Cirencester Friendly has relaunched its Income Assured Plus protection after making a number of improvements to allow advisers to tailor the product to an individual’s needs.
The enhancements, which were added following consultations with advisers and members, include own-occupation definition with level benefit throughout the claim period, guaranteed premium rates, cover to age 70 and guaranteed insurability options.
Further improvements include premium discounts if mental illness or back exclusions are applied following underwriting, terminal illness benefit and relapse benefit.
David Macgregor, commercial director for Cirencester Friendly, said: “With an ‘own’ occupation definition of incapacity provided as standard for all occupation classes, together with guaranteed rates and fewer standard policy exclusions, advisers can be certain of even greater clarity and associated peace of mind when recommending income protection with Cirencester Friendly."
The modified product, known Income Assured Enhanced, retains previous features such as day-one cover and no loadings for occupation, smoking and hazardous pursuits.
It is available to new members and existing Income Assured Plus members, who will be offered the opportunity to switch onto the new terms.
The product gives policyholders the chance to share in the profits of the society and provide a potential return at retirement irrespective of an individual claim, while giving access benefits such as Friendly Voice, the 125 Foundation and My Extra Benefits.
Alan Lakey, partner at Hertfordshire-based Highclere Financial Services, welcomed the addition of the own-occupation definition.
He said: “[Previously,] if you wanted guaranteed income, you had to go through own or suited occupation, which meant there was a possibility the claims manager could say ‘in my opinion, there is another occupation you could do’. For that reason, I have always been careful of the clients I have put to them.
“For advisers, the change makes a hell of a difference. It means we can know for certain they will pay a claim, whereas before we would not have known for certain – we would have hoped it would have gone through.”
simon.allin@ft.com
