Yellow Brick Road (YBR) has signed a deal with leading US insurer MetLife to sell mortgage insurance, ahead of the franchise’s plans to sell life and income protection products from 2016.
Speaking to Fairfax
, YBR chief executive Matt Lawler said
the group will be rolling out its Yellow Brick Road Loan Protect and Vow Loan Protect mortgage insurance in October, underwritten by MetLife and available through its network of 255 YBR branches and 890 Vow Financial brokers.
“We've got clients every day that will be settling large loans; when you take out a loan that size, you want to make sure you're protected,” he told Fairfax
“We have built strong branch and broker channels and with our scale, the timing is right to accelerate distribution of a high-quality, white-labelled insurance product.”
Lawler also revealed that the group is planning to introduce life and income protection insurance from early next year and will be ramping up its efforts to train its brokers and planners to provide life insurance advice.