Sesame adds mutual for income protection
Income protection provider British Friendly has been be added to Sesame’s approved list following the launch of its first intermediary product last year, its boss has said.
Mark Myers, chief executive of the mutual, said the link with Sesame meant British Friendly products would now be available to a wider number of IFAs.
He said the partnership with Sesame was significant because sometimes multi-tied panels do not include friendly societies for income protection. This means IFAs may not always have access to the most appropriate cover.
Mr Myers added: “The relationship with Sesame represents an exciting opportunity for British Friendly because it is more important than ever that advisers are able to recommend own-occupation cover for their clients as much as possible, which is sometimes only available through IFAs who recommend friendly societies.”
Since unveiling BFS Protect in March 2011 the mutual has received more than 3350 applications from IFAs and maintained its paid claims ratio of 98 per cent across all income protection products.
Rory Gravatt, senior research manager for Sesame Bankhall Group, said: “Sesame remains committed to promoting professional financial advice and offering choice for advisers and their clients.
“The addition of British Friendly to our approved list of protection providers ensures advisers have access to the most appropriate types of cover for all situations.”
David Mead, director of Surrey-based Future Proof, said: “Take-up of income protection is low so anything that encourages competitive and well-priced products and encourages consumers to look more closely at protection and take responsibility for their income has got to be a good thing. The broader the choice the better.”