Friends Life launches Protect+
by Gill Montia
Story link: Friends Life launches Protect+
Friends Life has today launched Protect+, an individual protection package aimed at the IFA market.
The group says it has forged together the best of what was once provided by Friends Provident and its UK life acquisition from AXA, with the new offering spanning income protection, critical illness, life and business protection.
In addition, IFAs can write policies in trust online for their clients, which apparently is a facility currently under-used across the UK protection market.
Having achieved a five-star rating from Defaqto, key elements of Friends Life Protect+ include:
Income Protection: guaranteed benefit of £15,600 a year; hospitalisation benefit with no exclusions; unique therapy and trauma benefit; innovative approach to waiver of premium to aid the claims process.
Critical Illness Cover: 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.
Life Cover: optional features aimed at giving maximum flexibility to the customer; family income benefit option.
Business Protection: cover for key partners, shareholders plus loan cover; capacity to offer £10 million for life and £2 million for own occupation total permanent disability.
Friends Life managing director, protection, Steve Payne, says: “We recognise the importance of building strong relationships with advisers and this is a fundamental part of our new offering to the IFA market.”