National Friendly has launched ‘Friendly Shield’, designed to support stretched household finances from unexpected accidents.
Designed following adviser feedback, Friendly Shield’s pricing structure was aimed at individuals who struggle to afford traditional protection products, or who do not need full income protection.
Friendly Shield was designed to provide a number of benefits to help protect individuals against unexpected accidents: income benefit, fracture cover, hospitalisation benefit, both natural and accidental death benefit, and rehabilitation.
The policy also allows for multiple claims at the same time, should policyholders need to claim more than one benefit as a result of their injury.
Friendly Shield has a three-level structure that requires no medical or financial underwriting, with a price that is standard for all ages from 18 to 50, across all accepted occupations.
The amount of cover received will depend on which one of the three tiers is selected – Bronze, Silver, Gold – with premiums starting from £10 a month, or 33p a day.
The policy provides cover for the whole family, providing policyholders with the option to add a spouse and children at a small additional cost.
Graham Singleton, CEO of National Friendly, said: “Brokers have told us they want a quick, non-underwritten, cost-effective suite of benefits with minimal exclusions to help members cover the unexpected that’s not covered by a standard long-term Income Protection policy. This is especially important to brokers with mortgage and renter clients.
“We believe that Friendly Shield will appeal to most individuals aged between 18 to 50, providing essential peace of mind should the unexpected happen for a very affordable price.
“Whilst core inflation may be falling, the cost-of-living crisis is still affecting UK households, with ONS reporting that 55% of adults in May 2024 felt an increase in their household expenses compared to the month before.
“Friendly Shield gives advisers an alternative and viable product for when traditional protection products may not be needed or perceived as too expensive helping them to serve more needs and keep more clients protected.”
Ian Sawyer, commercial director at Howden Life & Health, said: “National Friendly’s Friendly Shield product is a welcome addition to the market, helping clients see off the initial impact of accidents.
“Its innovative design and simple structure will resonate with clients who seek an affordable and quick solution.
“With Friendly GP providing immediate family access to much needed GP services, the policy will have an impact on lives from day one.”
