Friends Life has launched a new individual protection proposition for the independent financial adviser (IFA) market. By building on strong relations between IFAs and customers the Friends Life Protect+ should deliver high quality innovative products.
By bringing together the best elements of the protection propositions from each of the companies now making up Friends Life, the provider is able to offer a comprehensive offering across income protection, critical illness, life and business protection.
Strong relationships with advisers are a key element, with online and paper application, tele-underwriting, dedicated sales support and technical and underwriting helplines all designed to make it easy for advisers to do business with Friends Life.
The new proposition also gives IFAs the facility to write policies in trust online for their clients, often meaning that a claim can be paid out more quickly – a facility that is currently under-used across the protection market but is predicted to become more popular. Another strong feature of the proposition is fracture cover, which pays out in the event of a customer suffering one of 18 different types of fracture.
Steve Payne, managing director, protection, said:
“Friends Life Protect+ is a powerful proposition combining comprehensive protection products with flexible support services to make it easy for advisers to do business with us. I am delighted that we have been awarded a Defaqto Five Star Rating for both critical illness and income protection as this underlines the strength of what we are bringing to market.
“We recognise the importance of building strong relationships with advisers and this is a fundamental part of our new offering to the IFA market. By taking the best elements of the three businesses that now make up Friends Life, we have created a powerful new proposition.”
Defaqto, a leading UK independent financial research company specialising in collecting, researching and analysing financial products and funds said:
“Friends Life has drawn upon the best elements of cover and benefits provided by the heritage organisations from which it was formed to produce a flexible range of high quality covers in the protection market. The new proposition has achieved Five Star ratings in all four categories of protection Star Ratings currently rated by Defaqto. For both critical illness and income protection the Friends Life products are placed very much towards the top of the market.”
Details of the new proposition:
Income Protection
– Guaranteed benefit of £15,600 a year
– Hospitalisation benefit with no exclusions
– Unique therapy and trauma benefits
– Innovative approach to waiver of premium to aid the claims process
– Innovative doctors’ sick pay initiative specifically designed for NHS doctors
– Fracture Cover.
Critical Illness Cover (CIC)
– 14 ABI+ conditions that go above and beyond standard industry practice, including cancer, heart attack, stroke and multiple sclerosis
– Eight partial benefit conditions paid in addition to the main benefit
– Child cover, including congenital conditions
– Advance payment up to £25,000 for heart surgery paid to the customer
– Premium reductions for diabetes and diabetic risks
– Fracture cover
– Intensive care benefit for children
– Family income benefit option.
Life Cover
– Flexible cover
– Optional features to give maximum flexibility to the customer
– Fracture cover
– Family income benefit option.
Business Protection
-Comprehensive product range aimed at the business protection market
– Covers: key partners, shareholders and for loan cover
– We have the capacity to offer £10m for life; £5m for CIC and £2m for own occupation total permanent disability
– Capability to consider higher levels of sum assured.
Value added services for all products:
– Best Doctors: an expert medical information service for policyholders and their families.
– Bupa HealthLine: this provides a wide range of practical advice and support 24/7.
The new proposition launches on Monday 24 October, after which time IFAs will be able to access the new product range.
Source : Friends Life
