National Friendly has extended its hybrid reviewable premium income protection (IP) product to include a level premium reviewable offering.
In a separate move, the mutual has also extended the availability of its Friendly Dentist benefit.
The level reviewable premium plan has the options of one, two and five-year benefit periods and will be made available across both Iress and IPipeline sourcing systems.
The hybrid reviewable rates are fixed for five years, as opposed to the typical industry norm of just one year, offering short-term, affordable premium certainty at a more competitive rate than a guaranteed option, the mutual said.
At each five-year review point, premiums can go up, down or remain the same based on the business’ overall income protection claims experience and will then be fixed for a further five years.
Graham Singleton, CEO of National Friendly (pictured), said: “We believe this makes us a market leader for reviewable premiums in protection.
“We want to offer more flexibility in pricing and give the adviser more choice to tailor plans to their clients’ needs.
“Effective budgeting is easier with reviewable policies, making them a cost-efficient solution for objections on price suiting clients’ current needs.”
Friendly Dentist
National Friendly has also extended the availability of its Friendly Dentist benefit.
Over the summer, National Friendly altered its Friendly Shield protection product by including access to dental app Friendly Dentist, provided by ToothFairy.
The basic level service is now available to all accident only income protection, income protection and private medical insurance policyholders.
Singleton continued: “By extending Friendly Dentist across our product range our members can secure high-quality dental advice and treatment without delay alongside the financial support they rely on when accidents or illness occur.”