National Friendly has today launched Friendly Life Cover marking a significant expansion of its protection proposition and giving advisers access to a life cover solution backed by the friendly society’s commitment to responsive service and member value.
The product will also be available through Iress’ The Exchange enabling advisers to access and compare Friendly Life Cover seamlessly and helping streamline the application journey for advisers and clients alike.
Available on a single or joint life basis, Friendly Life Cover provides a fixed lump sum payment on death, with a choice of level or decreasing benefit to suit clients' individual needs.
Broad eligibility and guaranteed premiums
The product accepts applicants aged 18 to 77, with cover extendable to age 90 and terms of between 5 and 50 years. All premiums are guaranteed at outset giving advisers and clients the certainty over the cost of cover for the duration of the policy.
A minimum premium of £4 per month ensures accessibility for clients with more modest protection budgets, while terminal illness benefit is included as standard, accelerating the full sum assured on diagnosis.
Fast underwriting commitment
National Friendly says advisers and their clients can expect a responsive underwriting experience. The mutual believes that accessible, expert underwriting support remains a meaningful differentiator in a market where service quality varies considerably.
Optional value added services
In addition to the standard benefits, the policy has options to include waiver of premium, fracture cover and online GP and dental services, meaning it has value even if the worst doesn't happen.
To support its expansion into the life market, National Friendly has also partnered with Company Medical Advisers Ltd, giving the mutual access to a broader range of specialist clinical expertise to support complex underwriting and claims assessments.
Graham Singleton, 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: “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, 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."
