Founded in 1841, Wesleyan Assurance Society is based in Birmingham. A financial services mutual company, it was established by members of the Wesleyan Methodist Church (from which it got its name) to help workers of the Industrial Revolution deal with their financial problems. The company introduced its first life insurance products in 1855.
Wesleyan first began using its current name in 1914 after being granted its own corporate identity by an Act of Parliament. Its savings bank was launched in 1993, and a merger with the Medical Sickness Society took place in 1997.
Now, Wesleyan provides products and services to professional groups. It works mostly with customers in the law, medicine, dentistry and teaching professions.
Wesleyan Bank Products and Services
Wesleyan works with both personal and commercial clients.
For personal customers, the company offers a range of protection products designed to help with all manner of financial products. These include:
Personal income protection plans
Professional expenses plans
Critical illness plans
Personal customers can also opt for a Wesleyan pension, where they can begin taking benefits out from age 55.
While Wesleyan is not a mortgage provider, they provide advice and access to specialist lenders. Customers can discuss their needs with a Wesleyan advisor with no obligation to proceed.
Wesleyan also offers home, car, GAP and travel insurance.
Wesleyan Bank has recently developed its product range and now provides specialist commercial finance solutions to a range of professions as well as SMEs and educational institutes.
Wesleyan’s business also includes commercial finance products, including short and long-term loans, and funding for business development. All products can be tailored to meet specific business objectives.
Commercial Wesleyan customers can also take out professional indemnity insurance, which is designed to protect against civil liability claims if they come up.
Wesleyan Bank Security
Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.