Friends First Life Customer Newsletter May. 2015
Dear Customer
Thank you for reading our
latest Customer Newsletter
Our newsletters are not intended to replace the regular, perhaps more formal, communications you receive from us or through your financial broker.
However, as a Friends First customer, I do want you to know more about us as a company, some of the financial issues that may affect you, and how we do and can look after your interests.
As always, I welcome your feedback Regards,
Welcome to our Customer Newsletter
Tom BrowNe Ceo, FrieNds FirsT
In this issue
• 10 Facts about Friends First and Achmea
• Investment Choices: How do I choose?
• The Importance of Income Protection
• Before you cancel your Life Assurance...
• Friends First: Friends in the Community
• Online Customer Service
• Win an iPad
1. Is one of Ireland’s oldest and most established Life companies (established in 1834)
2. Has over 276,000 customers and employs 300 people in Ireland
3. Generated total premiums of €458m in 2014
4. Is financially strong, managing total assets of €4.7 billion, with a solvency margin in excess of 200%*
5. Is the premier provider of Income Protection insurance in Ireland
6. In 2014 alone, paid 1,457 claimants almost €34 million 7. Provides Pension and Investment access to over 50 funds and
six fund managers
8. Provides products and cover solely through independent financial brokers
9. Is the only Life company in Ireland to attain both Q-Mark and EFQM accreditations for Quality and Excellence
10. Is an Irish Company focussed on Irish customers
1. Is the parent company of Friends First
2. Was founded in 1812 as a mutual insurance company (owned by policy holders) and is now Europe’s largest mutual Insurance company
3. Is the Netherlands’ largest insurance company 4. Holds a financial strength and long-term counterparty
credit rating of A- (Standard & Poor’s) and has a solvency margin of 2.15 times the minimum required
5. Manages total assets of €93.2billion and generated total premiums of €20 billion in 2014
6. Is the largest health insurer in the Netherlands, insuring 1 in 3 Dutch people
7. Is the market leader in the Netherlands in non-life insurance
8. Insures over 8 million people in the Netherlands, and 12 million in total
9. Outside the Netherlands, is active in: Ireland, Turkey, Greece, Slovakia and Australia
10. Employs 18,500 people
Our Magnet and Compass Portfolio funds are ready made investment packages designed to make it easier for you (and your adviser) to invest across a wide range of diverse assets, in a way that matches the amount of risk you are comfortable taking on.
Magnet and Compass are available across the Friends First suite of pensions, savings and investment products and provide: . • MultipleAssetClasses:
Invest across different asset classes, types and geographical locations
• MultipleManagers:
Multiple fund managers with diverse investment styles • DiverseLevelsofrisk:
From Cautious, Stable to Portfolio and Adventurous • CostEffectiveness:
One overall portfolio management charge
Which one is right
for you?
Try our online
Investment
Suitability Tool.
FormoreinformationabouttheFriendsFirstrangeof InvestmentFunds,talktoyourFinancialBrokerorvisitour
what is the right investment for you?
This can be a very difficult question to answer as it depends on so many different factors: How much you want to invest?, How long you want to invest for?, What else you are invested in?, Your appetite for risk? … to name but a few.
However, one thing is clear; the best investment professionals will advise that you should focus on building a diversified investment portfolio, rather than allowing your investment to be too narrowly focused.
Whether you have a high appetite for risk or are quite conservative, have a lot to invest or a little, the principle of diversification applies just as equally. Diversification really means “don’t put all your eggs in one basket!”
Diversification works best if you look at it on two levels:
1. Ifyourfundisgoingtoinvestincompanyshares(equities),itshouldinvestinlotsof differentcompaniesandnotjustone.Theideahereisthatitspreadstheriskofone company’ssharesperformingverybadly. Investinginlotsofdifferentsharesisagoodidea,butyoumustalsounderstandthatshares cangouporgodownatthesametime.Sotoachieverealdiversificationyoushouldalso ensurethatyourfundisinvestedindifferenttypesofinvestmentsordifferentassetclasses. 2. Thismeansinvestingelsewherethanjustshares.Forexampleinvestmentssuchasbonds, propertyordeposits.Whendifferentassetclassesareaddedtoafundthereismorechance thatsomepartofthefundisgeneratingreturnsinallmarketconditions.Thiscanhelp smoothouttheupsanddownsofinvestingandthereforereducerisk.
There are lots of investment choices and you are free to pick and choose your own, but if you want an investment where someone has already packaged up a solution into a ‘portfolio’ for you then the Friends First Magnet and Compass Portfolio Fund Ranges might be of interest to you...read on
Investment Choices: How do I choose?
Inrecentyearstherehasbeencontinuedgrowthinthenumberofinvestmentchoicesavailabletosaversandinvestors.
“
”
Diversification
means don’t put
all your eggs in
one basket!
Friends First are the leading provider of Income Protection
For more information about Friends First income
Protection, talk to your Financial Broker or visit
friendsfirst.ie
•
Wehave180+yearsoftriedandtestedclaims
experience,that’smorethananyoneelse
•
Weknowexactlywhatittakestolookafterallofour
claimants’needs
•
Ourrangeofclaimantservicesgoessofarbeyond
financialsupportandincludes
-
Tailoredrehabilitationprogrammes
-
Specialistmedicaltreatments
-
Return-to-workassistance,andmore
•
WehavebeenvotedBestIncomeProtectionProduct
providerbyIndependentBrokers5yearsinarow
•
9outof10independentlysurveyedclaimantswould
recommendustofriendsandfamily.
Income Protection: Protecting your Income,
Protects your Loved Ones
When planning our finances we tend to include mortgages, bills, loan repayments, car and home insurance, life cover and hopefully savings and pension planning.
But….how would any of these be paid if you had no income due to an accident or illness?
Even if you are a regular saver, it is unlikely your savings would cover your required outgoings for a long or even indefinite period of time. And you certainly do not need the additional worry of growing bills or watching your nest egg disappear when you should be focusing on your recovery.
One way to protect yourself and your loved ones
is through Income Protection
Income Protection from Friends First can provide you with an alternative income if you suffer any illness or injury which prevents you from earning an income. It helps take care of your financial needs at a time when money worries should be the last thing on your mind as you focus on recovery. • Provides up to 75% of your usual income when you’re off work due to illness or injury • This money is guaranteed until your selected retirement date if you’re not fit to return to
work
• Your premium won’t increase if you make a claim
• In addition to paying your claim, we’ll give you all the support and training you need to return to work
• We are proud of the fact we have been paying some customers a replacement income for 35+ years
Income Protection cover gives you the complete peace of mind of knowing that no matter what happens, you and your loved ones are protected.
“
”
Up to 75% of
your income
when you
are unable to
work due to
any illness or
injury
“
”
Before you
cancel
talk to
us as there may
be other options
where we can
help
40%
Of people changing
cover did not seek
financial advice
Before you cancel your
Life Assurance …
Cancelling your Life Assurance cover is a big decision, even if it is to change to
another insurer.
We recently surveyed customers to tell us why they might cancel their Life cover.
The top three reasons were:
1.
AchangeinpersonalcircumstancesmeantInolongerneededit
2.
Icouldnolongeraffordit
3.
Ireplaceditwithadifferentpolicy
More surprisingly, 40% of those surveyed did not seek any financial advice before
making their decision to cancel cover.
As this is one of the most important decisions you will ever make, we would always
recommend that you seek the help of a Financial Broker and make the right decision
for you and your family’s financial needs.
We never want you to cancel your cover early, but we understand that your
circumstances may and will change.
If you are considering cancelling your existing Life Assurance, talk to us as there
may be other options where we can help:
If you no longer require Life cover:
•
You may be used to the deductions being taken from your bank account, so
before cancelling that direct debit, perhaps think about putting the money
away now for that well-earned holiday in the short-term, for your children’s
education in the medium-term, or for your retirement income, in the
longer-term.
•
Perhaps consider switching the payments into a savings plan or a pension
plan. A Friends First savings or pension plan can help you achieve these
goals. For more information visit www.friendsfirst.ie
If you are considering cancelling or changing cover due to
affordability
•
We may be able to offer some options which mean you do not need to
cancel this important cover outright
•
Before you cancel or change get in touch with us to see if there is something
Corporate Social Resposibility
Webelievebyactingresponsiblyacrossourbusiness,wecandeliversustainablepositivevaluetoall
stakeholdersandmakeastrongsocialandenvironmentalcontribution.
OurCorporateSocialResponsibilityactivitiesareorganisedunderfourthemes:
•
FriendsintheEnvironment: reducing our environmental impact
•
FriendsintheWorkplace:
creating a positive working environment
•
FriendsintheMarket:
providing value for money and transparent products
•
FriendsintheCommunity:
making a positive impact on our community
FriendsintheCommunity
OneelementofourCommunityProgrammeisourSchoolsProgramme2015.ThroughBusinessintheCommunity
Ireland,wehavepartneredwithtwolocalschools:St.LaurenceCollegeandSt.ColmcillesNationalSchool.
Our latest initiative: ‘Time to Read’ involves Friends First volunteers, including our CEO, providing reading
supports to National School pupils. This has been, and continues to be a hugely beneficial and fulfilling
experience for all involved
“I love reading now more than before. I have loads of books
from the library”
Alex, Pupil of St. Colmcilles National School
“Being a reader volunteer has been very personally rewarding in terms of seeing the progress being made
by Noah and Alex. It lifts the spirit and energy levels and I even like reading books more
now”
Tom , CEO, Friends First
“It’s the kind of thing I’ve wanted to get involved in. Following the children’s visits to the office I think
we’ve a head-start on recruitment drives for future employees!”
Niamh, Underwriting, Friends First
“I like reading books more now”
Noah , Pupil of St. Colmcilles National School
“
”
Policy details,
values, plus
online self
service,
when
and where
you want
Online Customer Service
OurOnlineServiceCentreprovidessecure,straightforwardonlineaccesstoyourpolicydetailsand
more,wheneverandfromwhereveryouwantit.
Over35,000customersareregisteredtouseourOnlineServiceCentre
Jointhem,andyoucan...
1
Viewcurrentlevelsofcoverandbenefits
2
Accessuptodatepensionandinvestmentvalues
3
Viewpremium/contributiondetailsandhistory
4
Accessrealtimefundfactsheetsandfund
performance
5
Accesscopiesofkeycorrespondenceonline
6
Updatecontactdetailsonline
7
Changeyourinvestmentinstructionsonline
8
Submitadditionalonlinerequests&enquiries
9
TakePartinourOnlineSurveysandCompetitions
(seebelowtowinaniPad)
...andmore
www.friendsfirst.ie/service
Ifyouhaveyettoregister,visit
Win an
iPad
This competition is open to all Friends First customers and is easy to enter.
Simply register and visit our Customer Online Service Centre before 31st May 2015 and we will enter you into a draw to win an iPad. We’ll announce the lucky winner in the next edition of Friends for life. Good luck!
