National Friendly, the award-winning Bristol-based insurer specialising in protection and long term care insurance markets, has announced the launch of an innovative low cost accident only income protection product. The new policy is designed specifically to target clients who up to now have not been able to find the right cover due to cost or perhaps their health.
The new policy will provide a regular benefit if a client incurs a qualifying disabling injury caused by an accident. It does not pay out for other injuries or illnesses.
In a move designed to target a younger market, the policy includes a range of hazardous pursuits as standard and an enhanced list for an additional premium.
Commenting on the launch, Oliver Jones, Head of Sales & Marketing at National Friendly said,
“The new National Friendly accident only income protection policy offers clients a more affordable and cost effective alternative to a traditional full income protection policy. Moreover, as there will be no health related questions, the application process will be quick and simple. We are confident this will be popular amongst brokers and clients alike as a result.”
The innovative new policy also links to HealthHero, a leading digital health provider of remote primary care. Eligible clients can access unlimited free telephone or video access to HealthHero’s panel of private GPs regardless of whether they are in claim. Other services available include holistic health, which offers members preventative consultations to discuss emotional wellbeing or aches and pains. This can help give clients peace of mind regarding their health and wellbeing, linked to specific advice and recommendations.
David Jennings, Commercial Director at HealthHero said,
“Access to physical and mental support as well as private GPs is arguably more important than ever and so we’re pleased to be able to offer these crucial yet simple-to-access services to policyholders of National Friendly. These kinds of additional services also play an important role in helping customers recognise the value of their policy immediately and potentially minimising lapse rates for advisers and insurers. It is great to be able to demonstrate value to all clients whether they claim or not.”
National Friendly’s wider research suggests the new policy will find a ready market amongst a group it has not previously targeted, the self-employed, particularly in the age range 25-44. The company believes this to be a growing sector, in particular with demand from the female self-employed being potentially very important in the future.
National Friendly is a mutual society that has been helping customers prepare for life’s contingences since 1868. It has no shareholders, it’s a people-led organisation which exists to serve the best interests of its members. https://nationalfriendly.co.uk/accident-only-income-protection/
Based in the centre of Bristol, National Friendly is a mutual society, with the aim of helping its members to prepare for life’s contingencies.
Established in 1868, it has no shareholders and exists to serve the best interests of its 36,000 members. National Friendly specialises in offering the over 50s private medical insurance, social and adult care funding solutions, guaranteed life assurance and savings and investments.
National Deposit Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Its vision is to be a forward-thinking and trusted mutual that meets the health, welfare and protection needs of its members through a portfolio of innovative insurance and savings products.
*As of November 2018.