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| Review - Holloway Friendly Society 2024 |
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Holloway Friendly Insurance Reviews: MSE
Are Holloway Friendly Society good?Shepherds Friendly Society Review
- Mutual Insurers Status
- Income Protection PHI Specialists
- Broker Only Deals
- Claims record: Good
- Holloway Friendly Insurance - protection claims stats | ABI
- 94% average income protection insurance payouts last 10 years
Background: Holloway Friendly Society
Review: The 'Holloway Friendly' story first began back in 1875. In fact, they proudly state they originally invented the income protection or permanent health insurance product (PHI) as we know it today & so help create their mutual beneficial society.
Formed when their founder George Holloway’s original idea was not only to replace peoples lost earnings arising from illness or injury, but also to help those Members to build up a cash sum at their chosen retirement ages.
This became so popular also, that the Holloway brand name then became attached to any traditional income protection plan, that may also have included an investment element*.
Their aim was to provide financial security for members who are unable to work so provide an income for themselves & family, due to sickness or injury.
Today, they still look after those best interests and well being of their UK mutual members, based from their head office in Gloucestershire.
The Holloway insurance various income protection products are today sold mainly via IFA's & insurance advisers.
Note: as brokers, we mainly deal with their non investment linked income protection plans.
*What's MSE Martin Lewis Holloway Friendly Review?
In terms of the range of Holloway Friendly insurance products in 2024, Money Saving Expert (MSE) are fully impartial with all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.
Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.
What does Martin Lewis say about Holloway Friendly?
Martin Lewis hasn't specifically commented on any particular Holloway Friendly Insurance policies & how it stacks up against the income protection competition.
But Holloway Friendly income protection plans are a discussed MSE forums topic, especially for those who are self employed.
He points out that it pays you an income if you're unable to work due to illness or disability for a set period (generally a year or two). Unsure if they meant here, you could be off sick for a year or two.
Income Protection PHI will usually pay a proportion of your salary, for example two-thirds, so that essential spending is covered.
It generally includes a greater range of illnesses than critical illness cover, but can be more expensive.
MSE says when it comes to deciding between these two main types of insurance that help cover illness, they say it could be worth speaking to a financial adviser.
The MoneySavingExpert also says that he does '100% recommend Life Insurance', especially if you have any financial dependants.
He comments that YES lifecover is a cheap financial lifeline but that ultimate monthly costs choice is always yours.
As brokers we would add here that Holloway Friendly don't specifically offer stand-alone life insurance or critical illness products.
MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'.
So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.
He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.
Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.
To help you calculate a figure that works for you, Martin Lewis on Life Insurance generally says it's worth ensuring any policy covers:
- Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
- Immediate Outgoings: regular bills dependants would need to pay
- Future Spending: you may have wished to make eg; university fees
- Additional Expenses: a death may trigger eg; funeral costs
Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive insurance policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.
Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites.
As brokers, we would also agree here - so let us help you shop around for your best broker deals.
'Holloway Friendly' Insurance Reviews 2024
In this Holloway Friendly review, we will look at some broker only PHI protection plans, key features and FAQ.
Their income protection products may give discretionary access to the following day to day life member services.…
- 3'rd party help & counselling via Care First member assistance
- Emotional help & practical recovery advice when needed if off sick via associated professionals
- Helpful confidential guidance on a range of everyday life & financial matters
- Free and unlimited 24/7 GP consultations with HealthHero
- Medical 2'nd opinion
- Support for those trying to return to work
- Access to Bereavement Services
- Cost of living crisis support
- Online CBT programme
As brokers, we think these are valuable rider benefits to have, if & when needed as provided via Holloway Friendly, and in conjunction with their flexible underwriting.
Holloway Insurance Underwriting Explained
Holloway Friendly INCOME PROTECTION Review
Providing security by way of a tax free monthly income as specified by Holloway Friendly Society - if you are off longer term sick or have an accident or disability.
The 2 Holloway income protection PHI product types are medical underwritten & targeted at the more budget conscious.
Their basic budget plans have no investment element & so are often typically cheaper as a protection only cover.
Both plans are designed to help protect those essential monthly bills, rent or mortgage payments.
Key Features
- 2 Claim periods
- Budget limited term 1/2 years per claim
- Or full term in claim
- Upto 65% of annual taxable income
- For self-employed your income is based on last years annual net profits
- Initial waiting deferred periods: 1,4, 8, 13, 26, 52 weeks or dual deferred
- Reviewable 'age-costed' premiums means annual escalating
- Or level fixed premiums
Key Features
- PHI policy terms available upto age 70
- Waiver of premium inclusive
- Guaranteed Insurability Drop in Earnings
- Indexation RPI option
- Own occupation basis covers most occupations
Summary
Holloway Friendly Income Protection plans may offer good value for those on a budget.
They are also good for those who want a higher than average 65% income covered against other Income Protection PHI Insurers. Enhanced benefits are useful.
Check their terms when doing a quote or call us as to whether any PHI policy being offered to you is paid under own occupation, any occupation or specified work tasks.
HOLLOWAY INSURANCE FRIENDLY SOCIETY - FAQ
*Can you make changes to your policy?
- change of occupation or salary status
- reduce or perhaps extend the period of cover
- decrease or increase the amount of cover
- drop indexation option or any specific paid for policy features
- change the collection date of your usual premiums
Often you can make policy changes but you may need to speak to your financial adviser.
These changes could be subject to any medical underwriting based on your circumstances at the time & may well affect your premiums.
Note: for those who only want their investment based PHI* holloway style income protection policies (we will refer you to a suitably qualified IFA) - typically this plan may cover less benefit at 60% than their non-investment PHI income protection at 65%.
*How do I cancel the Holloway Friendly Insurance Policy?
You may cancel your Holloway Insurance plan at any time, if your circumstances change. Like all protection insurance, you do have the right to change your mind within 30 days of your policy starting.
The Insurers will then refund any premiums taken and your income protection insurance cover would then end.
However, if you should cancel the insurance cover at any other time, you may not get anything back because your policy may have no cash in values at that time.
This also means if your health changed adversely afterwards & you then tried to request an underwritten insurance policy is put back onto cover again, this maybe declined.
We suggest you seek professional advice before taking this course of action.
*Importance of Disclosure & Claims?
All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the underwritten original Holloway Friendly Society policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.
The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of raised blood pressure or cholesterol (even if it costs more). If so, it may not payout!
Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details.
They will then assess if your insurance claim is valid and cross check - if you originally disclosed all the correct details.
If you look at Holloway Friendly recent claims payout average for 2024, they do comment on the importance of correct health & lifestyle disclosures, should they be unable to make a successful claim.
So you will see that like most providers when doing Holloway Friendly insurance reviews - their claims stats maybe good but it is not 100% for income protection policies
*What if any lifestyle changes after taking Insurance policy?
Any health or lifestyle changes since, usually does not void your existing Holloway friendly income protection insurance policy, if it wasn't relevant at that time of initial application.
For example, later on diagnosed with a heart condition. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed.
Likewise they may not write to your GP. Perhaps they put in some policy exclusions?
So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future.
Our general broker advice here is always check over your original 'Holloway Friendly' insurance T&C's.
If I start smoking after taking out Insurance, do I tell them?
If you had legitimately quit smoking for over 12 months at that time of original Holloway Friendly agency insurance application, you may wish to advise them you have started smoking again.
This should not affect the original policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.
Holloway Friendly Insurance Reviews Conclusion
They are competitive in the income protection marketplace, especially at the cheaper budget end. Our Holloway Friendly Insurance reviews show they have grown today to still be one of the more specialist friendly societies just selling their income protection products
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