Cirencester Friendly has added a short-term benefit option to its My Earnings Protected income protection (IP) product, responding to demand from advisers and consumers.
It provides cover for up to two years per claim, giving members a more affordable way to cover household bills should they be unable to work due to illness or injury, the mutual said.
For a sum assured of £1,000 a month for someone aged 30 for a guaranteed level premium with a 13-week deferred period the premium is £10.25 a month.
Cover is available up to age 70 with a wide choice of deferred periods and there is no loading for occupation, smoking or hazardous sports – except motor sports.
The sales and underwriting processes remain the same as for the society’s long-term benefit option.
There is no reduction to the range of support services available, including fracture and hospitalisation cover, Friendly Voice offering mental health support and GP24.
The same added-value benefits will also be available as on the current product and members can temporarily suspend cover when required up to 12 months.
Multiple claims allowed
The option is designed to offer greater affordability and flexibility, Cirencester Friendly said, “making income protection a realistic option to anyone.”
And it added that there was no penalty for claiming for the same condition twice.
Alan Waddington, distribution director at Cirencester Friendly said: “As an organisation we want to be seen as the champions of income protection, making it more accessible and affordable.
“We know how important it is for people to be able to protect their livelihoods, especially now when so many are feeling the financial squeeze.
“The short-term benefit option helps them do exactly that, providing them with the means to cover the essential bills, allowing them to concentrate on getting back to full health without additional stress.”