"We continue to evolve the protection products we offer to respond to market demand across our range of IP plans."
- Graham Singleton, CEO of National Friendly
Last month, National Friendly announced major developments to its Accident Only Income Protection (AOIP) proposition after research conducted by the society found younger customers are more likely to take out AOIP than older demographics. The maximum claim period was extended to five years with a benefit of up to £2k p.m. (£500 p.m. on a five-year claim basis for its hazardous pursuits members), alongside the introduction of fracture cover and £1.5k rehabilitation benefit.
READ MORE: National Friendly announce major developments to its AOIP proposition
Today, National Friendly has announced a series of benefit upgrades to its Income Protection (IP) proposition, effective from the 5th March 2024. Instead of only 1 or 2-year claim periods, the society will now allow members to choose a benefit amount between £500-£6k (up to a maximum 70% of their earnings) with a 1, 2, or 5-year claim period. Likewise, the benefit guarantee has increased to a maximum of £3k p.m. (£2k p.m. for those who’ve selected the 5-year benefit option) and the time to supply proof of earnings has been increased to 6 months from the start of the policy.
Fracture cover has also been introduced as a new add-on with a single maximum claim benefit of £3k in any year – paying out based on mild, moderate, and major categories of fracture. This has already proven to be a popular feature of National Friendly’s AOIP proposition.
Furthermore, National Friendly’s IP policies will now offer up to £1.5k rehabilitation benefit each year, to help cover expenses for two private physical or mental health therapy consultations, as well as unlimited access to 24/7 GP services.
Members have the option to wait 30, 60, 90, 180, or 365 days before their benefits begin.
“We continue to evolve the protection products we offer to respond to market demand across our range of IP plans,” said Graham Singleton, CEO of National Friendly, “adding fracture cover and rehabilitation benefit alongside our 24/7 GP service means we can give our members greater security and wellbeing at an accessible price.”
