Review: Friends Life insurance

Digby Bodenham By Digby Bodenham

The Friends Life Group was founded in 2008 in Guernsey with the aim of consolidating the British life insurance industry.

Friends Life was bought by Aviva for £5.6bn in a takeover that completed in April 2015. It still operates under the Friends Life name and sells life insurance, income protection cover and critical illness cover.

You can compare Friends Life life insurance quotes with specialist comparison site

Overview of Life Cover provided by Friends Life insurance UK

Friends Life offers life insurance to protect your family and dependents if you were to pass away. Should you die during the term of you policy your family would receive a lump sum pay out. The maximum cover amount is £10,000,000.

Friend’s Life life insurance policy is called Life Cover but it also has a product called Protect+, which can be tailored from a menu of features and includes critical illness cover, life cover and income protection. This review focuses on the Life Cover policy.

One of Friends Life’s standout features is its Global Treatment service, which is available to policyholders for an additional £4 a month. It is the only provider in the UK to have teamed up with private medical consultancy Best Doctors to offer specialist overseas treatment for conditions such as cancer, heart surgery, organ transplant or neurosurgery.

Global Treatment covers an expert second opinion and gives you the option to travel abroad for treatment not available in the UK. It will pay for the treatment and travel costs. The maximum benefit entitlement is £1,000,000 per person per year.

Global Treatment can be added to any life insurance or critical illness policy.

The Life Cover policy allows to choose term cover, decreasing cover or mortgage protection term cover.

Level term cover will pay out a fixed lump sum for a set amount of time between five and 40 years. After your policy term ends, your cover also ends. But while you have it your premiums are guaranteed. There is also a renewable term option, which still has a fixed lump sum but the premiums are renewed every five to 10 years. Your premiums may increase or decrease.

Friends Life also offers decreasing term cover that provides cover for five to 40 years but the lump sum decreases every month until the value reaches zero at the end of the policy term. Your premiums are guaranteed during this policy. A mortgage protection term policy works in a similar way but decreases in line with your mortgage repayments with an interest rate of 8% a year.

By comparing life assurance policies with you can receive free advice from FCA-authorised advisers who can assist you find the right policy for you.

Can I add critical illness cover with Friends Life insurance?

Critical illness cover can be taken out as a standalone product from Friends Life or added onto a life insurance policy. The maximum amount covered in the event of a critical illness is £3,000,000.

Who can apply for Friends Life life insurance cover?

To be accepted for a life insurance policy from Friends Life you need to be aged between 18 and 74 years old. You cannot hold a policy past the age of 84. You must be a UK resident and your policy cannot be more than £10,000,000 in cover or exceed 40 years in length.

What happens in the event of the diagnosis of a terminal illness?

If you are diagnosed with a terminal illness and your policy has one or more years remaining then you will eligible for a pay out. A terminal illness is defined as an illness that has no known cure and is expected to lead to death within 12 months.

How much does Friends Life insurance cover cost?

Friends Life policies start from £8 a month and your premiums will be calculated on your personal circumstances and the length and amount of cover you choose. Factors that may have an impact on the cost of your policy include your age, health, family medical history, habits and lifestyle such as smoking and drinking and your occupation.

What do Friends Life insurance reviews by customers say?

According to customers Friends Life is rated 3.9 stars out of 5 and 78% of the 18 customers who rated it would recommend it.

What do Friends Life insurance reviews from the experts say?

Fairer Finance, an independent website that rates financial products, ranks Friends Life 21 out of 28 life insurance providers. Friends Life was rated highly for claims and fairly good for complaints but was rated poorly for transparency.

Defaqto rates Friends Life critical illness product Protect+ Mortgage Protection Term Cover as a five-star product.

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