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Friends Provident has introduced a cafeteria style protection product aimed at the family and mortgage protection market.

The Select Protection Plan consists of five types of cover critical illness, life cover, income protection, life or earlier critical illness and houseperson&#39s cover. Cover is increasingly important for people who have a mortgage as they risk losing their home through an illness or an accident if they cannot work and they fail to meet the repayments.

The cafeteria style has become popular recently as Legal & General and Scottish Equitable have introduced similar products this year. The advantage of this approach is flexibility as policyholders can pick and mix the types of policies that suit their individual needs.

The critical illness cover offers a choice between level, increasing or decreasing cover and includes 26 conditions. The minimum premiums are £7.50 a month or £75 a year compared to Legal & General at £6 a month or £60 a year, which covers 24 conditions.

The Friends Provident plan is different to the Legal & General plan in that cover is not as focused on mortgage protection. The Friend&#39s Provident plan is broader in that it includes income protection and houseperson&#39s cover that does not depend on having a mortgage.

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