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Friends Life focuses on the plus points

Friends Life has combined what it describes as the best elements of cover and benefits provided by the three companies from which it was formed in a new menu-based protection plan, Protect +.

The new plan brings together features that were part of the individual protection product ranges of Friends Provident, Bupa Health Assurance and Axa’s UK life business.

The product provides critical illness cover, critical illness cover with life cover, income protection and life cover. As well as a comprehensive range of conditions covered, its critical illness cover provides a range of features and options that provide flexibility for the client and cover when the client needs it.

In addition to more common features such as premium waiver, guaranteed insurability and indexation options, the plan includes advance payment for certain surgical treatment for people on NHS waiting lists, and fracture cover. Fracture cover pays a cash lump sum up to £2,100 for one of 18 specified fractures during any 12-month period. However, it has limitations as children are not covered and it will pay out on only one fracture, so the client must choose which one if there are multiple fractures.

Defaqto insight analyst for life and protection Ben Heffer thinks this proposition will be well received by IFAs because it enables advisers to select the cover that fits their clients’ circumstances. He says: “Many advisers prefer a critical illness product with a wide range of cover and enhanced definitions. Friends Life has delivered this with a contract covering 46 critical illnesses, fourteen of which are marketed as ABI+’ Eight conditions are severity-based, dealing with the delicate issue of clients that get cancer, for example, but would not normally qualify for a payout. Advisers can feel comfortable that this issue is covered.”

“Income protection is often a difficult sell for advisers but Protect+ offers term to retirement and a range of limited term options. Advisers can therefore balance the most appropriate option for their clients with their ability to afford cover,” says Heffer.



FSA sets out new RMAR and complaint rules

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FSA clarifies adviser charging rules

The FSA says where adviser charges are paid through a product, providers can deduct the charge before or after the client’s money is invested. In an RDR consultation paper on adviser charging, published today, the FSA says providers can either pay the full amount received from a client into a product and then deduct the […]


Friends Life to launch asset manager

Friends Life is to make a return to the asset management space in the second half of next year with the launch of Friends Life Investments. The life insurer is set to seed the new asset management arm – to be run by chief investment officer Mark Versey – with £8 billion of recaptured assets, […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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