions business, according to CEO Romi Savova.
Digital pensions provider PensionBee is making its first steps beyond pensions, with the announcement that it will start offering life insurance via LifeSearch.
LifeSearch is one of the largest life insurance specialists, offering search and comparison across many of the largest insurers.
As a result of the partnership with LifeSearch, PensionBee customers will be able to purchase life insurance, in addition to critical illness cover, through a simple compare, apply and buy process.
“While a pension can help savers meet their costs in retirement, life insurance is an essential step in helping prevent financial difficulties that can arise from an unexpected passing. Yet, despite their importance, pension and life insurance products can often be seen as inaccessible and complex or overlooked until much later on in life.”
For LifeSearch the move will help achieve their ambition to grow the market for life insurance as a whole, particularly among younger customers, according to LifeSearch CEO Debbie Kennedy.
“This is a fantastic opportunity to support PensionBee’s customers with a seamless online journey, improving access to expert advice and most importantly, feel assured they have found the best cover that is right for them and their needs,” Kennedy added.
While the financial terms of the partnership were not disclosed, it seems likely that PensionBee will receive a fee or commission from those successful life insurance referrals it makes to LifeSearch.