FriendsLife

mummy_robinson

Hi, I'm new this site and was just wondering if anyone has any words of advice for me. We are currently re-mortgaging in order to fix a leaky roof and windows and a lovely lady at The Mortgage Advice Bureau is helping us. She has found us a new Life Assurance policy to replace Aviva with FriendsLife and was just wondering if anyone has any experience of them, the policy seems very good and maybe over cautious but i'd rather feel covered in case of illness as certain diseases run in my and my husbands family. I know they've been around ages as Provident but still would like any words of advice. Thank You in advance.

lisyloo

Are you talking about Life Assurance, Critical illness or both?
Critical illness only covers you for some illnesses. You are aware of this?

starrystarry

mummy_robinson wrote: »

I know they've been around ages as Provident but still would like any words of advice.

Friends Provident, not Provident (dodgy doorstep lender).

mummy_robinson

Yes i've got the list of illnesses it covers and it's fine. Didn't realise it was a different company to Provident (Dodgy doorstep seller), I got a loan from them 20 yrs ago to buy my first car, seemed ok.

mummy_robinson

Forgot to say. It's Critical illness cover.:o

ACG

I used to work for Friends Provident (i was made redundant when they merged with Bupa and Axa), their contract is pretty good.

If you take out a policy with them you get access to "Best Doctors", Bupa healthline (basically NHS direct) among a critical illness plan that covers one of the most conditions, if not the most conditions. You are being sold something which is not the cheapest but quite probably one of the best products on the market (in my opinion), hopefully your advisor has sold you the contract...as in gone over what it does and the benefits of going with Friends Life....rather than just selling you a bog standard critical illness plan as i can say with some confidence it wont be the cheapest.

But yes, it is a good contract, its a reputable company and the extras on that are included are quite unique and i think set the plan the apart from most of the competition - and thats coming from me, after they made me redundant :-P

mummy_robinson

Thank You ACG That is very re-assuring to know, We have been quoted £39.00 a month for a £53000 mortgage joint cover. Yes our advisor has been through all the benefits.

starrystarry

mummy_robinson wrote: »

Thank You ACG That is very re-assuring to know, We have been quoted £39.00 a month for a £53000 mortgage joint cover. Yes our advisor has been through all the benefits.

Has your application been underwritten yet? If not, bear in mind that the quote may change (given the family history you mentioned earlier).

ACG

I cant comment on the price too many variables but glad they went over the benefits. Atleast you know what your covered for and when you can make a claim, you wuldnt believe how many times i seen people had policies and neve made a claim when they were able to, because they didnt know what they had.

kingstreet

It takes me two hours to compare the definitions from the current plan when it was effected with the definitions from the new plan which is currently available.

I recently completed a comparison of definitions for an Axa plan from 11/2009 with a new Friends Life equivalent and it was very close between the two.

Choosing a new plan over an existing one is a very risky endeavour. You could find yourself losing the right to claim for something you were covered for previously.

Imagine being told you could have claimed for that heart attack under you old policy, but not your new, better one...

I trust the "lovely lady at The Mortgage Advice Bureau is helping us" by completing a fully objective comparison of the products and not simply saying the new one has 47 conditions covered, so that makes it better than the existing plan.

And don't get me started on trusts... :eek:

ACG

You could argue about the definitions all day. Some will be easier to claim on, some wont - eg: there are some definitions which state the breastbone must be cut open, but due to advances in medical science that might not be the way treatment is done anymore - ie they can be less invasive now so that wouldnt result in a claim.
You will never get the best of both worlds, so its a toss up - but so long as those differences are explained then the client can make an informed decision and decide which is the most important and you can make the recomendation based on that.