Friends Life is a life assurance company formerly known as Friends Provident. The name was changed in 2011 when Friends Provident merged with the life assurance assets the company purchased from AXA UK and Bupa. The original Friends Provident traces its history back to 1832.
As a subsidiary of the Resolution Group, Friends Life offers insurance products, financial advice, investment management, and pension services in eight countries including the UK, Germany, and Luxembourg. The company’s headquarters are located in London.
In terms of size and scope, Bloomberg ranks Friends Life fifth among UK life and pension companies. As of December 2012, the company boasted total funds under management of approximately £114 billion. Their staff of more than 4,000 dedicated workers serves the needs of approximately 5 million customers worldwide.
Friends Life Products
The most well known product offered by Friends Life is their term life insurance product. The Friends Provident life product pays you or your beneficiaries in the event of a terminal illness or your eventual passing. This money can be used to help pay for your care, cover funeral expenses, and pay outstanding bills. Term life can be purchased as a level or decreasing term policy.
In addition to term life cover, Friends Life also offers customers:
- Critical Illness Cover – Should you be unfortunate enough to be diagnosed with one of the critical illnesses covered by the company, Friends Life will pay out a sum of money to help cover your expenses.
- Disability Cover – In the event of permanent disability, this insurance pays out based on either a level or decreasing term.
- Income Protection – Should you lose your source of income this insurance product helps you cover some of your expenses in the interim. It is a great product for covering your mortgage or other forms of secured debt.
- Pension Services – The pension services offered by Friends Life are designed to make sure clients can maintain the financial lifestyles they prefer during their pension years. The company’s investments protect individual assets and help money grow.
Friends Life Awards
Friends Life has received numerous awards over the last several years. One that they are most proud of is the Defaqto five-star rating received in 2011 for their critical illness and income protection covers. Some of the other awards they have received for their insurance products are:
- 2012 Moneyfacts® Best Critical Illness Provider of the Year
- 2011 Double E e- Excellence rating from the Finance & Technology Research Centre
- 2010 Triple E e- Excellence rating from the Finance & Technology Research Centre
- SimplyBiz 2010 Best Overall Service Award
Friends Life has won additional awards for their pension and investment products. They have been recognized on an international level through awards from organisations like POLICY Magazine, International Advisor, Gulf Insurance Review, and others.
If you are in need of critical illness cover or any of the other products offered by Friends Life, you are invited to visit them at their website. In 2012, the company paid out £122 million in critical benefits and an additional £140 million in death benefits. They are here to make sure your financial future is secure, regardless of your circumstances.