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Friends cuts protection rates and adds benefits

Friends Provident is cutting premiums on its income protection products and adding features including a 10 per cent discount for sums assured of £400 or more a week.

However, the 10 per cent discount only applies to policyholders in occupation class 1.

The changes see the maximum sum assured increased to £2,400 from £2,000 a week and the removal of the limit for the maximum period of benefit, which was previously 104 weeks.

Friends has also removed the civil commotion/riot exclusion clause, saying it is not relevant for today&#39s workers.

The company has made reductions to rates which mean that a 40-year-old male non-smoker with a policy for £250 a week sum assured ending at age 60 with a waiting period after the claim of 13 weeks will now pay a premium of £24.75 a week compared with the previous rate of £28.75.

Policyholders will also now be able to select an end date for their policy any time between the ages of 50 to 65 rather than only at prescribed ages.

Head of protection marketing Peter Hamilton says: “We are one of the best and biggest players in the market and we aim to get even better and even bigger. These enhancements will promote further growth in one of our key product areas.”

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