Mutual Life Insurance

A Look at the Top Mutual Life Insurance Providers in the UK

Just as a shareholder of a publicly traded company has ownership rights, a policyholder under a mutual insurance company has the right to dispose and elect the management of the organization and to participate in the distribution of net assets should the organization collapse. This is what differentiates a policyholder of a mutual life insurance company from a policyholder of a regular life insurance company—ownership rights.

This type of insurance began in America through a mutual, or traditionally known as a cooperative structure. In the past decades, however, many mutual insurance companies have gone through demutualization and decided to go public in an effort to improve its ability to attract more investors, and eventually, more capital.

Though the more popular form of today’s insurance company is a demutualized one, there are still numerous mutual insurance companies all over the globe. In the UK, for example, we have the Royal London Mutual Insurance, Liverpool Victoria, and engage Mutual Assurance.

Royal London Mutual Insurance

Royal London has been keeping its millions of owners pleased for nearly 150 years. They are currently the largest mutual life insurance company in the UK with funds under management of £35 billion. Royal London offers a wide range of life insurance products, both participating and non-participating. Term, group life insurance, funeral planning and will writing services are also available. They protect your assets too as they also provide property and casualty insurance such as home, car, and accident insurance.

Liverpool Victoria

Similar to Royal London, Liverpool Victoria has been around for a long time now. Its financial services include life insurance products, non-life insurance, direct investment planning services, and banking. Liverpool Victoria’s products are sold directly to the public via the internet, over the telephone, and through its brokers. Though it participates in traditional selling methods, Liverpool Victoria’s revenue mostly comes from internet sales. It has been reported that the company’s website is one of the people’s most trusted insurance companies.

engage Mutual Assurance

Although a relatively young mutual life insurance company, engage is the leading provider in tax exempt savings plans, child trust funds, and over 50s life insurance. The company does not offer non-life insurance as opposed to the aforementioned mutual insurance companies, however they make up for it by offering health care and several tax exempt savings plans. Though babyish in the industry, its members or owners are very much satisfied with the way engage runs its business operations. As a result, more and more people are investing their hard-earned money in this company, which can be seen in their rapid growth in revenues. GP