Cirencester Friendly Income Assured Enhanced
Cirencester Friendly has re-launched its Income Assured Plus product with new features and a new name after member and adviser feedback.
The plan is now slightly renamed Income Assured Enhanced, but still includes such features as day one cover and no loadings for occupation, smoking and hazardous pursuits.
The income protection contract is available to new and existing members who will be offered the opportunity to switch onto the new terms. The key enhancements include:
An own occupation definition now applies with level benefit throughout the period of claim.
Guaranteed premium rates.
Cover to age 70.
Guaranteed Insurability options.
No loadings for occupation, smoking or hazardous pursuits.
Premium discounts if mental illness or back exclusions are applied following underwriting.
Fewer standard exclusions.
Improved Terminal Illness Benefit (now pays six times the monthly benefit) and Relapse Benefits.
Where the deferred period is one week or longer, customers can choose to add Accidental Benefit insurance. This pays benefit from day one after loss of earnings, regardless of the deferred period for sickness benefits.
Maximum benefit is 60% of earnings up to £40,950pa.
Comment: Cirencester has tweaked its plan and given it a slight re-name too.
The benefits are mainly relatively minor but add up to an enhanced package. It also maintains a broadly simple approach and doesn’t bog down potential customers with too much jargon.
The bottom line is if you liked the product before, you’ll probably like it even more now. The minor name change is a bit unusual but at least differentiates it from its predecessor.
Plus points: A range of new and improved benefits; No loadings for occupation or smoking; Accidental benefit insurance may appeal to some; Evolution rather than revolution.
Not so plus points: No loadings for say smoking means premium rates have to be higher for all; Some benefit limitations; Is there actually a need for faster benefits if the cause of not being able to work is an accident rather than illness?
Website: http://www.cirencester-friendly.co.uk.
Rating (max 10): Innovation: 7.5. Overall: 8. Gold
Tags: IP: Cirencester Friendly