"We have enhanced Protect to allow varying options so that advisers can tailor the product to their customers’ needs through a single product design."
Age-costed guaranteed premiums increase at a set rate during the term of the policy as the customer gets older. The new level guaranteed premiums launched by British Friendly remain constant and unchanged throughout the term of the policy unless a customer selects the indexation option, which ensures cover changes in line with any increase in the cost of living.
There have also been a range of other policy enhancements announced including new sick pay protection, improved guaranteed insurability options and new policy literature.
British Friendly has added a benefit guarantee to Protect of up to £1,500 per month to provide greater protection for customers who experience a drop in income prior to making a claim.
The mutual has introduced sick pay protection for teachers, dentists, doctors, surgeons, nurses and midwives to support public sector customers where sick pay can change with length of service.
It has reviewed the limits on its guaranteed insurability options and now no longer considers state benefits as continuous income at point of claim, providing greater flexibility for customers throughout the policy lifecycle.
Finally, British Friendly has overhauled the Protect policy literature making it simpler and more accessible for vulnerable customers.
Claire Kelly, proposition director at British Friendly, said: “Now more than ever before we need to try and help advisers by giving them greater choice and flexibility to discuss income protection with a wider range of customers. With that in mind we have enhanced Protect to allow varying options so that advisers can tailor the product to their customers’ needs through a single product design.
“The combined approach of greater options being made available alongside our inclusive approach to underwriting hopefully means income protection can be more accessible for customers. We want to make sure we can provide certainty and greater everyday value to customers.”