"British Friendly is delighted to be the first specialist IP insurer to join CIExpert’s Insight Zones clearly demonstrating our commitment to supporting our policyholders and now their children when they need us most."
- Natalie Summerson, Sales & Marketing Director at British Friendly
British Friendly has launched optional Children’s Critical Illness Cover (CIC) which can be added - for an additional cost - to its new Protect & Breathing Space Income Protection (IP) policies from the 7th June 2024.
This option provides policyholders with a cash lump sum if their child is diagnosed with one of fifty-seven 100% payment conditions and twenty additional 50% payments. Additionally, it includes a 100% payment for admission to a UK waiting list for eight named surgeries as well as optional Fracture Cover for eighteen common fractures.
Notably, this benefit includes flexibility to add at a later stage, subject to the policyholder meeting one of the five life change/GIO requirements. This cover doesn’t include Child Death Benefit or Terminal Illness payment.
Applicants can add between £1k-£25k of Children’s CIC, covering children from birth until their 18th birthday or 23rd birthday if they’re in full-time education. There isn’t a limit on the number of children covered, which means any future children are also protected; there’s no survival period requirement after diagnosis.
Policyholders' biological, step, or legally adopted children as well as children under the policyholder’s legal guardianship or who a policyholder has been granted legal responsibility for are eligible.
Members will continue to have access to the BF Care programme which provides financial support through its Bereavement Benefit, Terminal Illness Benefit, and Care Assistance Benefit.
Commenting on the launch, Alan Lakey, Director at CIExpert, said: “Many advisers have been calling for a hybrid product that features the best aspects of both CI and IP. Whilst this launch doesn’t create such a plan it’s a step in that direction and offers a valuable financial lifeline at a time of extreme stress and worry.”
He said: “British Friendly is to be commended for this valuable innovation which will clearly benefit many of its customers. There will be many policyholders who may not be able to obtain CI but wish to provide protection for their children. The condition definitions are of a high quality and include eight child-specific conditions which are usually diagnosed at or shortly after birth. Not having a survival period is of great importance in this respect.”
“With an increased awareness amongst consumers for being able to add children’s cover to Life-only plans, this is an example of sensible plan design as no matter how many IP claims are made the children’s cover remains in force,” he added.
CIExpert is delighted that British Friendly has decided to “support us in raising awareness by choosing to coincide the launch of its upgrade with the inclusion of both of its Protect & Breathing Space products within our IP Insight Zone.”
