Review: Friends Life insurance

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

Friend's Life was bought by Aviva for £5.6bn in a takeover that completed in April 2015.

Aviva has now discontinued Friends Life's products, but it is managing already existing Friends Life policies. Friends Life policyholders can make claims through Aviva.

Read a review of Aviva's Life insurance here.

In 2015, we reviewed Friends Life insurance. You can find the review below. Please note that although Friends Life has ceased operation, if you bought a policy with them, it's term will continue as usual. If you have any questions about your policy or would like to make a claim you can contact Aviva to do so.

Overview of Friends Life insurance UK's Life Cover

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

Friends Life life insurance policy is called Life Cover but it also had a product called Protect+, which could be tailored from a menu of features and included critical illness cover, life cover and income protection. This review focuses on the Life Cover policy.

One of Friends Life’s standout features was its Global Treatment service, which was available to policyholders for an additional £4 a month. In 2015, it was the only provider in the UK that had teamed up with private medical consultancy Best Doctors to offer specialist overseas treatment for conditions such as cancer, heart surgery, organ transplant or neurosurgery. Now Aviva has a partnership with Global Treatment. The feature is available on their life insurance policies.

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.

The Life Cover policy allowed 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.

Critical illness cover with Friends Life insurance?

Critical illness cover could 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?

You can no longer apply for Friends Life insurance but if you have a policy.

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 payout. 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 started from £8 a month in 2015 and premiums were calculated based on personal circumstances and the length and amount of cover chosen.

What do Friends Life insurance reviews by customers say?

As Friends Life no longer exist, we couldn't find many customer reviews for Freinds Life insurance during our last update in May 2018.

What do Friends Life insurance reviews from the experts say?

Fairer Finance, an independent website that rates financial products, and in 2015 ranked 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. As of 2018, Friends Life are no longer on Fairer Finance's list of Life Insurance providers.

In 2015, Defaqto rates Friends Life critical illness product Protect+ Mortgage Protection Term Cover as a five-star product. As of 2018, Friends Life insurance is no longer rated by Defaqto.

This article was written by Bought By Many. We were not paid to write it but we will receive commission if clicking on a link to one of the named insurers results in a reader taking out a policy with that insurer. We also charge for advertising space so a particular insurer may be highlighted in the article and, where insurers are listed, it can dictate where they appear in the list.