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IFAs returning to friendly societies, says Cirencester Friendly

Cirencester Friendly chief executive Paul Hudson says more IFAs are placing income protection business with friendly societies after realising the benefits for their clients.

Hudson says friendly societies were at the forefront of income protection in the 19th Century and advisers are now starting to realise the benefits of dealing with a long-standing friendly.

Benefits highlighted by Hudson include the mutual structure of a friendly society, clear pricing and a better business focus. Hudson also points out that friendly societies also typically offer cover from the first day of incapacity making their contracts attractive for the self-employed and those with limited financial support from their employers.

He says: “Most friendly societies were established over a hundred years ago and many concentrate on single product lines, so we are committed to and understand the market.”

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