Cirencester Friendly has expanded its product range by launching a short-term benefit option to its My Earnings Protected income protection product.
This product provides cover for up to two years per claim, providing an affordable way to cover household bills should they be unable to work.
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Furthermore, My Earnings Protected was designed to be flexible and affordable. It also offers deferres periods ranging from one to 52 weeks, cover up to age 70, and a maximum benefit of 65% of income with a limit of £52,000 a year.
Many people’s health is not constant and those recovering from serious illness or injury may be prone to relapses. The new short-term benefit option recognises this and offers support accordingly. Claims can be made for the same illness or injury within 26 weeks and payments will be made straightaway with no deferred period. The maximum claim period for one condition remains capped at two years.
Matt Chapman, TheProtectionCoach said: “The big challenge with the current economic climate is that it increases the need for essential financial protection whilst simultaneously making cover significantly less affordable for the average consumer. In an ideal world, everyone would take full-term income protection cover but this just isn’t realistic at this time. The new short-term option from Cirencester retains all of the key benefits and advantages of their full-term offering but at a fraction of the cost, making essential income protection (and the financial resilience and security these plans deliver) a more accessible and affordable consideration for UK households.”
Alan Waddington, distribution director at Cirencester Friendly, added: “As an organisation we want to be seen as the champions of income protection, making it more accessible and affordable. Our new short-term benefit option helps us to do exactly that and represents an exciting step forward for the society. We know how important it is for people to be able to protect their livelihoods, especially now when so many are feeling the financial squeeze. The short-term benefit option helps them do exactly that, providing them with the means to cover the essential bills, allowing them to concentrate on getting back to full health without additional stress.”
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