UK life and pension group Friends Provident has launched a new multi-benefits protection plan, allo...
UK life and pension group Friends Provident has launched a new multi-benefits protection plan, allowing customers to choose a combination of different benefits to create a personal protection plan.
The package, called Select Protection Plan, is only available through IFAs and includes five different types of cover that can be taken out singularly or alongside each other. Options include life cover, life or earlier critical illness cover, critical illness cover, income protection and houseperson's cover.
According to the provider, the plan is designed to adapt to meet changing lifestyles and requirements as it allows customers to add, remove, increase or decrease benefits at any time.
Ben Gunn, managing director of retail operations, said: "Making sure that the family is financially protected is a must for everyone. The Select Protection Plan gives IFAs the opportunity to give their clients financial peace of mind by advising them on the level of protection they need now, with the flexibility to add to their cover to meet changing circumstances in the future."
Friends Provident has also confirmed a cut in term rates of up to 9%. The reduction applies to male non-smoker and joint life non-smoker level term assurance rates and is only available to IFAs using the Exchange to produce documentation.
The insurer has also teamed up with software provider Allfinanz to launch a new term assurance distribution channel via the internet. The new software, xpertMatch, will allow clients to apply for cover online through their IFA's website. Successful applicants can complete direct debits online and receive instant temporary cover of up to £250,000.
Shanti Duggal, e-commerce head for Friends Provident, said: "We are pleased to be working with Allfinanz, who have been at the forefront of innovation in internet distribution of life assurance for some years,"
Jim Maher, group chief executive of Allfinanz, said: "I can think of no better endorsement of our new xpertMatch solution. It has already been proven to be robust, highly scalable and flexible."
