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Friends cuts critical-illness premiums by 20%

Friends Provident is slashing its critical-illness insurance premiums by an average of 20 per cent and withdrawing its stand-alone guaranteed product.

The move follows Legal & general cutting critical rates and ending stand-alone guaranteed cover last week.

Friends is also removing coronary artery angioplasty from its guaranteed critical-illness product – as is L&G – and cutting the maximum term from 35 years to 25 years.

The maximum ceasing age is being raised from 65 to 70.

Head of protection marketing Peter Hamilton says the moves are aimed at keeping the company in line with its competitors. He says: “There is still a strong consumer demand for guaranteed products and these changes enable us to maintain a cred-ible and competitive offering.”

Capital Asset Management paraplanner Dave Dawson says: “It is better that Friends does it now and it is admirable that it has reduced premiums. We need all the help we can get in selling these policies.”

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