The benefit covers the policy holder’s partner or child if they need full-time care, paying up to £1,500 per month for 12 months if continuous care is needed.
Colin Williams, managing director of work place and intermediated, Friends Life, said: “I am delighted that Friends Life has been able to bring Family Carer Benefit to the market.
“It’s a truly innovative development which gives the families of our customers’ important financial cover.
“It also means that our customers won’t have to make big decisions about work or their finances when their focus needs to be on their loved ones.”
Just 3.3% of UK adults hold an income protection policy, a far smaller proportion than for pet (13.1%) and travel insurance (31.2%).
When asked about their main financial priorities, by far the most common answers from people were paying mortgages and household bills.
Williams added: “The enhancements we are making to our income protection proposition will highlight to financial advisors why they should be talking to their clients about IP and Friends Life IP specifically.
“More people are protecting their pets than their income – but if their income stopped they might struggle to pay their mortgage or their rent, let alone their pet insurance and other outgoings. It doesn’t make a lot of sense.
“We are one of the companies supporting the Seven Families initiative which is doing great work in raising the awareness of income protection.
“The family carer benefit we’ve introduced is another reason more people should be considering this really important form of insurance.”
