Called ‘Purely IP’, the policy has no investment element to it, so any adviser with insurance permissions can provide their clients with the insurance they need to protect their income and their families in case they lose their job through either accident or sickness.
This is a new development as most Holloway Income Protection policies do include an investment element which requires an adviser to have investment permissions.
The new product has been developed in direct response to feedback from mortgage advisers. Holloway Friendly conducted research with 320 mortgage advisers at the end of last year asking what developments they would like to see in the income protection market. The request was overwhelmingly for an income protection policy that is more affordable, available to blue collar workers and that mortgage advisers could provide directly to their clients without the need to refer them to an IFA.
The Purely IP product remains true to the original Holloway policy which does not discriminate by gender or occupation and is not loaded if people smoke.
Commenting, Mathew Manser, sales & marketing manager of Holloway Friendly said, “Most Holloway Income Protection policies include an investment element but this requires a mortgage adviser to have investment permissions in order to sell them. In response to feedback we have taken that element away, so any adviser with insurance permissions can now provide their clients with the insurance they need to protect their income and their families in the case that they lose their job through either accident or sickness.
“We remain true to Holloway principles so the pricing of our income protection has no gender bias, no occupation bias and is not affected if the client is a smoker.”