Industry: Friends Provident has announced changes to its guaranteed critical illness (CI) rates, with some premiums being reduced by up to nearly 11%. The new rates became available on 19 July.
Friends Provident has announced changes to its guaranteed critical illness (CI) rates, with some premiums being reduced by up to nearly 11%.
The new rates became available on 19 July.
The rate changes mean that a male, non-smoker, 40 next birthday, with a £100,000 sum assured on a 25-year term will now pay £73.
91 per month instead of £78.44.
For a female with the same criteria, the premium drops from £68.85 to £63.01 per month.
Friends Provident's head of protection marketing, Peter Hamilton, commented: "We recognise it is a very competitive market, that we need to review our rates on a regular basis and that we should expect them to change a number of times over the year." In the meantime, Scottish Equitable Protect revealed that it has cut both its guaranteed level life protection and its guaranteed decreasing life protection rates by up to 6.7% from 26 July.
Scottish Equitable Protect said its move came as a response to recent market movements.
"We understand the importance of maintaining competitive rates in an ever-changing marketplace and of providing a comprehensive proposition advisers can depend on," said Rod McKie, head of marketing at Scottish Equitable Protect.
