National Friendly has launched a level reviewable premium option for its income protection product, with rates set for five years.
The plan offers benefit periods of one, two or five years and is available on Iress and iPipeline.
The premiums are fixed for five years at a time, rather than the usual one-year review period common in the market.
At each five-year review, premiums may go up, down or stay the same, based on the provider’s overall claims experience, and will then be fixed for another five years.
Graham Singleton, CEO at National Friendly, 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.”
Kevin Doherty, head of sales at Bon Accord, said: “This new 5-year Level Reviewable Premium option from National Friendly is exactly what the market needs.
“It bridges the gap between affordability and certainty, giving clients the confidence of fixed premiums for a meaningful period while keeping costs competitive.
“It’s a valuable tool to overcome price objections and create protection plans that match clients’ budgets and circumstances today, with the flexibility to adapt in the future.”
