Principality Building Society has announced a new partnership with protection specialist, Vita.

The UK’s sixth largest building society, Principality has over 500,000 members and specialises in providing savings, mortgages, insurance and commercial loans.

Vita is a whole of market protection specialist and has arranged more than £1bn of cover over the last decade. The move will see the firm work with Principality across its branch network, providing telephone advice to all Principality members.

Principality previously had a single tie arrangement which meant it was unable to offer certain products and was limited by the underwriting outcomes of one insurer. As a whole of market specialist, however, Vita would now ensure that the client is not only getting the lowest cost solution available, but that the cover is tailored around each individual’s financial priorities.

“This partnership with Principality ensures that all of their members will have access to the very best protection advice,” commented Vita director, Paul Reed. “It also helps us achieve our aim that insurance should be available for all, regardless of health and lifestyle.

“Having access to each insurer in the market means we can really drill into the detail of the full suite of protection products, rather than being constrained by that of one insurer.”

Principality head of distribution, Shaun Middleton, added: “This agreement with Vita is really about doing the right thing by our members and ensuring that they are financially resilient for whatever life may throw at them.

“This is not just about protection for mortgages, it is also adding value across our whole proposition as this partnership doesn’t only benefit those people just taking out protection for the first time. Working with Vita means we can offer every one of our members the opportunity to have a review of their protection requirements.”

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