The payment pause option will be made available to members who've had their insurance for at least three months.
The mutual, which introduced a similar payment break option during the Covid pandemic for members experiencing financial difficulties, has also introduced a Member Support Fund. It will use this, at its discretion, where it identifies members who might benefit from some financial help.
Holloway Friendly has also confirmed that it hsas now removed all remaining Covid exclusions for new business, as well as from all existing members who had a Covid exclusion applied to their insurance during the pandemic. Advisers and members impacted have been contacted with the good news.
Stuart Tragheim, CEO said:
"This has been a difficult year for many people, and we're seeing an increasing number of our members impacted. We're aware that things may continue to get worse in the short term, as we see the consequences of high levels of inflation, rising energy prices and potential increases in mortgage payments, for example. So we feel it's the right thing for us to be introducing these measures now to do what we can to help. Our members will be able take a breather from payments if money is tight for up to six months and, we hope, will reactivate their valuable protection when they're ready. And we're looking forward to being able to make a difference to people with our new Member Support Fund."