BGL Group – whose brands include comparethemarket.com and online life insurance provider BeagleStreet.com – has signed a five-year contract with Virgin Money to provide its new life insurance product.

Building upon the success of Junction, BGL Group’s personal lines affinity insurance business, which is the largest in the UK, the contract with Virgin Money is the first life insurance affinity partnership for BGL Group.

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The new proposition will feature level and decreasing term insurance, with optional critical illness cover, and is set to be launched in the summer.

Peter Thompson, BGL group director, insurance distribution and outsourcing, said: ““This has been a new venture for BGL Group, too, as we combine the partnerships expertise of our outsourcing business Junction with the skills of the team at BeagleStreet.com who have done so much to simplify and modernise the process of buying life insurance over the past few years”.

“Through our innovative online product we can help Virgin Money’s customers to bridge the protection gap with the minimum of stress, supporting them to protect what’s most important to them.”

Rhian Emmanuel, Director of Protection at Virgin Money, commented: “Life insurance satisfies a key area of need for Virgin Money customers and we look forward to working with BGL Group to offer our customers an accessible, digitally-led proposition.

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“Our product will be simple to buy, well-priced in the market and will have thoughtful features including a free will-writing service and support from Samaritan-trained staff.”

BGL Group’s partnerships business, Junction, already provides car and home insurance through well-known brands in the UK including M&S Bank, O2, Lloyds Bank and the Post Office.