Friends Life has launched Protect+, an individual protection package aimed at the Independent Financial Adviser (IFA) market.
Friends Life said that it has brought together the best of what was once provided by Friends Provident and AXA, with the new offering covering income protection, critical illness, life and business protection.
AdvertisementIn addition, IFAs can now write policies in trust online for their clients, which was a facility under-used across the UK market.
Having achieved a five-star rating from Defaqto, key elements of Friends Life Protect+ include:
Income Protection: Guaranteed benefit of Ģ15,600 a year; unique therapy and trauma benefit; hospitalization benefit with no exclusions; innovative approach to waiver of premium to aid the claims process.
Critical Illness Cover: 14 ABI+ conditions that go above and beyond standard industry practice, including cancer, heart attack, stroke and multiple sclerosis; 8 partial benefit conditions paid in addition to the main benefit; child cover, including congenital conditions; advance payment up to Ģ25,000 for heart surgery paid to the customer.
Life Cover: Optional features aimed at giving the customer maximum flexibility; family income benefit option.
Business Protection: Cover for key partners, shareholders plus loan cover; capacity to offer Ģ10 million for life and Ģ2 million for own occupation total permanent disability.
Steve Payne, Managing Director-Protection of Friends Life said that they recognized the importance of building strong relationships with advisers and that this was a fundamental part of their new offering to the IFA market.