Friends Life Insurance. Get Friends Life Quotes here with Aviva

Friends Life Insurance’ Review

Background

Friends Life was originally founded back in 2008 as Resolution Limited, by a forward thinking entrepreneur called Sir Clive Cowdrey. He is now regarded as one of the leading Uk experts in acquiring ‘closed block’ life insurance businesses.

Back then, he made it his ‘resolution to create an £11billion insurance empire’ and was refining a hit list of several life companies. He could foresee a bigger financial future for UK life insurers by either mergers, consolidation or amalgamation.

As such, he headed up the drive over the next few years to help firmly establish Friends Life Insurance as a major new brand. They also once owned Sesame Bankall Group, the independant financial services provider (now owned by Aviva).

Three Brands become One

In 2011, Friends Life Insurance UK name was then created by the merger of 3 already established UK Life Insurers.

They used the well established first name of the brand ‘Friends Provident Life Insurance’, alongside Axa Life including its old brand ‘Axa Equity & Law‘ & Bupa Life Assurance UK.

Each of these Uk Life Insurance Companies had operated in the life insurance & pensions market. These 3 companies products were mainly sold by IFA’s, Brokers, Affinity Groups or the Insurers own sales agents. The previous Insurers direct sales forces were now all disbanded.

Friends Life said they were going to base their new individual protection streams around the recently acquired BUPA proposition as their best fit. They then set about creating a best of breed product range & team from the previous 3 providers. Over the next few years, Friends Life started to make it’s mark on the Uk financial services industry.

Using the expertise acquired already from the previous Insurers, their protection products were often innovative as well as market competitive. Many of their key features are still present today in the marketplace.

Friends Life from their London Head offices began to expand into 7 countries around the world. They were reportedly once the 5th largest life and pensions company ranked by UK market capitalisation.

Friends Life Quotes | Sponsorship

Friends Life were quoted as the title sponsors of the Friends Life t20 Cricket League from 2010 to 2013. Previously, it was via one of the amalgamated companies Friends Provident Life Insurance. Another of the 3 merger companies, Axa Equity and Law also sponsored the County Cricket league for several years.

Friends Life Quotes | The T20 Cricket Sponsor

Friends Life Quotes Tour of Britain

Then, to carry on promoting their new financial services name, Friends Life Group became first title sponsors of the Tour of Britain 2014. This included famous Olympian cyclists like Sir Bradley Wiggins.

Friends Life Quotes “A safer Income. A brighter Outcome”

Friends Life Aviva

This tour of their growth in Britain was also being eyed with interest by their competitors. In 2014, Aviva after discussions then agreed terms for a £5.6 billion all-share takeover of Friends Life.

An investor at the time said “The combined forces of Aviva and Friends will be better placed to tackle the problems in a shrinking market”. This deal was also set to net £220m for Clive Cowdery, founder of Friends Life.

Both Aviva and Friends Life at the time had a large presence in the UK life insurance protection market. They hoped to best of ‘Friends for Life Insurance’. Their new combined strength would help them come to dominate in this sector, by economies of scale.

aviva friends life
Friends Life Aviva | To be Friends for Life Insurance?

In 2015, the Friends Life London Office was closed as they integrated the 2 companies. Over the next few years, the Friends Life brand was then slowly dropped to just focus on one single brand Aviva.

Friends Life Quotes. “There is no play without work”

‘Friends Life Insurance’ | FAQ Broker Questions

Is Friends Life still part of Aviva?

Yes, Aviva look after their old Friends Life Insurance & some Friends Provident policy administration. Most of this is dealt with from Aviva Friends life insurance Bristol or direct via ‘Friends Life my money’ portals.

For Friends Life Insurance phone number, please contact Aviva customer services for any ongoing policy queries. Old Friends Life protection policies included some of these personal plans.

Friends Provident | life insurance companies in the uk
Friends Provident Int Aviva

Can you make changes to your old life insurance policy?

In terms of changing your existing Life Insurance policy, often you can request some of the following via Aviva:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • take off a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up

These changes could be subject to new Aviva medical underwriting based on your circumstances at the time & may well affect your premiums.

For any claims, like Friends Life fracture cover or amendments on existing Friends Life contact Aviva customer services.

Aviva Insurance Merger

How do I cancel my Life Insurance Policy?

You may cancel your existing Friends Life Insurance plan at any time, if your circumstances change but your death insurance life cover would then end. 

However, if you should cancel the insurance policy, you may not get anything back, if your policy has no cash in values. This also means if your health changed adversely afterwards & you then tried to request a new (now Aviva life insurance) policy is put back onto cover again, this maybe declined. 

We suggest you seek professional advice before taking this course of action.

Should I put my Friends Life Insurance policy into Trust?

When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers via Friends Life Insurance contact number to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Friends Life Quotes - its good to be with friends

Importance of Disclosure & Claims?

All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original insurance policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of high blood pressure or cholesterol.

Should you have to make a claim, ask via Friends Life Insurance telephone number for them to send you their claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at most Insurers recent claims payout, you will see that it is Good (but like most Insurers – not 100%).

Life Insurance Disclosure

What if my health or lifestyle changes after I had taken the Life policy out?

Any health or lifestyle changes since, usually does not void your existing Friends life insurance policy, if it wasn’t relevant at that time of initial underwritten insurance application. For example, you later on diagnosed with a heart condition. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.

So take care to doubly re-check on your application what you initially disclosed to the Insurers (now Aviva), as this information then stands now and in the future. Please check your original Friends Provident Life Assurance ltd T&C’s.

Article on ‘Friends Life Insurance Review’ by Martyn Spencer Financial Adviser

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Review: ‘Friends Life Insurance’ | Aviva

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