As well as providing long term cover to a retirement age of 70, short term cover will also be available for one, two and five years.
Intermediaries can also access reduced premiums if certain exclusions are applied – a feature more common in the critical illness market.
Other product features include no premium loadings for occupation, gender or smoking; maximum cover up to 70% of gross annual income and available to age 70; day one cover and short deferred periods available from 1 week up to 52 weeks; benefit payments and commission paid weekly; guaranteed insurability and career break options; no standard exclusions, no initial waiting period and no policy fees; rehabilitation and proportionate benefits offered together with support during the claims period through our health counselling and advisory service; and age related premium rates meaning premiums can be lower and more affordable at younger ages.
British Friendly chief executive, Mark Myers, said: “We have over 100 years experience of protecting our members and supporting them to return to work. Our new BFS Protect policy will be available exclusively through financial advisers and will build on this proud heritage. Together with an outstanding online experience the proposition will provide the peace of mind our members have always been able to rely on.”
Peter Chadborn, director of Colchester-based IFA Plan Money, said: “This looks like a very good product, which ticks all the right boxes. In a market which is seeing a reduction in providers it is pleasing to see a new entrant. It is often the case that specialist products are best offered by specialist providers, and this is no exception.”
