Mutual launches an additional ‘career break’ option to help members who may be struggling financially
Between 15 April and 15 July, Holloway Friendly members can request a three month ‘premium holiday' as long as they have been paying for their cover for at least three months. However during this period they will not be able to make a claim.
Holloway already offered a six month ‘premium holiday', also known as a ‘career break', to members with an income protection plan for longer than three months.
The new option, brought in to help those who may be struggling financially as a result of coronavirus, is being temporarily offered outside of its normal terms and conditions
The mutual said: "Our three month premium holiday option means our members can have a little more financial flexibility by having a break from their monthly payments, and putting their income protection cover on hold.
"We want to offer this additional premium holiday because social distancing has led to a significant number of members being unable to work and some members have seen their income reduce so they may not be able to afford their monthly payments at the moment. We want to support our members and help them keep their income protection cover."
Holloway Friendly said once the three month premium holiday has finished it will get in touch with the member and let them know that monthly payments will start again.
It added that the monthly payments and their income protection cover will re-start without the member having to answer any health questions. Members can stop their premium holidays and re-start their cover at any time.
