Cirencester Friendly has launched its first non-Holloway income protection policy targeting financial advisers, mortgage advisers and insurance brokers.
The mutual previously offered Holloway income protection only, with a lump sum payment at the end of the policy term in return for additional premium payments.
In 2000 the Financial Services Authority deemed such policies to be an investment contract, meaning they could be sold only through CF30 accredited advisers. By removing the additional premiums and lump sum payment, Cirencester can now offer an IP policy to a broader range of advisers.
The new policy, called My Earnings Insurance, allows customers to choose between escalating and level premiums and own occupation definitions with level benefits throughout the claim period.
Policyholders options include day one cover, providing a payout from the day of claim, or four, eight, 12, 26 or 52 week deferred periods.
Cirencester Friendly director of sales and marketing John Bridge says: “I am delighted to announce the launch of my earnings insurance. The contract has been develop after extensive research and feedback from our members and advisers.
“Following this feedback, we have delivered an income protection contract that provides flexibility, affordability and peace of mind through a continuing income for members should the worst happen.”