- Income benefit of £2,250 for up to three months.
- Fracture cover of bones up to £3,000
- Accidental death benefit up to £85,000
- Natural death benefit up to £2,500
- Rehabilitation benefit of £1,000 for private facilities
- Hospital cash benefit of £50 per night
- Access to virtual GP
Friendly Shield is aimed at consumers who may not typically be able to afford traditional protection products, according to the mutual. Its aim is to protect individuals against accidents and looks to be a quick and easy benefit for consumers.
Graham Singleton, CEO, National Friendly, said: "Brokers have told us they want a quick, non-underwritten, cost-effective suite of benefits with minimal exclusions to help members cover the unexpected that's not covered by a standard long-term Income Protection policy. This is especially important to brokers with mortgage and renter clients."
The amount of cover varies across three price points (Bronze, Silver and Gold), it requires no medial or financial underwriting and is offered at a standardised rate for ages 18-50 in accepted occupations.
Singleton continued: "Whilst core inflation may be falling, the cost-of-living crisis is still affecting UK households, with ONS reporting that 55% of adults in May 2024 felt an increase in their household expenses compared to the month before.
"Friendly Shield gives advisers an alternative and viable product for when traditional protection products may not be needed or perceived as too expensive helping them to serve more needs and keep more clients protected."
The product is designed to be flexible, according to National Friendly, as it allows for the addition of spouse and children to the package, as well as multiple benefit claims simultaneously.
Ian Sawyer, commercial director, Howden Life and Health, said: "National Friendly's Friendly Shield product is a welcome addition to the market, helping clients see off the initial impact of accidents.
"Its innovative design and simple structure will resonate with clients who seek an affordable and quick solution. With Friendly GP providing immediate family access to much needed GP services, the policy will have an impact on lives from day one."
This article was originally published on COVER.
