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Friends Life unveils individual protection range

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Friends Life has today launched its individual protection proposition, bringing together the Friends Provident, Axa UK Life and Bupa Health Assurance businesses under one range.

Friends Life has been working to bring its individual protection proposition to market since March when it formed Friends Life from the Friends Provident and Axa businesses.

The range will be marketed as Friends Life Protect+.

The Friends Life Protect+ critical illness product includes 14 ABI+ definitions, including cancer, heart attack, stroke and multiple sclerosis.

It also features eight partial benefit conditions, such as advance payment of up to £25,000 paid to the customer for heart surgery, a partial payment for a mastectomy or lumpectomy which pays the lower of £12,500 or 12.5 per cent of benefit, and a partial payment for low-grade prostate cancer which pays the lower of £25,000 or 25 per cent of benefit.

The Friends Life Protect+ income protection product provides a maximum guaranteed benefit of £15,600 a year. It offers deferred periods of one, two, three, six, 12 or 24 months but with waiver of premium available after three months regardless of the chosen deferred period.

Across its CI, IP, and life cover products Friends Life is offering fracture cover covering certain fractures offering a payout of up to £2,100.

Add-on benefits available with the product range include access to the Best Doctors service, which connects clients with worldwide medical specialists, and access to the advice and support telephone service Bupa HealthLine.

Advisers placing business with Friends Life Protect+ will be able to use the Friends Life online system to write policies in trust without a signature.

Advisers will also be able to track the process of applications and know when terms are offered through email alerts.

Friends Life managing director of protection Steve Payne (pictured) says: “This is the first time we have a combined, enhanced proposition that represents the future footprint we want to have on the marketplace.

“We want to be known as the best quality protection provider, with a real expertise on CI and IP. We will focusing on delivering that  through quality of products and in the way we partner with advisers.

“We are not going to be chasing volume. We do not have an aspiration to be the biggest, we have an ambition to be the best provider in that marketplace with the scale to deliver the proposition at good value.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Sounds excellent, I just wish I’d have prior notification of these enhancements without having to read about the changes on the Money Marketing website. Hopefully, as the mergers complete and things settle down contact with a broker consultant will be a little more regular as it’s been woeful since Friends Provident took over the AXA brand several months ago

  2. Good developments, however will still prefer Pru Protect for serious illness cover due to the sheer level of protection available.

  3. Dennis Burling ACII APFS, Chartered Financial Plan 24th October 2011 at 12:27 pm

    All very commendable but if admin support is non existant where is the benefit of a good product.

    Since Friends Life have taken over AXA service would appear to have gone out of the window with no access allowed to life existing business staff.

    I have to date been waiting over three weeks for any reply to an urgent information request for a client and despite two formal complaints on the phone still no response – deal with Friends life at your peril !!!

  4. I agree the changes are all well and good but if something happens to the client whilst I am awaiting for a reply from them or trying to get hold of my none existent Broker consultant then I will not be held responsible.

  5. Had an absolute under writing nightmare already. Woman applying for CIC had one isolated bout of numbess in her foot 2 years ago, had blood tests, mri and urine tests, fully discharged from treatment and no further follow ups – declined on CIC because the doctor never found the root cause!

    the product can be as good as you like but it needs to be offered to clients!

  6. Adam, try using the new LifeQuote Protection Decision-in-Principle online hub. It will help you find a home for cases like this without the need to apply to the provider and wait for their decision. Visit http://www.lifequote.co.uk and register for a free trial and see what you think.

  7. Adam,

    Did they decline from the prop without any evidence or was a GPR requested?

    With all due respect your client’s medical history cannot be said to be clean, and a normal MRI scan is no guarantee of future significant disease developing.

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