British Friendly Short Term Protect
We last reviewed this product in 2016 and, since then, British Friendly has introduced a number of
Changes and new initiatives.
In June 2018, Recovery Support was added. This new benefit pays members a cash lump sum equal to four weeks’ benefit after they have returned to work. In order to qualify, they must have been receiving benefit for at least 26 weeks and to have been back at work for four weeks.
There are a choice of three payment terms - 1, 2 or 5 years – and the plan also includes free care assistance benefit, death benefit, second medical opinion service and health and wellbeing services. There are no standard exclusions, an own occupation definition applies and, if elements of cover are excluded at underwriting stage, premiums are discounted accordingly. Other benefits include the Mutual Benefits loyalty programme, which gives members various discounts and offers.
Earlier, in May, British Friendly added Immediate Support, which pays claims at the end of the deferred period even if supporting evidence has not been received. British Friendly now also uses DocuSign to enable claimants to sign and submit claim forms electronically, so saving time.
Two other income protection plans are available too – Long Term Protect (which pays benefits up to age 70) and Breathing Space, which pays up to £125 a week for up to five years with no need to prove income.
Comment: British Friendly is establishing a name for its innovation and of gradually increasing what the customer gets under its income protection plans. These latest changes are further examples of that and both Recovery Support and Immediate Support are features that many who claim will benefit from.
Not everyone will and the sums involved can be small but the point is that the organisation is making the customer’s journey better. One risk with this evolution rather revolution approach is that it can make an adviser’s life harder, but that’s a relatively minor price to pay.
Plus points: Recovery Support gives additional financial help after returning to work; Immediate Support helps ensure claims are paid quickly; Range of benefits within the Mutual Benefits package; Choice of three plan types: Mutual insurer; Good marketing support online.
Not so plus points: Recovery Support is a relatively small benefit and it only applies where someone has been off work for at least six months: A policy of continuing change can make an adviser’s work harder.
Website: http://www.britishfriendly.com.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: IP; British Friendly