Cirencester Friendly has a long history of providing Income Protection for workers across the UK. The Society is the eighth-largest Income Protection provider in the UK with over 36,000 members in 2016.
Its product, My Earnings Protected, was introduced in 2018.
It has won several awards over the years, including a Cover Excellence customer service award in 2017 for an ‘Above & Beyond’ team and the Moneyfacts ‘Best Income Protection Provider’ award in 2016.
Cirencester Friendly’s payout rates have stayed consistently at 94% since 2014, making it one of the more reliable providers of Income Protection.
Cirencester Friendly Income Protection policies have level as well as increasing premiums to choose from. For that reason, you should read the terms of your policy carefully.
Cirencester Friendly does have quite a low maximum on the amount of benefits you can claim each year. If you are a higher earner and need more than £52,000 to support your lifestyle, you may need to consider a different Income Protection provider.
Overview of Key Policy Details
Guaranteed or age-banded premiums
Maximum Claim Duration
Day 1 or 1 / 4 / 8 / 13 / 26 / 52 weeks
Waiver of Premium
65% of your gross earnings. The maximum salary you can insure is £80,000 per year
Minimum Entry Age
18 years old
Maximum Entry Age
55 years old
Maximum Policy Cease Age
70 years old or the set retirement age for your occupation
Allows client to increase their benefit, without supplying medical information, when one of the following ‘Lifestyle’ events occurs:
In addition, clients can also increase their cover on every fifth anniversary of the start date of the contract.
Incapacity as a result of misuse of drugs/alcohol, self-inflicted injury, criminal activity, normal effects of pregnancy, treatments or procedures that are not considered a medical necessity.
During the underwriting process pre-existing conditions that cause incapacity may be excluded from your policy by your underwriter.
Friendly Voice is a unique service available to Cirencester members – it provides free, confidential practical advice, emotional support and a friendly listening ear when needed to its members.
One Cirencester Friendly’s unique services that give them an advantage over others is their Friendly Voice service, provided by RedArc Nurses. With your policy you will be assigned a personal nurse that you can contact for information and support when you need it.
This service is designed to reduce the stress and emotional difficulties of people suffering from or taking care of someone suffering from physical or mental health issues. Your personal nurse can also arrange other services at no extra cost if necessary, such as counselling, therapy, or a home visit.
This optional benefit for an additional £4 a month provides you with a lump-sum payout of up to £1,000 if you sustain a comminuted, complicated, compound, depressed, or simple fracture to any one of the 19 parts of the skeleton Cirencester has listed. You can claim this benefit once every 12 months and only for one fracture at a time.
If you have stayed in a hospital for 3 consecutive nights, Cirencester Friendly will pay out £50 per night in a UK hospital, backdated to the first night’s stay. You can claim this benefit for a maximum of 21 consecutive nights per stay and to a limit of 21 nights in total per year.
If you die during your policy’s term, a lump-sum of £5,000 will be paid to your family. This is an optional benefit that costs an additional £5 a month.
Cirencester Friendly has continued to grow as a society in the last two decades. Membership has more than doubled during this period from 15,000 to over 36,000 members in 2016, which has been managed by offering a wide range of products and investment opportunities to its members. In 2016, their investment portfolio was worth £79.8 million.
We aim to know the policies we advise on, inside out and back to front. Below is a couple of commonly asked questions with regards to the policy coverage of the Cirencester Friendly Income Protection insurance product answered.
A. Cirencester Friendly determines the cost of your Income Protection policy during its underwriting process. It uses Full Medical Underwriting to review your policy, which means that you will need disclose some information about your medical history when you apply for your policy.
If you have a dangerous occupation that may link you to a higher risk of incapacity, most insurers will offer you cover at the cost of higher premiums. However, Cirencester Friendly Income Protection policies take a different approach.
Rather than choosing to make policies more expensive for dangerous occupations, Cirencester Friendly instead have excluded the most risky occupations and kept the premiums at the same price for all other occupations. They also won’t increase the cost if you’re a smoker or have a dangerous hobby.
A. If you are well enough to return to work but only on a part-time basis, or if your condition has forced you to change to a different occupation with a lower wage, you can apply for Recovery Benefit. This gives temporary financial support in the form of reduced benefits to help you get back on your fit.
It is important, however, that you tell your insurer about returning to work before you do so. Failing to do so will affect your benefit payments or your ability to claim.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email email@example.com.
I had a great experience with Drewberry, they have a lot of knowledge and expertise with life insurance and income protection and were able to advise me and arrange suitable products. Highly recommend.