Cirencester Friendly Society has launched Income Assured, a new income protection contract which uses the Holloway principle.
The unique features of a Holloway contract enable customers to have benefits from day one of a claim and a tax-free cash sum at retirement.
New features of the plan include a terminal illness benefit, which provides a six month payout if illness is likely to lead to death within 12 months, and day one accident protection as an option on deferred contracts.
Cirencester has designed the product to be as flexible as possible. Deferred periods and retirement ages can be altered throughout the contract.
Income Assured protects up to 60 percent of earnings up to a maximum of £630 a week.
Claimants can return to work in a part time capacity during the recovery period, or return to lower paid work, and receive a proportionate benefit.
Additionally unlimited penalty free career breaks can be taken throughout the contract without forfeiting the savings element of the contract.
Commenting on the new product, Paul Hudson, chief executive of Cirencester said: “In creating Income Assured, we wanted a product that really did meet people’s needs. We believe Income Assured does exactly this.”
For further information contact Cirencester on 01285 653 073