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British Friendly Society – BFS Protect

Type: Individual income protection plan with long-term or short-term cover options

Minimum benefit/minimum premium: £50 a week or £2,600
a year/no minimum

Maximum benefit: Up to 70% of gross annual income in the12 months before incapacity,
subject to a maximum of £875 a week/£45,000 a year

Minimum-maximum ages: 18-64

Minimum term: Short-term cover – one year, long-term cover – five years

Deferred period: Short-term cover- four weeks, long-term cover – day one cover or choice of one,
eight, 13, 26 or 52 weeks

Definition of disability: Own occupation

Options: Automatic annual benefit increase at 5% fixed rate or linked to inflation, guaranteed insurability, career break of three to 24 months, waiver of deferred period on diagnosis of terminal illness

Commission: Subject to negotiation



Royal London appoints Loney as chief executive

Royal London has appointed Phil Loney as group chief executive. Loney will join the mutual life and pension company from Lloyds Banking Group, where he is currently managing director of life, pensions and investments. He is expected to start his new role in October “at the latest”. Loney says: “In the present economic environment, with […]


HMRC admits clarity needed on adviser charging

HM Revenue & Customs has admitted that more clarity is needed around the tax implications of adviser charging under the RDR. HMRC has written to the financial services industry following last week’s Budget. The letter reveals that a working group, made up officials from the Treasury, HMRC, the FSA and industry bodies, has been working […]

Peter Jolly to leave the ABI

Association of British Insurers assistant director of consumers and distribution Peter Jolly is leaving the trade body, Money Marketing can reveal. He will leave the ABI at the end of April. The ABI is yet to find a replacement. Jolly (pictured) joined the ABI in October 2009 from Standard Life, where he was head of […]


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