Foresters launches new Sickness Policy
Tuesday, June 2, 2009
Mutual continues drive to build presence in intermediary marketplace launch holds key to attracting and retaining younger members.
Foresters Friendly Society today announced the launch of a new Sickness Policy designed specifically to support the self-employed and those in a job with minimal or no sick pay to provide financial assistance in the event of being unable to work due to illness or injury.
The policy provides the opportunity to combine sickness and injury cover with the wider benefits of friendly society membership. These benefits include membership of a participative local branch network and access to additional discretionary grants paid to help meet specific financial needs during times of hardship, illness or challenge. The launch of the policy also coincides with the celebration during 2009 of the 175th anniversary of the Society's foundation.
The features and pricing of the policy have also been tailored specifically to reflect the Society's trust in policyholders and their perception of sickness and injury protection as a valuable means of bridging short-term financially troubled waters, as opposed to a long-term means of removing the need to generate income through employment.
Neil Armitage, Marketing Director, Foresters Friendly Society explains: "With its focus on providing peace of mind by protecting against unforeseen financial hardship, this new policy reflects the very ideals upon which the Society was founded, in particular the principle of setting money aside when times are good to tide you over when unforeseen troubles occur.
"This new policy also provides us with an essential means of forging new relationships with younger consumers, of working age, whom we wish to become the future lifeblood of Foresters Friendly Society and encourage their participation in the wider range of social activities which we offer."
Policyholders will further benefit from the opportunity to determine policy terms, including the level of weekly benefit payable (between £100 and £400), as well as the length of the term during which benefit is payable (26 or 52 weeks) and the initial deferred period before which payments are made (1 or 4 weeks).
Applicants for the policy are invited to self-qualify for cover by answering a series of seven questions relating to their state of health and lifestyle. The policy is not designed to protect policyholders against the threat of unemployment and as such applicants do not need to produce any proof of income such as payslips.
The policy claims process has also been purposefully created to ensure rapid payouts wherever this is possible, with the simple completion of a claim form being followed by the need to submit medical certificates proving that the policyholder is unable to work.
Neil Armitage concludes: "Our members are honest, passionate and hardworking people who want to get back to work as soon as possible when struck by sickness or injury. This policy will protect both them and those new members we're looking forward to see joining them."