Holloway Friendly, the specialist income protection provider, has removed its COVID-19 exclusion from all new business with the exception of plans with a one week deferred period.
During March 2020, the Mutual added a COVID-19 exclusion to new plans with a 1, 4 or 8 week deferred period, in response to the unknown risks posed by the pandemic.
The Society will also be automatically removing the COVID-19 exclusion from any existing plans that have a 4 week or 8 week deferred period.
The move came into force from 9am on Monday 15 March. The Society will be contacting Members impacted, by email, to confirm they are now also covered for COVID-19, as well as contacting their advisers.
Suzy Esson, Director of Operations at Holloway Friendly said “We’re delighted to be able to remove the COVID-19 exclusions, other than for the shortest available deferred period of one week. The impact of the pandemic has been unprecedented. As events quickly unfolded there was no way to predict the impact on claims, meaning we had to take a cautious approach to new business to protect our existing members. Although we’re still receiving COVID claims, we feel it’s the right time to remove the exclusion for the vast majority of new business. We’re also pleased to be able to remove it for members who bought cover during the pandemic, who have a 4 or 8 week deferred period. For now, we’ve had to retain the COVID exclusion on plans with a one week deferred period as a precaution, as some uncertainty remains. But we will of course review and monitor that position regularly, along with other factors like the success of the vaccine roll-out”.
The insurer also confirmed that its new one2protect product, which launched last week and is aimed at lower risk occupations, has received a Defaqto 5 Star Rating.
Defaqto provide an independent assessment of the quality and comprehensiveness of the features and benefits of financial products based on facts, not opinions. The 5 Star Rating is the highest product rating available.
Ben Heffer, Insight Consultant (Life & Protection) at Defaqto said: “Defaqto Star Ratings provide an independent and trusted assessment of the quality and comprehensiveness of a financial product or proposition. After going through our stringent methodology, Holloway Friendly’s 5 Star Rating indicates that one2protect is one of the highest quality products on the market. With the relaunch of one2protect, Holloway now caters for both professionals and blue-collar workers.”
Holloway’s CEO, Stuart Tragheim, added “It’s always our aim to combine value for money with quality. one2protect offers level or age-costed premiums and a range of benefit periods, which results in some really competitive price options. Advisers will now often see Holloway Friendly appear as one of the top quotes for clients in lower-risk jobs. one2protect’s Defaqto 5 Star Rating provides an extra layer of reassurance to Advisers that the underlying features and benefits are comprehensive and high quality. It’s been a real achievement for us to build and launch a new product during lockdown and mostly remote working, and a Defaqto 5 Star Rating is a fitting way to end the project.”
Last summer Holloway Friendly appointed Stuart Tragheim as its new CEO.
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