National Friendly has moved further into the protection market with the launch of Friendly Life Cover, a term assurance product available to advisers directly and through Iress’ The Exchange.
The friendly society said the launch broadens its existing protection and health proposition, which includes income protection products and Friendly Health.
Friendly Life Cover is available on a single or joint life basis and pays a fixed lump sum on death. Advisers can choose between level and decreasing benefit options depending on the client’s requirements.
The product is open to applicants aged 18 to 77, with cover available up to age 90 and policy terms ranging from five to 50 years. Premiums are guaranteed at outset for the duration of the policy.
A minimum premium of £4 a month applies, while terminal illness benefit is included as standard and provides for payment of the full sum assured following a qualifying diagnosis.
UNDERWRITING AND ADDITIONAL SERVICES
National Friendly is also placing an emphasis on underwriting service as it seeks to establish itself in the term assurance market, arguing that access to underwriting expertise and faster decision-making remain important considerations for advisers.
Optional benefits include waiver of premium, fracture cover and access to online GP and dental services.
The provider has also partnered with Company Medical Advisers Ltd to increase the specialist clinical expertise available to support more complex underwriting and claims assessments.
Graham Singleton (pictured), chief executive of National Friendly, said: “The launch of Friendly Life Cover is an important moment for National Friendly, expanding our protection and health offering alongside our suite of income protection products and our recently launched Friendly Health.
“We wanted to bring a product to market that advisers can recommend with confidence – clear, straightforward, competitively specified and backed by the kind of service that reflects our mutual values.
“We know that for advisers, the underwriting experience can make or break a client relationship. In a market where service quality varies considerably, we think that kind of accessibility and responsiveness is just as important as the product specification itself.
“Making Friendly Life Cover available through The Exchange was also an important part of our launch strategy, ensuring advisers can access our proposition easily through the platforms they already use every day. Reducing friction in the advice journey matters just as much as product design.
“As we expand into the life market, it was important that we also invested in the specialist expertise and operational support needed to deliver good outcomes for advisers and members alike.
“A number of high-profile providers have recently exited the term assurance protection market providing an excellent opening and opportunity for our term assurance proposition.
“We believe advisers and clients benefit from strong competition, broad choice and providers that remain committed to delivering high-quality protection solutions for the long term.”
Rob Crabb, strategic operations director at Smarter Cover, said: “I’m excited to see the launch of Friendly Life Cover, particularly because it focuses on the areas that make the biggest difference to advisers day to day: speed, accessibility and responsive underwriting support.
“In a competitive market, service levels are a real differentiator, and being able to get hold of underwriters quickly and receive prompt decisions gives advisers greater confidence and helps create a smoother experience for clients throughout the application process.”
Jacqueline Durbin, global head of product – life, pensions & mortgages at Iress, said: “It is great to see National Friendly continuing to innovate and expand their offering in the protection market.
“We have a fantastic relationship with them, and we’re thrilled to be the first and only portal to host Friendly Life Cover at launch.
“By integrating this new product directly into The Exchange, we are ensuring our advisers have seamless, exclusive access to even more choice for their clients.”
