Holloway Friendly has launched an income protection product aimed at customers in low-risk occupations.
The new plan, ‘one2protect’, has been designed and priced for clients working in lower risk occupations and covers roles including accountants, beauticians, estate agents, librarians, office workers and solicitors.
The product offers a choice between age-costed or level premiums, with benefit payout periods of one year, two years, or over the long term to the customer’s selected retirement date.
According to the provider, the ability to mix and match premium types and the benefit payout period resulted in six different options for advisers to set up cover, enabling them to tailor it for a variety of customer needs and budgets.
Clients will be able to cover up to 60 per cent of their income, up to £5,000 a month.
An automatic benefit guarantee is available so that if a client’s income drops after their plan starts, they are guaranteed to receive the amount of cover they have chosen, up to £1,500 a month.
The product also offers a ‘guaranteed insurability option’ for renters, who can increase their level of cover if their rent rises, or they move from renting to getting a mortgage, without any underwriting.
Stuart Tragheim, chief executive officer of Holloway Friendly, said: “We’re determined to help advisers make income protection available to more people, even where budgets are really stretched.
“This is the first of many great propositional developments we plan to offer our members and their advisers, and there are more great things to come throughout 2021 and beyond.”
Hiten Ganatra, managing director at Visionary Finance, commented: “We certainly welcome more income protection products to the market, to ensure our clients can have affordable tailored protection in place for when they need it most.”
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