"We’re determined to help advisers make income protection available to more people, even where budgets are really stretched."
The new plan, called one2protect, has six variants that enable advisers to tailor their advice solutions to meet a range of customer needs and budgets.
Advisers can choose between ‘age costed’ or ‘level’ premiums and benefit pay-out periods of one year, two years, or over the long term to the customer’s selected retirement date.
one2protect is specifically designed and priced for clients who work in lower risk occupations, known as occupational classes 1 and 2, and will cover hundreds of roles including solicitors, accountants, beauticians, office workers, librarians, and estate agents.
This is the Society’s first move into offering ‘level’ and ‘age costed’ plans with a range of claim periods targeted at specific types of workers. The plan offers a range of features and benefits, including a new ‘guaranteed insurability option’ for renters. Members will be able to increase their level of cover if their rent goes up, or they move from renting to getting a mortgage, without any underwriting.
Clients will be able to cover up to 60% of their income, up to £5,000 per month. There is also an automatic benefit guarantee so if a client’s income drops after starting the plan, they are guaranteed to receive the amount of cover they have chosen up to £1,500 per month.
Stuart Tragheim, CEO of Holloway Friendly, commented: "I am extremely proud that we have been able to develop a new income protection plan specifically for low-risk workers. We’re combining a high quality product and service with a really wide range of price options. We’re determined to help advisers make income protection available to more people, even where budgets are really stretched.
"To develop and launch a new offering to the market in the current conditions is a real credit to my committed colleagues. This is the first of many great propositional developments we plan to offer our members and their advisers, and there are more great things to come throughout 2021 and beyond."
