Friends Life extends income protection

Friends Life has enhanced its income protection proposition, increasing the maximum percentage of income a customer can cover.

The firm will now cover 65 per cent of the first £10,000 of a customer’s annual income, and 55 per cent of everything after.

The previous limits were 70 per cent of the first £10,000 of a customer’s annual income, 50 per cent of the next £50,000, and 40 per cent of everything thereafter.

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The move will cover more income for higher earners and means advisers only have to consider two tiers of income instead of three. The maximum benefit level will remain at £150,000.

Friends Life has also included P11D form benefits, or ‘benefits in kind’ when calculating the gross income of customers, including company cars, accommodation and company funded scholarships.

It has also made adviser portals easier to use, removing the need for advisers to quote with Friends Life separately by including the provider in results with the maximum benefit available to clients.

Mark Anders, director of sales and marketing, said: “It is not only about covering the monthly bills; it’s also about helping our customers and their families to maintain the lifestyle they have worked hard to achieve.

“These enhancements are designed to help our customers to do that.”