National Friendly launches Friendly Life Cover
The product will also be available through Iress' The Exchange, allowing advisers to access and compare the cover through the platform.
National Friendly has launched Friendly Life Cover, expanding its protection proposition with a new term assurance product for advisers.
The product will also be available through Iress’ The Exchange, allowing advisers to access and compare the cover through the platform.
Friendly Life Cover is available on a single or joint life basis and provides a fixed lump sum payment on death, with a choice of level or decreasing benefit.
Applicants can be aged between 18 and 77, with cover available up to age 90 and terms ranging from five to 50 years.
Premiums are guaranteed at outset for the duration of the policy, with a minimum premium of £4 per month.
Terminal illness benefit is included as standard, while optional benefits include waiver of premium, fracture cover and online GP and dental services.
National Friendly has also partnered with Company Medical Advisers Ltd to provide specialist clinical expertise for complex underwriting and claims assessments.
Graham Singleton, chief executive of National Friendly, said: “The launch of Friendly Life Cover is an important moment for National Friendly, expanding our protection and health offering alongside our suite of income protection products and our recently launched Friendly Health.
“We wanted to bring a product to market that advisers can recommend with confidence – clear, straightforward, competitively specified and backed by the kind of service that reflects our mutual values.
“We know that for advisers, the underwriting experience can make or break a client relationship. In a market where service quality varies considerably, we think that kind of accessibility and responsiveness is just as important as the product specification itself.”
He added: “Making Friendly Life Cover available through The Exchange was also an important part of our launch strategy, ensuring advisers can access our proposition easily through the platforms they already use every day. Reducing friction in the advice journey matters just as much as product design.
“As we expand into the life market, it was important that we also invested in the specialist expertise and operational support needed to deliver good outcomes for advisers and members alike.
“A number of high-profile providers have recently exited the term assurance protection market providing an excellent opening and opportunity for our term assurance proposition. We believe advisers and clients benefit from strong competition, broad choice and providers that remain committed to delivering high-quality protection solutions for the long term.”
Rob Crabb, strategic operations director at Smarter Cover, said: “I’m excited to see the launch of Friendly Life Cover, particularly because it focuses on the areas that make the biggest difference to advisers day to day: speed, accessibility and responsive underwriting support.
“In a competitive market, service levels are a real differentiator, and being able to get hold of underwriters quickly and receive prompt decisions gives advisers greater confidence and helps create a smoother experience for clients throughout the application process.”
Jacqueline Durbin, global head of product – life, pensions and mortgages at Iress, said: “It is great to see National Friendly continuing to innovate and expand their offering in the protection market.
“We have a fantastic relationship with them, and we’re thrilled to be the first and only portal to host Friendly Life Cover at launch.
“By integrating this new product directly into The Exchange, we are ensuring our advisers have seamless, exclusive access to even more choice for their clients.”
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