The BFS Protect income protection product was launched by British Friendly in April this year and since, it has received over 1,000 BFS Protect applications from intermediaries, registered more than 650 advisers and offered terms for 92% of applications.
British Friendly reports it is now regularly receiving 300 applications each month and has maintained its existing paid claims ratio of 98% across all income protection products.
The BFS Protect income protection product offers own occupation cover throughout the life of the policy. It also provides cover to a retirement age of 70.
Mark Myers, chief executive officer at British Friendly, added: “We’re delighted with our success over the first six months and expect our annual premium earnings to reach £1m by the end of our first year.
“We would like to thank each of the advisers who have taken an interest in our new proposition and also thank them for their ongoing feedback.
“We have over 100 years experience of protecting our members and supporting them to return to work and our BFS Protect product is available only through IFAs, which demonstrates the value we place on intermediaries.”
Matt Morris, senior policy adviser for LifeSearch, said: “The arrival of British Friendly Society six months ago has given fresh impetus to the income protection market. We have found their offering to be strong and they have listened to our feedback so we are positive about the future.
“For many years income protection has, quite wrongly, been the poor relation of protection advice however, with BFS proving themselves, as well as new initiatives across the market, this will hopefully begin to change.”
