Holloway Friendly has launched premium discounts for its Short Term Income Protection and Purely Income Protection Plans. Previously, a full premium was charged even if an exclusion was applied for a specific medical condition. This latest approach ensures maximum transparency and that members’ premiums fully reflect the cover they have.
The discount can be applied for permanent exclusions for mental illness and/or spinal conditions. If one exclusion is applied then there is a discount of 10% and if there are two exclusions there is a discount of 20%. The premium reduction will apply in all cases unless there are other significant underwriting factors to consider. This discount is offered throughout the life of the Plan and won’t ever be reviewed.
Stuart Tragheim CEO, of Holloway Friendly said “This change is a significant step forward and part of Holloway Friendly’s ongoing commitment to improve our member proposition by providing excellent value for money, and not penalising members financially for medical conditions which they would not be able to claim for.”
This new direction is another important development that Holloway Friendly has made in the last few months. They have recently introduced immediate underwriting decision capability and applied BMI loadings automatically during the application process and advisers can now write short and long term protection plans in minutes.
If you have any further questions please email them to Georgia d’Esterre, Head of Marketing via email at Georgia.d’Esterre@holloway.co.uk or by phone on 07914 676190
This release is for immediate issue via email and www.holloway.co.uk.
Holloway Friendly is the original Holloway income protection company founded over 135 years ago in 1880 by the MP for Stroud, George Holloway, and was the first insurer in the UK to offer cover against loss of income through accident or illness.
Holloway Friendly is a mutual friendly society active in the UK advised income protection market. It currently offers products which protect members and their families against income lost through accident and sickness, via financial advisers from its HQ in Gloucester.
Last summer Holloway Friendly appointed Stuart Tragheim as its new CEO.
Insurance providers are being called on to work harder to improve the claims experience for clients...
Paul Harwood joins Holloway Friendly as Finance and Risk Director and will oversee the risk management and...