Protect+ is a menu proposition that includes life, income protection, critical illness cover and business protection. Key benefits include:
- Life cover. Flexible options including level, renewable, decreasing and mortgage protection term or a family income benefit. Premiums can be guaranteed or renewable and there are four indexation options plus optional fracture cover (up to £2,100).
- Income protection. Includes a guaranteed benefit of £15,600 a year, hospitalisation benefit (with no exclusions), unique therapy and trauma benefits and fracture cover. There is also an innovative doctors’ sick pay benefit and fracture cover plus a new use of waiver of premium to speed up claims.
- Critical illness cover, with or without life cover. Includes 14 ABI+ definitions and eight partial benefit conditions. An advance payment up to £25,000 for heart surgery is included, as is child cover (including congenital conditions). There are premium reductions for diabetes and diabetic risks. Fracture cover, intensive care benefit for children and a family income benefit option are also available.
- Business protection. Friends Life can write up to £10m of life, £5m of CI and £2m own occupation total permanent disability (with the capacity to go higher) cover including for key partners, shareholders and for loans.
For all plans there is access to the Best Doctors service and to the 24/7 Bupa HealthLine.
What They Say
Managing director Steve Payne said: "Friends Life Protect+ is a powerful proposition combining comprehensive protection products with flexible support services to make it easy for advisers to do business with us. We recognise the importance of building strong relationships with advisers and this is a fundamental part of our new offering to the IFA market. By taking the best elements of the three businesses that now make up Friends Life, we have created a powerful new proposition."
What We Say
There is not space to go into detail about all the possible cover options in Friends' new Protect+ proposition, but its claim to have taken the best elements of its constituent brands is not far from the mark.
It adds up to a powerful proposition that will meet many clients' needs and, behind the individual products, Friends also has a powerful support package too. For example, there is a signature free online application process that even includes a suitable trust. That might not sound like a big deal, but too few life and CI policies are written in trust, so anything that makes the process easier and more efficient must be good not just for IFAs but, most importantly, for clients too. Friends' system is backed-up by messages to advisers whenever certain information changes too. Technical and underwriting helplines (among others) are also included to make the adviser's life easier.