Cirencester Friendly has launched a new Income Protection contract "My Earnings Insurance" ("MEI").
The policy has been developed to provide advisers with the opportunity to create bespoke income protection cover to suit the differing needs of their individual clients.
In a first for Cirencester Friendly, it is available to insurance brokers and mortgage brokers as well as financial advisers. It is also the Friendly Society's first non-Holloway contract.
Holloway style income protection policy is an income protection product (providing a replacement income benefit if you are ill or injured and unable to work) with the added benefit that
Holloway style products were originally introduced in the late 1800's by George Holloway targeting blue collar workers. They are income protection policies where once the policy finishes, a proportion of the premium which has been invested over time, pays out a tax-free cash lump sum.
My Earnings Insurance differs in that it is Cirencester's first purely income protection policy.
Features include: Annual Escalating or Level premiums both guaranteed, Own Occupation definition with Level Benefit throughout the period of claim, Day One cover or a choice of 4, 8, 12, 26 or 52 week deferred periods.
It also includes ‘Severe Injury Cover' combining day one cover for a series of injuries with a longer deferred period for illness and Terminal Illness benefit that pays a lump sum following diagnosis death of within the following 12 months in addition to regular benefits continuing until death, 65% earnings cover and the ability to have split deferred periods.
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.
"My Earnings Insurance" is the Society's first non-Holloway contract and is available to mortgage advisers and insurance brokers as well as CF30 financial advisers."
It is available now on the Assureweb comparison portal or by contacting the Society direct.
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