Holloway Friendly has teamed up with financial services software company IfApps to launch an app for buying illness-specific critical illness (CI) - a breast cancer support policy.
With prices starting from 75p per month, the app enables consumers to purchase their own cover.
It will also be available on a white label basis for protection advisers and employee benefits specialists.
Holloway Friendly and IfApps have jointly designed and funded the product, which will be distributed on a direct offer basis through their app available on both Apple and Android devices.
Breast cancer remains the most common cancer for women in the UK, with 42,489 women diagnosed with it in 2012. The policy has been designed for females between the ages of 19 and 70 who are concerned about the likelihood of getting breast cancer. The applicant will be able to choose a sum assured of between £10,000 and £100,000.
Premiums are level and fully guaranteed for the policy term, so somebody taking out £10,000 of cover at age 25, will continue to pay just 75p a month for as long as they continue the policy.
The same person wanting £100,000 of cover will pay £7.50 per month for the life of the policy - even if they were to continue it until 75 years of age.
Policyholders can also claim more than once on this policy. The amount of cover chosen at outset represents a pot of cover, where claims will be paid out either partially or fully dependent on the diagnosis, Holloway Friendly said.
Early payments for a lesser amount will be increased to reflect a more serious diagnosis.
Diagnosis Claim Payment
- Advanced breast cancer 100% of the sum assured less any prior claim amounts paid
- Mastectomy for early or locally advanced invasive breast cancer or carcinoma in situ of breast 100% of the sum assured less any prior claim amounts paid
- Early or locally advanced invasive breast cancer not treated with mastectomy 50% of the sum assured
- Carcinoma in situ of breast not treated with mastectomy £1,000
Mathew Manser, sales and marketing director for Holloway Friendly, said, "This breast cancer support policy is a perfect complement to the comprehensive income support that we normally offer at Holloway Friendly. Julian and his team at IfApps approached us to support the development of this app as a unique way of getting vital financial support to women and men with a specific requirement, providing help at the time they most need it.
"Breast cancer is a source of serious concern to women of all ages across the country. This provides an innovative and incredibly cost effective form of financial help and was something that we were very happy to get involved with."
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