Nationwide Building Society and Legal & General have agreed to a joint distribution agreement for the supply of life and protection insurance products.
Legal & General has agreed to buy insurer Nationwide Life and integrate it into Legal and General.
Nationwide will sell Legal & General products via the building society's 2000 strong team of advisers and consultants.
The sale is conditional on the consent of regulator the Financial Services Authority to the change of control of the companies and other customary conditions. It is expected to complete in the Summer of 2007, when the distribution arrangements are expected to be launched.
Nationwide Life policies include decreasing and level term life assurance and critical illness cover.