Life Insurance: Nfu's Offerings And What You Need To Know

NFU Mutual has been providing insurance to its customers, their families, and their businesses for over 100 years. In 1928, the company set up a life assurance business, which in its first year, wrote more than £100,000 of sums assured. Today, NFU Mutual offers life insurance products including term assurance, critical illness, and income protection through AIG. The company has over 900,000 customers and is the leading rural insurer in the country.

NFU Mutual offers life insurance products, including term assurance, critical illness cover, and income protection

Yes, NFU Mutual offers life insurance products, including term assurance, critical illness cover, and income protection.

Term Assurance

NFU Mutual's term assurance product is provided by AIG Life Limited and includes critical illness cover. This means that if you are diagnosed with a terminal illness, a specified critical illness, or pass away, your policy will pay out a lump sum. You can choose how much cover you would like and how long you would like the cover to last (between 3 and 50 years). You can also decide whether the amount of cover stays the same or changes over time.

Critical Illness Cover

NFU Mutual's critical illness cover is flexible and can be personalized to meet your unique budget and family needs. This cover is provided through their partnership with AIG, with whom they have protected over 9,700 customers since 2016.

Income Protection

NFU Mutual's income protection plan is provided by AIG and is designed to keep money coming in every month if you are unable to work due to a serious illness or injury. This plan is now more accessible to customers with manual occupations, such as builders and gardeners, who may have been declined in the past.

The company has been providing insurance to customers, their families, and businesses for over 100 years

The National Farmers Union Mutual Insurance Society Limited, or NFU Mutual, has been providing insurance to its customers, their families, and their businesses for over 100 years. The company was formed in 1910 by seven farmers in Stratford-upon-Avon, Warwickshire, as the Midlands Farmers' Mutual Insurance Society Ltd. Initially, the company provided insurance exclusively to members of recognised farmers' unions at established insurance rates, with a discount for union members.

In 1919, the society became the official insurer of the National Farmers' Union (NFU), which had been established in 1908, and changed its name to the National Farmers Union Mutual Insurance Society Limited. The discount on premiums for NFU members was increased to 20%, and within a year, premium income rose from £9,790 to around £70,000.

NFU Mutual continued to grow and expand its services over the next several decades. In 1928, the company set up a life assurance business, which wrote more than £100,000 of sums assured in its first year. By 1930, income from premiums had risen to nearly £316,000, and the company had eight branches.

Today, NFU Mutual meets the needs of more than 900,000 customers with a comprehensive range of high-quality and specialist insurance covers. The company offers a wide range of insurance products, including home, motor, commercial vehicle, and landlord insurance, as well as life insurance products sold through AIG. NFU Mutual is known for its quality insurance and has been named the Which? Insurance Brand of the Year for three consecutive years, the only insurer to achieve this feat.

In addition to its insurance business, NFU Mutual also supports the communities where its customers and employees live and work. The company has set up charitable trusts, such as the NFU Mutual Charitable Trust, and independent charities, like the Farm Safety Foundation, to support agriculture, rural development, insurance, and farm safety. NFU Mutual also invests in its local communities through initiatives like the Agency Giving Fund, which distributed £2 million to charities in 2021.

NFU Mutual is the official insurer of the main farming unions in the UK and has a long-running affiliation with them

NFU Mutual has had a long-standing relationship with UK farming unions, including the National Farmers' Union of England and Wales (since 1919), the NFU Scotland (since 1922), the Ulster Farmers' Union (since 1930), the Manx NFU (since 1947), and the Scottish Crofting Federation (since 1986). Each year, the insurer makes significant financial contributions to these unions, donating around £7 million in 2021.

In addition to its strong ties with farming unions, NFU Mutual has been providing quality insurance to its customers, their families, and their businesses for over 100 years. The company offers a comprehensive range of insurance products, including home, motor, commercial vehicle, and landlord insurance. NFU Mutual is committed to protecting its customers' interests and offers tailored quotes and personal service through its network of local agency offices.

NFU Mutual also sells life insurance products, including term assurance, critical illness cover, and income protection through its partnership with AIG. This partnership has helped protect over 9,700 customers, with more than £233 million paid out in claims over the last three years.

The company has over 900,000 members and is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

The National Farmers Union Mutual Insurance Society Limited, or NFU Mutual, has been in the insurance business for over a century. The company has over 900,000 members and is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means that customers can rest assured that NFU Mutual operates within the guidelines set by these regulatory bodies, ensuring fair and transparent practices.

NFU Mutual's long history and strong membership base reflect its stability and reliability as an insurance provider. The company's commitment to its customers is further evidenced by its comprehensive range of insurance products and financial planning services. From its early days of providing insurance exclusively to farmers, NFU Mutual has expanded its offerings to include a wide range of insurance covers, including life insurance.

In addition to its regulatory compliance, NFU Mutual also demonstrates its dedication to customer satisfaction through its network of local agency offices, providing personalised services and tailored quotes. The company's high customer retention rate, with 9 out of 10 policies renewing each year, further underscores its ability to meet the diverse needs of its members.

NFU Mutual's strong financial performance, with profits of £164 million in 2023 and total funds under management of £20.2 billion, reinforces its position as a trusted and established insurance provider. The company's financial stability provides reassurance to its members, knowing that their insurance needs are in capable hands.

Overall, NFU Mutual's large membership base, regulatory authorisation, and financial strength position it as a leading insurance provider. The company's history, expertise, and commitment to its customers make it a reliable choice for individuals and businesses seeking comprehensive insurance solutions.

NFU Mutual has a network of local agency offices offering personal service and tailored quotes

NFU Mutual has a network of over 280 local agency offices across the UK, providing a personal service to its customers. The company's insurance agents have a strong presence in rural communities, with over 650 agents working out of 310 offices as of 2018. This network of local offices allows NFU Mutual to offer tailored quotes and personalised services to meet the unique needs of its customers.

The company's agents are well-equipped to handle a range of insurance needs, including those specific to rural areas. NFU Mutual's insurance agents have traditionally been Group Secretaries of the National Farmers' Union (NFU), with the Union paying their salaries and the company providing commissions. This collaboration between NFU Mutual and the NFU dates back to 1919 when the insurer became the official insurer of the NFU.

NFU Mutual's local agency offices offer a range of insurance products, including home, motor, commercial vehicle, and landlord insurance. The company also provides life insurance products, including term assurance, critical illness cover, and income protection through its partnership with AIG.

The company's personalised approach to insurance is reflected in its tailored quotes, which take into account the specific needs and circumstances of each customer. This is in contrast to the one-size-fits-all approach often found on price comparison sites. NFU Mutual's agents take the time to understand their customers' needs, whether they are insuring a farm, planning for its future, or seeking to protect their livelihood.

In addition to insurance, NFU Mutual also offers financial planning services, including investment and pension products, ISAs, and With-Profit funds, as well as financial advice and inheritance tax planning. The company's comprehensive range of products and services are designed to give customers peace of mind and protect what matters most to them.

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