Niche income protection provider Holloway Friendly has launched a new product, Purely Day One.
It offers the same benefits as its existing Purely IP product, but also contains a day one deferred period, so that policy holders can claim on their policy from the first day that they are ill and cannot work, just as long as they have a doctor’s certificate.
There is no minimum qualifying period and policy holders also benefit from a minimum claim period of just three days with the claim dated back to day one.
Other benefits of the policy are: no loadings for occupation, gender or smoking; the rate of the premium is guaranteed for the life of the policy; and benefit payments remain constant throughout the claim.
Purely IP differs from the other Holloway Friendly policies as there is no investment element. Whereas traditional Holloway policies contain an element of investment with every policy, Purely IP focuses purely on the income protection aspect.
Mat Manser, sales and marketing director for Holloway Friendly, said: “We are launching Purely Day One in direct response to the feedback we’ve received from our IFAs and brokers that their clients need a policy on which they can claim as soon as they are ill and unable to work.
“This policy enables clients to claim in this way, and also provides a raft of other benefits focused purely around the clients’ needs for income protection if they should become unable to work through illness or accident.”
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