British Friendly is reintroducing day 1 and week 1 cover for new income protection applications from today (7 September).
The move, which the mutual says in response to adviser and customer demand, sees day 1 cover reintroduced for long term protect and week 1 for long term and short-term income protection alongside its Breathing Space product.
British Friendly says the reintroduction of these deferred periods will enable advisers to provide more options to their customers that have little or no sick pay arrangements and require financial provision to pay out sooner.
In line with market practice an exclusion will apply to day 1 and week 1 policies for any illness or disability caused directly or indirectly by Covid. British Friendly has already removed its Covid exclusion for new applications that have chosen a four-week or longer deferred period.
Commenting on today’s development, Natalie Summerson, sales and marketing director, at British Friendly, said: “The reintroduction of day 1 and week 1 waiting periods provides more options for individuals with little or no financial provision available to them should the worst happen.
“We are delighted to be able to re-introduce these options as we start to build a more inclusive offering at a time when income protection is becoming increasingly relevant and valuable.”