More players added in Avelo’s IP portal

Dave Miller, head of provider relationships, said the additions would help provide advisers with an additional source of information and opportunities to expand their protection business as consumer demand more flexible and bespoke products.

Mr Miller added: “The income protection market is growing rapidly and we are pleased that we are able to respond to the changing needs of the market and support the introduction of new players in terms of the products that are available on the portal.”

The British Friendly Income Protection plan provides own occupation cover throughout the life of the policy, even for those occupations considered to represent a higher risk. It offers long-term cover to a retirement age of 70, as well as short-term budget cover which has a one, two and five-year option.

Article continues after advert

The product also features no premium loadings for occupation, gender or smoking, maximum cover up to 70 per cent of gross annual income and day one cover or short deferred periods available.

James Carter, IFA for Independent James, said: “Increased competition in the income protection market is very welcome and especially with an innovative product such as this. Their lack of premium loadings is a useful precursor to EU legislation implementation and will be eagerly watched. Offering higher risk occupations and older clients full income protection is also a real unique selling point.”