Friendly society reintroduces D4 plans with Covid-19 exclusion and furlough scheme caveat
In March, Holloway Friendly withdrew one-week and four-week deferred periods at a time when the impact of Covid-19 was unclear.
As the infection rate has fallen, the friendly society has re-introduced a four-week deferred period on its ‘full term' income protection (IP) products, Purely, one2protect and Classic Plus.
The mutual said that in order to offer these policies without putting existing members at risk, a Covid-19 exclusion has been added alongside a question about furlough scheme payments.
As part of the application process, the insurer is asking: Are you currently self-isolating due to the coronavirus for any of the following reasons: Self-isolating with symptoms based on medical advice or NHS 111, or currently have symptoms suggestive of Covid-19? Awaiting a Covid-19 test result or having being diagnosed with Covid-19? Self-isolating due to contact with someone who's been confirmed or suspected to have Covid-19?
With regards to the receipt of furlough payments or equivalent schemes, Holloway Friendly said: "We will consider applications from applicants who are receiving furlough payments (or equivalent schemes). However, it's important to explain to your client that furlough payments, or any other similar schemes that provide an income (other than statutory sick pay or sickness related state benefits), will be deducted in full from any claim payment, until they stop."
In May, the mutual introduced a three-month payment holiday for existing members who may be facing financial difficulties. This was due to finish at the end of July, however this has been extended until the end of October and it will be re-starting in November.
Holloway Friendly also said it has been signposting members to its ‘assistance programme', which has seen an increased usage during the pandemic.
Georgia d'Esterre, head of marketing at Holloway Friendly, said "We want to help our members as much as possible during these difficult times. So many people have been impacted, directly or indirectly by Covid-19, and we're trying to offer help to those hit financially as well as make sure our valuable products are available to as many people as possible."
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