Details of Friends Life’s Comprehensive Life Insurance Product Offerings

Friends Life is a new brand that is from a combination of the former Friends Provident (UK operations) and life assurance businesses acquired from AXA UK and Bupa. Friends Life’s Comprehensive Life Insurance Product offerings include:

Critical Illness can be added to these types of cover.

Quick Facts

Term Cover Mortgage Protection Term Cover Renewable Term Cover Family Income Benefit Cover
Primary purpose of product

Provides a lump sum for loved ones upon the death or terminal illness of the Person Insured.

The cover can either be decreasing or level.

Covers a repayment mortgage or loan.

Provides a lump sum for loved ones upon the death or terminal illness of the Person Insured.

The cover is on a renewable basis.

Provides a regular income benefit to the family in the event of the Person Insured’s death.

Plan basics

- The amount of cover and the length of cover are selected at the onset

- The cover can be increasing or level

- Cover decreases monthly (where decrease is usually made to coincide with the amount of the mortgage as it is paid)

- The length of cover is set at the beginning of the policy

- For decreasing term cover, the level of cover is reduced monthly until it reaches zero at the end of the term

- The cover provides a lump sum upon the death or terminal illness of the Person Insured

- The cover is subject to renewal every five or 10 years, depending on the option selected

- Instead of a lump sum, the Sum Insured is paid out at an annual benefit

Cover Limits
Minimum cover limit

No minimum, depends on the minimum premium

No minimum, depends on the minimum premium

No minimum, depends on the minimum premium

No minimum, depends on the minimum premium

Maximum cover limits

£10,000,000 with a cap of £3,000,000 for critical illness

£10,000,000 with a cap of £3,000,000 for critical illness

£10,000,000 with a cap of £3,000,000 for critical illness

Maximum is also a total of £10,000,000 derived from the product of the annual family income benefit multiplied by the number of years

Cash-in value

None

None

None

None

Eligibility
Minimum age at entry

18

18

18

18

Maximum age at entry

74

74

65

74

Other eligibility require-ments

Must be a resident of the UK and Channel Isles, including Guernsey and Jersey

Must be a resident of the UK and Channel Isles, including Guernsey and Jersey

Must be a resident of the UK and Channel Isles, including Guernsey and Jersey

Must be a resident of the UK and Channel Isles, including Guernsey and Jersey

Length of Cover
Minimum term

5 years

5 years

5 years

Not applicable

Maximum term

40 years (for Level Cover)

40 years

5 or 10 years, depending on what the Person Insured selects at the start of the Plan

40 years

Maximum age

84 years old

84 years old

Plan ends before the Person Insured’s 70th birthday

84 years old

Premiums

Premiums can either be paid monthly or annually

Premiums can either be paid monthly or annually

Premiums can either be paid monthly or annually

Premiums can either be paid monthly or annually

Future changes in premiums?

Premiums are guaranteed.

Premiums are guaranteed.

Premiums are subject for review during each renewal.

Premiums are guaranteed.

Minimum premium

£5 monthly

£5 monthly

£5 monthly

£5 monthly

Maximum premium

None, dependent on maximum cover

None, dependent on maximum cover

None, dependent on maximum cover

None, dependent on maximum cover

Guaranteed premiums

Yes

Yes

No

Yes

Reviewable premium

No

No

Yes, premiums change at each renewal

No

Additional benefits
Terminal illness

Yes, other than in the last 12 months of the plan

Yes, other than in the last 12 months of the plan

Yes, other than in the last 12 months of the plan

Yes, other than in the last 12 months of the plan

Accidental death benefit

Yes, while the plan application is being underwritten

Yes, while the plan application is being underwritten

Yes, while the plan application is being underwritten

Yes, while the plan application is being underwritten

Joint life cover

Yes, only for Joint Life First Death/Event

Yes, only for Joint Life First Death/Event

Yes, only for Joint Life First Death/Event

Yes, only for Joint Life First Death/Event

Critical illness cover

Optional

Optional

Optional

Optional

Premium protection

Optional

Optional

Optional

Optional

Renewal option

No

No

Yes

No

Replace-ment cover

Optional

Optional

Optional

Optional

Separation option

Yes

Yes

Yes

Yes

Indexation option

Optional

Optional

Optional

Optional

Guaranteed insurability option

Optional

Optional

Optional

Optional

Extra cover feature

- Fracture cover

- Optional Total Permanent Disability

- Fracture cover

- Optional Total Permanent Disability

- Fracture cover

- Optional Total Permanent Disability

- Fracture cover

- Optional Total Permanent Disability

Plan Details

Payment

The policy will pay out the Sum Insured when:

The Sum Insured is payable only once.

For the Family Income Benefit type of cover, the benefit is paid as an annual income.

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Cash-In Value

There are no cash-in values for the plans.

Premiums

Premiums can be guaranteed or renewable.

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit pays the Sum Insured (unless another amount is specified in the Policy Summary) when the Person Insured is diagnosed with a Terminal illness before the last 12 months of the end of the policy. This terminal illness is such that it is advanced or has rapidly progressed into a condition that is no longer curable and which will result in death do greater than twelve months after the date of the diagnosis. Once payment is made for this benefit, the cover will end.

Accidental Death Benefit

This provides additional protection while the plan application is being processed and underwritten. Accidental death is defined as “death arising solely and directly from bodily injury caused by external, violent, visible means totally independent of any physical or mental illness or infirmity”. The benefit will pay the lower of:

Other details:

Critical Illness Cover

This pays a specified amount (usually the same as the sum insured) in the event the Person Insured is diagnosed with a covered critical illness.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Additional partial payments (the lower between £25,000 and 25% of the critical illness cover amount) will be made for diagnosis of the following:

Additional partial payments (the lower between £12,500 and 12.5% of the critical illness cover amount) will be made for diagnosis of the following:

Other cover details:

Total Permanent Disability

This is an optional cover and will pay out the Sum Insured when the covered Person Insured meets the definition of total permanent disability as stated in the policy.

Total Permanent Disability can be defined as:

Other details:

Premium Protection/Waiver of Premium

This waives the premiums when the Person Insured is incapacitated. The waiting period is three months.

Other details:

Renewal Option

This allows the Person Insured to get renew the plan without the need to provide additional medical evidence of insurability. Every renewal date, the terms of the renewal will be provided and the Person can opt to renew the policy.

Indexation Option

The purpose of this option is to ensure the value of the sum insured, given the prevailing rate of inflation. The Sum Insured or chosen benefit can increase based on the Retail Price Index (RPI) or Average Weekly Earnings. The increase can also be pegged at three or five percent on each plan anniversary. Upon each increase, the premiums will also change to reflect this. It should also be noted that the rate of premium increase will reflect the prevailing premium rates, if the premiums are not guaranteed. If premiums are guaranteed, the premium increase will be based on the rate of premium used at the start of the policy.

The Person Insured may refuse the Indexation Option. However, once this is canceled, there will be no more increase in the future.

Guaranteed Insurability Option

This option provides the opportunity to increase the amount of Sum Insured due to certain life events, without the need to provide further medical evidence. The allowable increase is the lower of £50,000 or 25% of the original sum insured, subject to a maximum of 100% or £125,000. For family income benefit, the allowable increase is the lower of 25% or £8,000 annually, subject to a maximum of £125,000 (calculated as the annual benefit multiplied by the remaining number of years in the plan).

Other details:

Fracture Cover

This pays out a benefit if you suffer from a fracture. The maximum benefit amount provided for one fracture in any one year is £2,100. The payment depends on the kind of fracture sustained.

Other details:

Replacement Cover

This is for joint life plans. The two Persons Insured has the option to take out a new plan, after one Person Insured dies or makes a claim that causes the policy to cease cover. The other Person Insured (the one that does not make the claim) has the option to get a new plan.

Other details:

Exclusions

The cover will not pay for claims where:

How to Make a Claim

When making a claim, Friends Life will usually require the following:

Friends Life may also require medical evidence provided by a medical practitioner working in an approved hospital.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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