Friends Provident is adding critical illness cover and waiver of premium benefit to its level term assurance and decreasing term assurance homebuyer protection plan.
The critical illness element covers the core range of illnesses, including heart attack, cancer, stroke, major organ transplant, multiple sclerosis, kidney failure and coronary artery bypass surgery.
The waiver of premium element contains options for mortgage increases and special events, as well as a composite rate system, which simplifies the age bands under which people are assessed.
Friends Provident has made these changes for two reasons, one of which is to reflect changes in the mortgage market. The recent criticism of endowment mortgages has lead to a move away from products with an investment element towards mortgages with term life cover only. The other reason is that Friends Provident sees the protection market as a growth area.
The addition of these elements has to be welcomed, especially as protection is indeed a rapidly expanding area. This is due to Britain's working population, who are starting to realise the state will not pay for them.