New low cost accident only income protection policy makes cover easy
Historically, income protection has been viewed as difficult to take out.
However, National Friendly, the 150 year old Bristol-based insurer, has taken a bold step to both simplify the market and to make income protection far more accessible to a much wider audience. Its approach has been simple, to design an insurance policy which goes back to basics, by just offering income protection in the event of an accident which would prevent the policyholder from working.
Head of Sales & Marketing, Oliver Jones of National Friendly said, " Our feedback, when we talk to the people who actually buy this kind of insurance, suggests that very few people ever expect to get ill and as a result to not be able to work. Suggesting to a client that they can protect their income, if they are unable to work as a result of an accident, rather than illness, meets with a ready understanding. People can visualise the situation, and post pandemic have a heightened appreciation of the importance of protecting their income, so we are finding the product is going down very well indeed."
HealthHero is a leading digital provider of remote primary healthcare. Policyholders of National Friendly's Accident Only Income Protection insurance have unlimited telephone or video access to HealthHero's panel of private GPs. Other services available include Emotional Wellbeing and Aches & Pains consultations.
David Jennings, Commercial Director at HealthHero adds, "As we move into a post pandemic era and a return to some level of normality, people are realising more than ever that prevention is better than cure. The importance of having access to expert support to help avoid or manage health issues is paramount''.
In another departure from the norm, National Friendly has an option to cover hazardous sports as part of its policy, so injuries which result from a list of sports are included in the cover and policyholders will benefit from their income being protected. Whilst some sports are covered under standard cover, such as football and cycling, others like gymnastics and skydiving, can be covered if a customer chooses to pay a higher premium.
Oliver Jones ends, "Our new approach to this market, which is to offer a low cost policy that covers the most obvious eventualities is, in our opinion, the right approach. Certainly the feedback from the market seems to support that idea so far."
National Friendly is an award winning Bristol-based insurer specialising in health and protection insurance, helping clients prepare for life's contingencies since 1868. https://nationalfriendly.co.uk/