Pioneer Friendly Society is intending to launch a 'new style' income protection product in the second quarter of next year which addresses some of the problems inherent in traditional policies.
The society was established in 1888 as a friendly society focusing entirely on providing Holloway-style income protection (IP) products with a simple pricing structure. Today, it offers two IP products: ‘pure protection’, which is a flexible protection-only plan, and ‘income protection’, a traditional Holloway-style plan which replaces income and gives a tax-free cash sum at the policyholder’s selected retirement age. Andy Chapman, chief executive of Pioneer, says because Holloway pricing gives the same rate for everyone it is easier for intermediaries to sell it and for consumers to se...
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