National Friendly has teamed up with UK-based fintech Stubben Edge Group to launch a new income protection product, the Accident Only Income Protection policy.
This first-of-its-kind policy is designed for those in the small business community, including self-employed, employed, and company directors who do not typically consider insuring themselves from disabling injuries or health issues that could prevent them from working.
This new proposition covers younger entrepreneurs financially if they are medically certified as unable to carry out their occupation due to an accident, resulting in loss of earnings. Depending on the chosen benefits, policyholders can pick benefits of up to £6,000 per month.
It also offers a solution to a huge, underserved part of the population, including those who find income protection difficult to obtain due to health reasons or affordability. The plan involves no medical underwriting nor health questions, making applications quick and simple, while its coverage does not need any medical evidence.
Applications for this new income protection policy involves a simple online buying journey specifically tailored for busy professionals and young, digitally proficient people. The policy comes with a benefit guarantee and waiver of premiums as standard; for add-ons, customers can choose at the outset if they need enhanced cover over hazardous pursuits as well as an optional accidental death benefit.
Also built into the policy is access to National Friendly’s virtual GP service, Friendly GP, which enables policyholders to access a GP 24/7 via telephone, video consultations, and an expedited referral system if further treatment options need to be investigated.
“We have extended further our existing partnership with Stubben Edge, by utilising their technological expertise and our experience as a mutual helping member to take greater control of their health and finances for over 150 years, the collaboration offers a real solution to affinity partners who wish to protect their income,” said Oliver Jones, National Friendly sales and distribution officer.
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