Holloway Friendly has launched a critical illness income protection policy that pays out a regular income when someone cannot work due to a specified critical illness.
The policy will cover up to 60% of someone's gross annual earnings with a twice monthly payment for claimants.
The maximum benefit for policyholders is £10,000 a month with a minimum payment equivalent of £50 per week.
Usually CI policies pay single lump sum payments, rather than a regular income, Holloway Friendly believes their policy is unique in this respect.
There is no limit on the number of times claims can be made while the policy is held and cover can be suspended during career breaks without needing re-underwriting.
Both employed and self-employed people can take out one of the policies and the earnings used to calculate payout can include dividend payments.
Mat Manser, sales and marketing director for Holloway Friendly, says, "While critical illnesses are life limiting, they are less often life ending any more.
"We have a continued need for people to have a regular income while they are sick, to help with their usual day to day needs such as child care, school and food bills and paying the mortgage.
"This Holloway Friendly critical illness IP policy provides another fantastic option for advisers when discussing protection with clients.
"We believe that taking away someone's financial concerns gives them one less thing to worry about and will help them get back to full health sooner."
Further Reading:
Holloway Friendly launches breast cancer specific CI app
'Fully integrated' system for mortgages and protection sales launches
