National Friendly has updated its Income Protection (IP) policies with significant enhancements, introducing more flexibility and additional coverage for policyholders from 5 March 2024.
The revised IP policy now offers members the choice of selecting a benefit amount ranging from £500 to £6,000 monthly, catering up to 70% of their income. In a notable change from the previous options, members can now opt for benefit periods of one, two, or five years, with the previous policy offering only one or two-year claim periods.
The policy’s benefit guarantee has seen an increase to a maximum of £3,000 per month. For those who opt for the five-year benefit, the guarantee caps at £2,000 monthly. Additionally, members will now have an extended six-month period from the policy’s start date to provide proof of earnings, a considerable increase to accommodate policyholders better.
A new addition to the policy is Fracture Cover, which joins the existing Accidental Death and Hazardous Pursuits Cover as an optional add-on. This new feature categorises fractures into mild, moderate, and major, with a maximum claim benefit of £3,000 annually. Fracture Cover has garnered popularity since its integration into the Accident Only Income Protection policy earlier in January 2024.
The policy also encompasses a Rehabilitation Benefit, offering up to £1,500 annually to assist with expenses for private consultations related to physical or mental health therapies. This benefit is complemented by unfettered access to a 24/7 GP service, further reinforcing the support for member wellbeing.
Adding to the policy’s versatility, National Friendly has introduced an additional deferred period option of 365 days. This gives members a broad range of choices, from 30 to 365 days, to start receiving their benefits after a claim.
Graham Singleton, CEO at National Friendly, said: “We continue to evolve the protection products we offer to respond to market demand across our range of income protection plans.
“Adding Fracture Cover and Rehabilitation Benefit alongside our 24/7 Friendly GP service means we can give our members greater security and wellbeing at an accessible price.”
Matthew Ridyard, director at Monefi, added: “I am excited to see the new changes to National Friendly’s Income Protection policy.
“The introduction of fracture cover, alongside the extension of the benefit period, marks a substantial advancement in our offering to Monefi’s customers.”
National Friendly updates its Income Protection policies, offering enhanced benefits such as Fracture Cover and extended benefit periods, to provide comprehensive security and wellbeing to its members.
