Banks have set up special sections in their organisations to look after the insurance requirements of their clients, with some banks going a stage further and setting up separate companies under the bank's name specifically to transact insurance. Some banks have life companies and insurance intermediaries within their organisation to meet the insurance needs of their clients.

Building societies are closely connected with life assurance as many of the loans they grant are repaid through endowment assurances and other investment contracts. Some building societies offer independent advice and some are appointed representatives of life companies.