National Friendly has launched a full income protection policy, adding to its recently launched accident-only income protection policy.
The Bristol-based insurer now offers a choice for clients seeking income protection, claiming that both products are attractive to those who may find cover hard to source. The accident only version has no medical underwriting, appealing to those with pre-existing medical conditions who may not be able to secure full cover.
The comprehensive cover offered by the new policy, for those needing protection in the event of illness and accidents, has a “common-sense” underwriting approach which will allow cover for well-controlled Type 2 diabetes, and will also offer opportunity for a straight through application process.
Graham Singleton, CEO at National Friendly said, “Our income protection policy will appeal to a wide market, but in particular, it is likely to be bought by the self-employed and those in skilled and semi-skilled manual occupations. It fundamentally provides peace of mind and financial security.”
For those whose earnings fluctuate, the policy includes a benefit guarantee to protect benefits based on the member’s income at the start of the policy.
A number of flexible options have been included, such as whether the benefit pays out over one or two years, accidental death benefit, and an extended list of hazardous pursuits as part of the cover.
National Friendly’s partnership with HealthHero provides other beneficial features for members such as the ability to access private GP services. The new policy can also assist in getting members back to work quickly through its rehabilitation benefit, offering access to private therapies and consultations.
David Jennings, commercial director at HealthHero, said: “As we move into a post pandemic era and return to some level of normality, people are realising more than ever that prevention is better than cure. The importance of having access to expert support to help avoid or manage health issues is paramount.”
The new policy is designed for those working 16 hours a week or more, who cannot work due to ill health or injury, and will pay up to 70% of earnings to qualifying policyholders.
Singleton said: “Our mutual heritage, of over 150 years’ experience of meeting members’ needs as the priority, has been central to the design and pricing of our new income protection product suite. For many, the full coverage of sickness & accidental injury, income protection cover will be the most appropriate solution with or without hazardous pursuits cover.
“However, for those whom existing medical conditions preclude sickness cover, our accident only product provides the opportunity of some cover as opposed to no cover, reflecting our drive to be as inclusive to as wide a range of customers as possible. In the event of claim both policy types will benefit from our excellent claims handling service providing peace of mind to those members at their time of most need.”