YBR said the group’s Yellow Brick Road Loan Protect and Vow Loan Protect products will be available from October 2015.
Following the release of these products, YBR said a full suite of white-labelled income protection and life insurance options will also be launched and sold through the company’s network, a statement from YBR said.
Commenting on the partnership, YBR executive chairman Mark Bouris said a core part of the company’s business is to provide customers with protection against the unexpected.
“When a person secures a mortgage, it is generally the biggest debt they will take on in their life,” he said.
“As mortgage sizes significantly grow, Australians still lack the insurance to repay their mortgage if something unexpected happens.”
MetLife chief executive Deanne Stewart said the partnership is the “ideal avenue” for the insurer to expand its footprint in the retail market.
“The broker market has been underserviced for some time. This partnership is a means for MetLife to address that service gap with a quality retail insurance offering, utilising YBR’s strong network of advisers and brokers,” Ms Stewart said.
“For our part, we were attracted not only to Yellow Brick Road’s growing network, but also its independence and ethos of challenging and disrupting business-as-usual in the personal finance industry.”
