National Friendly has launched a full income protection (IP) policy which sits alongside its recently launched accident-only IP product.
The new policy is fully underwritten and supports those needing protection in the event of illness and accidents, including providing cover for people with well-controlled Type 2 diabetes.
It is designed for those working 16 hours a week or more, who cannot work due to ill health or injury, and will pay up to 70% of earnings to qualifying policyholders.
A benefit guarantee to protect benefits based on the member’s income at the start of the policy for those whose earnings fluctuate is included.
Flexible options such as whether the benefit pays out over one or two years, accidental death benefit, and an extended list of hazardous pursuits as part of the cover are also available.
In contrast, the insurer said its accident-only version has no medical underwriting, appealing to those with pre-existing medical conditions who may not be able to secure full cover.
Graham Singleton, CEO at National Friendly, (pictured) said: “Our income protection policy will appeal to a wide market, but in particular, it is likely to be bought by the self-employed and those in skilled and semi-skilled manual occupations. It fundamentally provides peace of mind and financial security.”
“For many, the full coverage of sickness and accidental injury income protection cover will be the most appropriate solution with or without hazardous pursuits cover.
“However, for those whom existing medical conditions preclude sickness cover, our accident only product provides the opportunity of some cover as opposed to no cover, reflecting our drive to be as inclusive to as wide a range of customers as possible.”
National Friendly’s partnership with HealthHero provides other benefits for members such as the ability to access private GP services and the new policy can also assist in getting members back to work quickly through its rehabilitation benefit which offers access to private therapies and consultations.
David Jennings, commercial director at HealthHero, added: “As we move into a post pandemic era and return to some level of normality, people are realising more than ever that prevention is better than cure.
“The importance of having access to expert support to help avoid or manage health issues is paramount.”