Foresters Friendly Society has made a bid to cover some of the payment protection insurance market, writes Paul Robertson
It has announced the launch of a new Sickness Policy designed specifically to support the self-employed and those in a job with minimal or no sick pay.
The features and pricing of the policy have been tailored to reflect the Society's policyholders' perception of sickness and injury protection as a means of bridging short-term financially troubled waters, as opposed to a long-term means of removing the need to generate income through employment.
Neil Armitage, marketing director at Foresters Friendly Society, said: This takes us back to Foresters' origins as a mutual, the old shilling a month to tide you over in bad times idea, if you will."
Policyholders can determine their own policy terms, including the level of weekly benefit payable - between £100 and £400, as well as the length of the term during which benefit is payable - 26 or 52 weeks and the initial deferred period before which payments are made - one or four weeks.
Applicants for the policy self-qualify for cover by answering seven questions relating to their state of health and lifestyle. The policy is not designed to protect against unemployment so applicants do not need to produce any proof of income such as payslips.
Armitage said: "This policy is self explanatory and would be a refreshing change for intermediaries. It is currently sold direct but we are open to intermediaries and I would be happy to talk to any advisers that want a chat."
"This new policy also provides us with a means of forging new relationships with younger consumers, of working age, whom we wish to become the future lifeblood of Foresters Friendly Society."
The policy claims process has been kept simple, with the simple completion of a claim form being followed by the need to submit medical certificates proving that the policyholder is unable to work.
