British Friendly offers first IP deal via advisers
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British Friendly is offering an income protection plan thr-ough advisers for the first time.
The society has previously offered its IP products only to its members.
The BFS Protect policy will be introduced to advisers from March 21, alongside an e-business system to allow IFAs to get a quote and apply online.
It provides own-occupation maximum cover of up to 70 per cent of gross annual inc-ome and is available up to age 70. Short-term cover options are also available, providing one-year, two-year or five-year cover.
Short-term cover has a four-week deferral period while long-term cover offers cover from day one or the option of deferred periods of between one week and 52 weeks.
Benefit payments and commission are paid weekly. Reduced premiums can be offered if some exclusions are applied, such as mental health or back problems.
Chief executive Mark Myers says: “The IP market is domin-ated by about five companies and we wanted to come in and give that market some diversity. We are not strictly a new entrant as we have been offering IP to our members for years but this is the first time we will be making our IP plans available via advisers.”
The friendly society aims to have signed up its first network by the end of March.
Master Adviser senior partner Roy McLoughlin says: “British Friendly is a welcome addition to the IP adviser marketplace. It is trying to offer comprehensive own-occupation cover and the move to short-term cover is also welcome although other providers do already offer this type of cover.”
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