Cirencester Friendly My Earnings Protected
Cirencester Friendly has re-launched its My Earnings Insurance income protection (IP) policy with key improvements and a new name.
The plan is now called My Earnings Protected and again features guaranteed premiums, day one cover, no loadings for occupation, smoking or hazardous pursuits and can cover up to 65% of earnings.
The revised product also features:
No State benefits deduction at point of claim.
An increased maximum benefit level.
Guaranteed insurability options for lifestyle events.
A wider choice of deferred periods.
Improved relapse benefit.
Removal of the initial waiting period.
A more relaxed approach to the length of time an applicant has been registered with a UK GP.
A change to using the Consumer Prices Index in relation to indexation rather than RPI.
The new income protection contact is available to new and existing members. Cirencester Friendly members also have access to added benefits such as Friendly Voice, Member Rewards, the 125 Foundation and My Extra Benefits which includes Fracture & Hospitalisation Benefit.
Comment: Cirencester has made quite a few changes to its plan (including renaming it) and all are likely to be welcomed by advisers and customers alike.
In addition to the plan benefits, members can also access a range of added benefits, which also adds to the plan’s appeal. On a technical note, moving from the RPI to the CPI makes sense, not least because the RPI is an old and now out of favour index, sdespirte many insurers continuing to favour it
Plus points: A range of revised benefits widen the plan’s appeal; CPI is arguably a ‘better’ index than the RPI; The new name probably works better with consumers; Cirencester is a small but specialist IP provider with a good track record; Added benefits means customers can benefit from the plan regardless of whether they ever claim.
Not so plus points: Small provider (albeit an IP specialist); Not everyone will like the name change.
Website: http://www.cirencester-friendly.co.uk.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: IP; Cirencester Friendly