New policy gives advisers the flexibility to custom the income policy to suit policyholders needs
The new policy which has taken eighteen months to develop and was launched on the 11th August 2014, offering flexible features such as the ability for advisers to suit the own occupation cover to policyholders needs. My Earnings Insurance (MEI) enables Cirencester Friendly income protection to be offered to even more consumers.
MEI is the first non-Holloway contract, which enables Mortgage Brokers and General Insurance Brokers to recommend Cirencester contracts to their clients for the first time.
The insurer says: “that MEI is backed by their proven and published claims record, MEI is everything you would expect from a leading provider and everything you wouldn’t.”
The new policy has been developed to provide advisers with the flexibility to create bespoke income protection cover to the differing needs of individual policyholders. Holloway style income protection products were originally introduced in the late 1800’s by George Holloway targeting blue collar workers.
Holloway style policies are an income protection product that provide a replacement income benefit if policyholders are ill, injured or unable to work with the added benefit that these products invest a proportion of the premiums. Once the policy ends the policyholder will receive a tax-free cash lump sum.
- Own Occupation definition with Level Benefit throughout the period of claim
- 65% earnings cover and the ability to have split deferred periods
- Annual Escalating or Level premiums both guaranteed
- Day One cover or a choice of 4, 8, 12, 26 or 52 week deferred periods.
- ‘Severe Injury Cover’ offering day one cover for a series of injuries
- Terminal Illness benefit that pays a lump sum following diagnosis death of within the following 12 months
John Bridge, director of Sales & Marketing for Cirencester Friendly said: “The contract has been developed after extensive research and feedback from our Members and the advisers in the community.
Following this feedback, we have delivered an income protection contract that provides flexibility, affordability and peace of mind through a continuing income for Members, should the worst happen.”