Friends Provident has made its first foray into the business protection arena with the launch of the Business Protection Plan. It says the plan, conceived as a result of the firm’s strategic review, is for businesses looking to provide cover for partnership and shareholder protection, key person protection and loan protection.

Cover available under the plan includes level and decreasing life cover, with or without critical illness cover.

Friends says the product will appeal because of the speed of its underwriting and its dedicated case handlers.

Key benefits of the plan include free accidental death cover of up to £250,000 and interim life cover available up to £2m.

Mark Jones, head of protection marketing at Friends Provident, says business protection is an underused concept for both firms and advisers.

“There are around four and a half million businesses in the UK and Swiss Re estimates the business protection gap is approximately £500bn.”

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