Joe Davine

Review of Friends Life Life Insurance

Friends Life is a UK-based insurance provider that was founded in 2008 with the goal of consolidating the British life assurance and insurance industry. In 2015, they were acquired by Aviva, another major life cover provider in the UK. The company continuous to operate its services under the name Friends Life, and they now have over 5 million customers worldwide. Read our Friends Life insurance review below.

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Pros
  • Global treatment option
  • Guaranteed monthly payments that won’t change
Cons
  • Slightly more expensive
  • Not as customisable as some providers

About Friends Life

The company offers regular life assurance and insurance coverage and a customized policy called Protect+ which can include critical illness cover and income protection. As part of Aviva, they’re part of the UK’s largest insurance provider.

Why is Friends Life Different?

One thing that sets Friends Life apart is their Global Treatment option which, for an extra £4 a month, allows you to access top doctors and surgeons in other countries around the world if you need special medical attention.

Companies policies start at £8 per month, so they aren’t one of the cheapest providers. In order to take out a policy with Friends Life, you must be over 18 and under 74 years old. However, some of their policies have a maximum age of 64.

Whats on Offer at Friends Life

Friends Life does not offer whole life coverage, and their maximum age limit is a little lower than some other providers. You cannot have a policy past the age of 84. So, for example – if you were to purchase a policy at the age of 64, the maximum term you could purchase it for would be 20 years.

They do offer a terminal illness benefit. This means that if you are diagnosed with a terminal illness while receiving coverage from Friends Life, you might be eligible to receive your payout. The illness must have no known cure and be expected to lead to death within 12 month. In 2014, Friends Life paid out 99% of their claims. Friends Life insurance policies have been reviewed and rated five stars by Defaqto. Some customers have left Friends Life insurance reviews regarding their premiums being too high; although the majority of Friends Life insurance reviews are positive.

Insurance Options: Our Honest Breakdown

Friends Life insurance offers a few different options for coverage. In addition to the following, they also offer a Protect+ plan. Protect+ allows you to review Friends Life insurance and customize, to a degree, what kinds of coverage options are included in your policy.

Life Cover

Friends Life insurance is regularly called Life Cover. You must be between the ages of 18-74 to apply, and monthly premiums start at £8.

You can choose from level term cover or decreasing term cover.

Level term cover offers the option to receive a fixed lump-sum payout that does not decrease over time. You can choose a policy term between 5 and 40 years. Premiums are fixed throughout the term, and when your term ends, your coverage ends as well.

Decreasing term cover is also offered from 5 to 40 years. The lump-sum payout amount decreases each month until the end of the term when it reaches zero. Your premiums are also fixed with this policy.

Renewable Term Cover

Friends Life also offers renewable term cover, which gives you the flexibility to renew your premiums every 5 to 10 years. This is a great option if you’re unsure of the term length you’re looking for.

Once your initial term is over, you can decide to renew for either 5 or 10 years. Your premium may increase or decrease depending on your current life stage, but you will not be required to provide any further medical evidence.

Critical Illness Cover

Critical illness cover can be used as an add-on to your Friends Life insurance policy or purchased as a stand-alone cover. It is designed to pay out in the event that you should become critically ill, according to one of their pre-defined critical illnesses, and no longer be able to work.

This allows you to continue supporting your family and dependents even though your income has decreased. The critical illness cover is capped at £3,000,000 and includes children’s cover.

You must be under the age of 64 when your critical illness cover starts. You have to survive at least 14 days from diagnosis, and you may have difficulty being accepted for coverage if you already suffer from a critical illness. Hence, Friends Life insurance reviews your condition prior to providing their decision.

We hope our Friends Life insurance review answered all your questions. Click the button below to get yourself a free quote now!