Cirencester Friendly has taken its old My Earnings Insurance income protection (IP) policy, updated its benefits, and relaunched it under a new name – My Earnings Protected.
As before, the plan features guaranteed premiums, day one cover, no loadings for occupation, smoking or hazardous pursuits and cover up to 65% of earnings.
As part of the changes, the new product also includes:
* No State benefits deduction at point of claim.
* A higher 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 (CPI) in relation to indexation rather than RPI.
My Earnings Protected is available to new and existing members, who also have access to added benefits including Friendly Voice, Member Rewards, the 125 Foundation and My Extra Benefits, which includes Fracture & Hospitalisation Benefit.
What They Say
Commercial director David Macgregor said: "These improvements have been made as a direct result of adviser feedback and we are grateful for their input into this wide range of enhancements.
"We know income protection can appear complex to consumers so we were keen to provide greater clarity and certainty and with My Earnings Protected, we have achieved that."
What We Say"Cirencester’s changes to its My Earnings Insurance plan are all likely to be welcomed by advisers and customers alike.
"As well as the core plan features, members can access a range of added benefits, which also adds to the plan’s appeal. One minor point is that moving from the RPI to the CPI as the inflation link makes sense, not least because the RPI is an old and now out of favour index, despite many insurers continuing to use it. An earnings-related index might be even better, but most insurers seem to prefer a prices link instead.
"The name change? The new name better tells customers what the plan does – and protected is seen as a more customer-friendly term than insurance these days."