Wiltshire Friendly Group Income Replacement
Although established as long ago as 1887, Trowbridge based Wiltshire Friendly Society is still largely unknown, at least in intermediary circles. But, that could change, as it has now decided to actively target the intermediary market. Membership is over 6,000 and the mutual organisation specialises in income protection products. In 2009, over 98% of claims received were paid.
The Group Income Replacement plan covers from five lives (although, as with many other features, such limits are not set in stone and may be negotiable, especially for good business) and covers up to 75% of income. That can include pension contributions, NICs and other non-pay benefits, and maximum benefit is £37,500 a year. A wide choice of deferred periods is available, from four weeks (even available to blue collar workers) to 52 weeks. Benefits can be paid to retirement age or for a limited benefit period of one or two years.
Accident Cover is a unique benefit that gives back to day one cover if an employee is injured by a non-work related accident and is off work for at least one week. An own occupation incapacity definition is used on all plans. Continuation of Cover is automatically included, allowing leavers to continue cover on a personal basis. Standard commission is 12% a year. And, employees can ‘top-up’ the cover provided by their employer.
One recent service introduction has been Big T tele-interviewing, with Medicals Direct Group.
Plus points: Very flexible approach (although only for the right risks we would expect); Blue collar workers are welcomed; Built-in Accident Cover and Continuation of Cover, and Big T tele-underwriting is available too.
Not so plus points: Not an organisation that is yet well-known to the broking community (which can cause teething problems, especially as some intermediaries may have little understanding of the types of risk such providers want to attract); Relatively low maximum benefit and the plan lacks the third party add-ons now becoming increasingly popular.
Website: http://www.wiltshirefriendly.com.
Rating (max 10): Innovation: 7. Overall: 7.5. Silver.