Protection  

Friends Life improves income protection product

Friends Life improves income protection product

Friends Life has made changes to its Protect+ income protection proposition.

This includes increasing the guaranteed benefit from £1,300 to £1,500 a month.

It has also introduced a new guaranteed insurability option, meaning if customers’ earnings increase by more than 20 per cent as a result of career progression, they can make a one-off increase of their annual benefit to a maximum of £20,000 a year.

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Louise Colley, managing director for protection at Aviva, said: “It is vital that we make income protection as attractive as we can to potential customers.

“Only last month, our own research showed that more people have pet insurance than income protection and critical illness cover combined, so we have to boost the profile of these important products.”

The therapy benefit has also been improved, meaning customers can claim up to £200 a policy year.

Adviser view

Dan Clayden, director of Devon-based Clayden Associates, said: “It seems to be that fewer people have income protection as opposed to critical illness.

“I think the main reason it isn’t sold as much is that people don’t have the money for both. There has been a lot of work to develop multi-benefit policies, and that works quite well, but a bit more development is always welcome.”