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.”