Income protection provider British Friendly has confirmed it will continue to guarantee its existing rate tables across all products until January 2017, for both new and existing customers.
The decision follows recent rates increases in the market. British Friendly had received enquiries from advisers who were concerned that other providers may follow suit and increase their pricing in the coming months.
Mark Myers, chief executive at British Friendly (pictured) said: "We know some advisers have been affected by unexpected rate increases in the market and we want to reassure them that we have no plans for any such rises. We have not increased our rates since we launched in 2011 and we are prepared to guarantee our existing rate tables until at least 1st January 2017."
Damian O'Connor, principal at Roxburgh Financial Management welcomed the move, which he said bought "clarity" and "stability" for advisers.
He added: "While fully guaranteed premiums over the policy term are always desirable for clients, for many people, especially those in non-standard or more manual occupations, age related premiums continue to provide the best way of securing the most comprehensive cover."
