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 continues 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.
- Global treatment option
- Guaranteed monthly payments that won’t change
- 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.
How User-Friendly is Friends Life’s Insurance Buying Process?
When it comes to Friends Life Insurance buying process, it is all about the simplicity it offers. Friends Life understands that buying insurance can feel like navigating through a maze for many, and they’ve made it their mission to simplify the process. From easy-to-understand terms and conditions to clear pricing details, they’ve eliminated the jargon that often confuses more than it helps.
Not only that, but Friends Life’s website is easy to use, providing all the needed information at your fingertips. The application form is straightforward, allowing users to go through the purchasing process swiftly and efficiently. What is more, all documents are electronically represented, saving customers the hassle of dealing with excessive amounts of paperwork.
Friends Life Insurance Pricing: Value for Money?
Friends Life Insurance pricing is by no means the cheapest in the market. However, it’s important to remember that when it comes to insurance, the cheapest option isn’t always the best. Friends Life prides itself on delivering quality and comprehensive coverage that offers true value for money.
Not only does Friends Life offer competitive premiums, but they also demonstrate their commitment to their customers through their range of optional covers and benefits. From critical illness cover to income protection, these options allow policyholders to tailor their policy to their unique needs, ensuring they get the best value for their money.
Understanding Friends Life’s Insurance Policy Terms
Friends Life Insurance policy understanding is easy, thanks to the company’s commitment to transparency. Insurance policies are often flooded with complex terms that can be difficult to comprehend. However, Friends Life minimizes the use of technical jargon and provides clear, easy-to-understand explanations of their policy terms and conditions.
In addition, Friends Life pays close attention to ensuring that their clients are fully informed about the details of their policy. From what is and isn’t covered down to the smallest detail, Friends Life ensures that you know exactly what you’re getting into. This level of openness helps to build trust with their customers and ensures a fulfilling relationship.
A Look into Friends Life’s Insurance Customer Service
Friends Life customer service is nothing short of excellent. The team is committed to ensuring a positive experience for every policyholder, providing friendly and professional service throughout the life of the policy. From the moment you get in touch to discuss your insurance needs, they treat you like a valued customer rather than just another policy number.
The team at Friends Life firmly believe in the importance of understanding their customers’ needs, and they go the extra mile to build relationships with them. They handle inquiries and claims with sensitivity and efficiency, providing timely responses that are rich in clarity and comprehensiveness.
Friends Life’s Claims Process: Fast and Fair?
The Friends Life claims process is designed to be as stress-free as possible. The last thing you want when you’re dealing with a major incident is a complicated and lengthy claims process. Friends Life recognises this and has worked hard to ensure their process is efficient and empathetic.
Drawing upon the responsive customer service we mentioned earlier, Friends Life accompanies their clients every step of the way during the claim process. Thanks to their efficiently designed procedures and experienced claims team, Friends Life strives to process claims as fast as possible, paying out a highly impressive percentage of claims every year.
Customer Opinions on Friends Life Insurance Products
Friends Life customer opinions are overwhelmingly positive. Many customers commend the company’s user-friendly buying process and appreciate the transparency of their pricing and policy terms. Tips and advice offered by the customer service team have been highlighted by many clients as being extremely useful.
Critically, Friends Life is often praised for their quick and fair handling of claims, a deciding factor for many when choosing an insurance provider. Many clients also speak highly of the flexibility Friends Life offers by allowing them to customise their policies to best suit their needs, reinforcing the company’s innovative customer-first strategy.
The Strengths and Weaknesses of Friends Life Insurance
Every insurance company has its strengths and weaknesses, and Friends Life is no exception. One of the company’s major strengths is its clear and user-friendly buying process, which makes it easier for customers to apply for a policy. The company’s pricing and policy terms are transparent, allowing customers to make informed choices.
Nevertheless, no company is without its drawbacks. For Friends Life, these are fewer than the positives. Their costs may run slightly higher than other companies, which may deter those on a tight budget. While they offer an extensive range of cover options, some may find their offering too comprehensive, leading to confusion about which options are truly necessary.
The Coverage You Get with Friends Life Insurance
With Friends Life coverage, you get comprehensive protection that’s tailored to your personal needs. Among the standard elements that form part of their policies, Friends Life offers life cover, critical illness cover, and income protection. Friends Life has also considered the importance of mental health and provides coverage for mental health conditions – a move praised by many in the industry.
Further setting Friends Life apart is their child coverage option. This additional layer of protection allows parents to breathe easy knowing their children are covered should anything happen, bringing invaluable peace of mind to families across the UK.
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.
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.
How Friends Life Insurance Stands Against Major Competitors
Friends Life vs Competitors is an encouraging comparison for the company. While they may not be the cheapest provider on the market, the level of protection, clarity of policy terms, and excellent customer service they offer undoubtedly set them apart from the competition. Their commitment to transparency and user-friendly buying process sets them ahead of many industry counterparts.
Additionally, their additional services like mental health coverage and child protection show Friends Life’s commitment to providing a comprehensive service. Although some competitors may match Friends Life in these areas, the company’s emphasis on customer service and speedy claims process gives them an edge in a highly competitive market.
Is Friends Life Insurance Worth the Investment?
So, is trading a higher premium for a comprehensive insurance policy from Friends Life worth it? Considering the long list of benefits that Friends Life Insurance offers, including accessibility, transparency, and a customer-centric approach, to name just a few, this company clearly offers an insurance product that is worth the investment.
Moreover, the peace of mind that comes from knowing that you or your family will be in safe hands, with expert support to guide you through a claim process, is often invaluable. Given these compelling reasons, the answer is a resounding yes. Friends Life Insurance is an investment worth considering.
Frequently Asked Questions(FAQ)
What sets Friends Life Insurance apart from other competitors?
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We hope our Friends Life insurance review answered all your questions. Click the button below to get yourself a free quote now!
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