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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.”


NU announces new business figures for 2003

Norwich Union&#39s long term savings new business figures for 2003 show it is running a steady ship, with UK total life and pension sales at £266 million annual premium equivalent for the fourth quarter down from £277 million ape for the same period in 2002. UK life and pension sales for 2003 dropped slightly to […]

Widows cuts bonus rates

Scottish Widows has announced it is cutting bonus rates on many with-profits policies. Unitised with-profits life and pension policies regular bonus rates are down between 0.5 per cent and 1 per cent, while conventional life policy bonuses will remain the same. However, most conventional pension policies will see no regular bonuses. The changes take effect […]

New Star Investment Funds – Galaxy Portfolio Service

Type: Portfolio management service Aim: Income and growth by investing in three New Star funds of funds and a New Star unit trust Minimum investment: £25,000 Investment choice:New Star performance portfolio, New Star fund of funds portfolio, New Star managed growth portfolio, New Star monthly income unit trust Income facility: Yes Charges: Initial 5%, Pep/Isa […]

£42 million for Britannia members

Britannia Building Society members will receive £42m between them this year through the society&#39s membership reward, which returns a share of annual profits. Members will receive an average payout of £38, with over 80,000 receiving £100 or more. Chief executive Neville Richardson says: “The unique Britannia membership reward provides real, cash-in-hand proof of the benefits […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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