Holloway Friendly Income Protection
Holloway Friendly Income Protection – Introduction
The originator and inventor of income protection insurance, George Holloway, founded Holloway Friendly in 1880.
Since its inception as a friendly society, it has grown substantially although continues to focus solely on Income Protection insurance.
As a mutual, it serves 26,000 members, operating solely for their benefit.
True to its roots as an innovator, Holloway Friendly continue to develop the digital aspect of the organisation to streamline applications and claims.
Holloway Friendly Customer Reviews
Holloway Friendly uses Trustpilot to collect reviews from its members and as of writing the company has just 99 reviews. However, whilst this is a relatively small number of reviews, it should be considered that Holloway Friendly are focused completely on Income Protection insurance. Therefore, all of these reviews relate to income protection are not diluted with reviews regarding other policy types. Read Holloway Friendly’s Trustpilot Reviews.
Holloway Friendly 2023 Claims Report
According to Holloway Friendly’s press releases and YouTube Video, the company paid out on 93.4% of Income Protection claims in 2022. In doing so, 663 members received a combined amount of over £3.7 million (an average of just over £5,700 per member). The top 5 reasons their members claimed were cited as musculoskeletal conditions, Covid-19, joints and tendons; mental health, and surgical procedures.
Holloway Income Protection Plans
Holloway Friendly offers two types of Income Protection policies. These are the “My Sick Pay” policy and “Classic Plus”.
My Sick Pay is a straight-forward Income Protection Insurance policy comparable with most other policies offered by UK insurers.
Classic Plus is an Income Protection Insurance policy combined with a long-term investment element.
The details below refer only to the “My Sick Pay” policy.
The information below provides an overview of specific Income Protection policies although is not intended to provide advice on the suitability of any particular policy for the reader. For a free consultation and full market review, speak with Black Lion Insurance today on 0203 011 00 22 or request a Holloway Friendly Income Protection Quote Online.
Monthly Benefit and Maximum Cover
Holloway Friendly will cover a maximum of 65% of pre-tax earnings up to £100,000 per annum. This means the maximum benefit which can be paid out per year is £65,000. Additionally. whereas most other insurers make one benefit payment per per month, Holloway Friendly split the benefit over two payments every month.
In the “My Sick Pay” Terms and Conditions document, it states that the policy covers any type of accident or medical condition which prevents the policyholder from being able to work in their normal job.
Holloway Friendly may apply medical exclusions based on the policyholder’s answers to health questions prior to underwriting the policy.
Holloway Friendly offer deferred periods of 1, 4, 8, 13, 26 and 52 weeks. If a policyholder returns to work but becomes unable to work again within six months from the same accident or illness, Holloway Friendly starts paying from the date of the second absence without imposing another deferred period.
For short-term cover this can be set to either 1 or 2 years. However, the Benefit Period can also be set to cover the policyholder for as long as they are unable to work and up until the policy ends (full term cover).
Policyholders can chose the date they want the policy to end which must be between their 50th and 70th Birthday. The minimum duration of any policy is 5 years.
Minimum Eligible Criteria
To apply for a Holloway Friendly “My Sick Pay” Income Protection policy, applicants must at least meet the following criteria:
- Aged between 18 and 59 years old.
- Employed or self-employed and working at least 16 hours a week in an eligible occupation.
- UK resident for past 3 years, UK taxpayer with UK bank or building society account from which a direct debit can be paid.
- Registered with a UK GP for at least 3 years.
Additional Policy Features
Terminal Illness Benefit
If a policyholder receives a terminal illness diagnosis, Holloway Friendly will issue an additional lump sum payment. Equal to 6 months benefit, the payment is made once the diagnosis gives the policyholder less than 12 months to live. This does not affect the payment of the monthly benefit.
Member Assistance Programme
Professional and confidential real time support services to provide help with a variety of life issues. These include bereavement, relationships, stress, divorce, finances, debt and many more.
Financial Support for Medical Treatments
Holloway Friendly may be able to help pay for the costs of an operation or medical treatment. This is a discretionary benefit which may be applied if the treatment will help the policyholder return to work more quickly.
Should a policyholder start working or move abroad or become a resident outside the UK they must inform Holloway Friendly. Whether the policy can remain in place will depend upon two key considerations. Firstly, whether Holloway Friendly can continue to legally collect the premiums and pay any claims in the country outside of the UK. Secondly, if the policyholder will be able to obtain reliable medical records in English if they had to make a claim.