British Friendly has announced a series of updates to its Protect income protection proposition, including higher benefit limits, a new deferred period option and expanded wellbeing services for members.
The mutual will increase the maximum monthly benefit from £4,750 to £10,000, aiming to help enable higher-earning clients to protect more of their income. The updated proposition will allow members to receive 65% of taxable income on the first £60,000 of earnings and 50% thereafter, up to the new maximum benefit level. Non-medical limits have also been reviewed with changes, particularly for younger applicants.
The enhancements aim to give advisers greater flexibility when structuring income protection policies around clients’ existing sick pay arrangements and financial needs.
British Friendly has also expanded its Value-added Benefits programme, which provides existing and new members with additional health and wellbeing services at no extra cost.
As part of the update, the provider’s existing Symbio health service will be rebranded as the My HealthHero app, with members able to access the service via both mobile app and web browser. New Women’s Health and Dietitian services will also be introduced as part of the offering.
Adam Kaplan, director at Pendragon Protection, said: "These enhancements are a positive step for advisers and clients. Increasing the maximum monthly benefit to £10,000 is particularly valuable for higher earners, who have historically struggled to insure a meaningful proportion of their income. Improvements to the non-medical limits should also help speed up the application process and make it easier for clients to obtain cover more quickly.
"The introduction of a 104-week deferred period is also welcome, as we are increasingly seeing clients with employer sick pay extending up to two years. This allows advisers to structure Income Protection more effectively, so it aligns with a client’s employer sick pay entitlement.
"Enhanced value-added benefits are always welcome, particularly services focused on women’s health. Dietitian services are also a useful addition in a world where weight-loss medications are becoming more common and can sometimes have an impact on Income Protection underwriting."
Claire Kelly, proposition & marketing director at British Friendly, said: "These enhancements are designed to give advisers more flexibility when recommending income protection to their clients. By increasing the maximum benefit level and introducing additional deferred period options, we’re enabling advisers to tailor cover more closely to clients’ needs.
"Expanding our Value-added Benefits programme also means members can access a broader range of wellbeing support alongside their financial protection."
