Holloway Friendly income protection review

Holloway Friendly are a mutual society, owned by its members, with history going back over 140 years.

In this in-depth review, we’ll be exploring the policies offered to help you establish whether they’re the right insurer for you.

Holloway Friendly logo

Holloway Friendly income protection can’t be purchased directly. Instead, you’ll need to secure cover through a financial advisor or broker.

Reassured can help you compare Holloway Friendly income protection with all other major UK insurers, free of charge.

This whole of market income protection comparison can allow you to find the best deal on a policy that meets all your needs.

Holloway Friendly income protection starts from just £5 a month ‡ through Reassured. Simply get in touch for your fee-free quotes.

The following topics are covered in this review:

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Who are Holloway Friendly?

Holloway Friendly have an interesting history in regards to income protection - having founded this form of protection.

140 years ago, George Holloway invented income protection to protect members against sickness and injury.

His original idea was to replace lost earnings and help members save up a cash lump sum for their chosen retirement age - known as a Holloway Contract[1].

Holloway contracts are still sold by many insurers today. However, this form of cover isn’t available through Reassured.

Holloway Friendly income protection key features

My Sick Pay is the main income protection policy provided by Holloway Friendly.

It’s a standard income protection policy that pays out a percentage of your income while you’re unable to work due to sickness or injury.

Having this protection in place means you can still receive some form of income to help you cover living costs while you’re off work.

Who is it for?Available to UK residents aged 18 - 59 (in employment or self-employed working at least 16 hours per week).
What does it cover?You’ll be covered for illness and injury that prevents you from doing your own job (own occupation cover). You won’t be covered for unemployment, including redundancy.
How much will be paid out?Up to 65% of your usual earnings could be protected up to £65,000 per year. This known as your benefit amount or monthly benefit.
How long can a policy be?Policy term can be a minimum of 5 years and must cease by your 70th birthday.
How long will it pay out for?Payment period can be short-term (1 or 2 years) or long-term (for as long as you’re sick, up until the end of the policy term).
When will payments begin?Payments will commence once your deferred period has come to an end. This is a specified period which is decided at the point of application. Deferred period options include 1, 4, 8, 13, 26 or 52 weeks.
What payment options are there?The My Sick Pay policy can be purchased with either guaranteed (remain the same) or reviewable (change with age) premiums.


Compare My Sick Pay with other leading policies to find the right option for your needs. Contact Reassured for your personalised, fee-free and-no obligation quotes.

Holloway Friendly income protection reviews

Overall, Holloway Friendly are rated well by their customers and by independent organisations.

Policy name Defaqto logo
My Sick Pay Defaqto 5 stars
Classic Plus Plan Defaqto 3 stars


Across all their services, Holloway Friendly are rated 4.3 stars on Trustpilot.

Whole of Market Comparison Service » Find Your Best Quote

What can Holloway Friendly income protection cover?

Holloway Friendly income protection can replace a percentage of your income while you’re unable to work (as a result of illness or injury).

Therefore, it could help to cover essential financial commitments and/or other key costs.

Commonly, the monthly (tax-free) payments provided by income protection are used to help with:

Mortgage

Monthly rent or mortgage payments
Premium Type

Household bills & utilities
Family Protection

Daily family living costs
Debts

Monthly loan or debt payments

To work out what costs you need to protect and how much cover would be required, why not enter your financial commitments into our income protection insurance calculator?

Holloway Friendly income protection calculator

Fill in the fields which apply to you to work out how much income protection you might need to cover your financial commitments and key costs.

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£723 a month is the average monthly mortgage payment in the UK, with the average monthly rental price coming in at £700.

The majority of our monthly income will go towards rental or mortgage payments.

For this reason, it’s essential to have precautions in place to ensure you could keep up to date with your payments if you weren’t receiving your usual income.

Monthly income protection payments can help to cover this large expense and ensure you can stay in your home.
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According to the Money Advice Service, the average household spends £340 a month on household bills.

This includes electricity, gas, TV and broadband.
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Childcare costs are on the rise with it now costing £137.69 per week for part-time nursery for a child under the age of two.

That’s over £550 per month - is this an amount you’d be able to keep up with if you were unable to work?

Becoming ill could also result in the need for additional childcare while you attend doctors’ appointments or medical treatment.
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The average household in the UK spends around £97 a week on their food shop, totaling £388 a month.

While this may seem like a small amount in comparison to some of the other expenses mentioned, the food shop is often where we try to scrimp and save when we fall on hard times.

Income protection can take care of the cost of your weekly food shop, as well as many other essential costs.
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At the beginning of 2020, credit card debt in the UK was at £2.1 billion, with almost 27 million UK residents in some kind of debt.

Becoming unable to work could make it hard to keep up with credit card or loan payments (including car finance or other financed goods).

Failure to keep up with payments could result in additional interest being incurred or late fees issues - resulting in a higher total needing to be paid.
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The average spent on public transport each month comes to an average of £94.

This includes the cost of public transport, as well as petrol and diesel vehicles.

While this amount may reduce while you’re unable to work as you won’t need to commute there may be additional spending on public transportation if your illness or injury leaves you unable to drive.
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Your total cover estimate

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Holloway Friendly short-term income protection

You can purchase Holloway Friendly income protection on a short-term basis.

This means the policy will pay out to you for a maximum of 1 or 2 years (whichever you opt for at the point of application).

While you’ll receive payments for a short period, you still have the option for your policy term to last until age 70 - making it possible to make multiple claims throughout the lifetime of your policy.

Short-term cover tends to be cheaper making it an ideal option for those on a tight budget.

Alternatively, if you receive a comprehensive sick pay scheme from an employer, a short term policy could help to provide an additional layer of protection.

Why not read our complete short-term income protection guide for more information? »

Holloway Friendly long-term income protection

It’s possible to purchase long-term income protection through Holloway Friendly.

This is also known as full-term income protection, as it provides the opportunity for you to receive payments until the end of the policy term.

If your incapacity means you’re unable to return to work, you could still receive some form of income for the remainder of the policy term (which could be up until you reach retirement age).

If you don’t receive sick pay from an employer and/or you’re self-employed, this form of cover could be particularly beneficial to provide protection for the rest of your working life.

Why not compare both long-term and short-term income protection through Reassured? A friendly member of the team can help you find your perfect policy.

Holloway Friendly income protection cost

Holloway Friendly income protection is available from £5 a month through Reassured.

However, the exact price you pay for Holloway Friendly income protection can vary based on personal and policy factors.

Health

Personal factors include: Age, health, occupation, smoking status and lifestyle (such as hobbies and alcohol consumption).
Paperwork Application

Policy factors include: Policy term, payment period, definition of incapacity, benefit amount and premium type.

Holloway Friendly offer two premium options; guaranteed premiums (which will always remain the same) and reviewable premiums (which will change over time).

The table below shows example quotes for both options. Quotes are based on a non-smoker, in good health, with an annual income of £30,000. The policy provides cover until age 65, with a 3 month deferred period and a payment period of 12 months:

AgeMy Sick Pay guaranteed price per monthMy sick Pay Reviewable price per month
20£6.47£6.28
25£6.74£6.54
30£6.94£6.73
35£7.51£7.22
40£9.70£9.03
45£12.40£11.55
50£16.23£15.36


It’s important to be aware that while reviewable premiums may be cheaper at the start, the price will change over time. This price could increase or decrease depending on your personal circumstances and the criteria set out by Holloway Friendly.

Comparing all your available options can help you find the right policy to meet your needs at the best price for your budget.

Contact Reassured today for free quotes and personal recommendations.

How much does Holloway Friendly income protection pay out?

Holloway Friendly My Sick Pay could pay out up to 65% of your usual earnings (before tax) up to £65,000 in payments per year.

Below is an example breakdown of what you could receive based on annual income:

Yearly earnings (before tax)Maximum monthly My Sick Pay payment
£20,000£1,083
£40,000£2,166
£60,000£3,250
£80,000£4,333
£120,000£5,416

Source: https://www.holloway.co.uk/storage/070823-My-Sick-Pay-Terms--Conditions-Reviewable.pdf

What additional benefits do Holloway Friendly offer?

When securing income protection through Holloway Friendly, you’ll benefit from the following features:

  • Member assistance programme - Provided by Care First, giving you access to councillors to help with bereavement, stress, elderly care, child support and much more. As well as information specialists to help with debt management, employment, taxes, housing plus more
  • Life changes benefit - You have to option to increase or decrease your cover amount to keep up with ever changing needs
  • Waiver of premiums - While you’re receiving payments, you won’t need to pay your premiums
  • Top up your sick pay - If you’re receiving pay outs and you’re unable to return to work full time or need to take up a new role with lower pay, Holloway Friendly will help to top up your earnings for up to 1 year

Holloway Friendly have also introduced some new benefits to help its members with the cost of living crisis.

Cost of living support:

  • Pause payments - If you’re struggling to keep up with your payments due to the effects of the cost of living crisis, Holloway Friendly offer members the chance to pause their payments for up to 6 months (you must have held your policy for at least 3 months to qualify for this)
  • Member support fund - A fund which will be used at Holloway Friendly’s discretion where they identify members who may benefit from financial help
  • Covid-19 exclusions removed - All covid exclusions have been removed for both new and existing customers, meaning you can now claim if Covid prevents you from working and keeps you off work for longer than your deferred period

Holloway Friendly Classic Plus Plan

Holloway Friendly Classic Plus plan

Classic Plus Plan key points

  • Up to 60% of your gross annual income could be protected (up to £100,000)
  • The policy term must be a minimum of 5 years and must end by your 70th birthday
  • Own occupation definition of incapacity
  • Lump sum payment starts to build after 3 years
  • Doesn’t cover redundancy or unemployment

Holloway Friendly also offer the Classic Plus Plan. This policy is based on the original ‘Holloway contract’ concept - income protection with the potential to earn a tax-free lump sum.

As with a standard income protection policy, you’ll be paid a percentage of your income (up to 60%) if you’re unable to work due to illness or injury.

Once the policy has been in place for 3 years, the policy will start to build a lump sum.

This lump sum will be paid upon the policy end date.

If you cancel your policy or stop paying your premiums, your cover will cease and you won’t be able to access the lump sum.

This is a more specialist form of cover and it may not be suitable for everyone.

Not available through Reassured.

What are Holloway Friendly’s claims statistics?

In 2022, Holloway Friendly paid out 93.4% of income protection claims - totalling £3.78 million[1].

The most common reasons for claiming includedClaims were most common among these age groupsThe most common reasons for claims not being paid were
1. Musculoskeletal injuries
2. Joint and tendon problems
3. Covid-19
4. Mental health conditions
5. Surgical procedures		1. 50 - 59
2. 30 - 39
3. 40 - 49		1. Condition excluded from cover
2. Recovery before deferred period ended
3. Lack of evidence to support claim
4. Claim being withdrawn


Claims statistics help to give an indication of how likely it is for an insurer to pay out.

While this is an important metric to consider, it shouldn’t be the only factor that sways your decision.

Through Reassured you can compare Holloway Friendly income protection with all other UK providers, helping you find the right policy for the best price.

Simply get in touch for your free quotes.

We compare multiple insurers’ pay out rates in this comprehensive income protection pay out guide »

Is Holloway Friendly income protection worth it?

Hopefully this review has helped to answer any key questions you may have had about Holloway Friendly income protection.

Holloway Friendly have a rich history in regards to income protection and offer flexible cover to meet a range of needs.

Ultimately, whether their cover is worth it for you will depend on if the policy terms they offer meet your needs.

Compare Holloway Friendly quotes

Holloway Friendly income protection isn’t available to buy direct, so you’ll need to use the services of a financial advisor or broker to obtain quotes.

It’s always important to compare multiple quotes to ensure you’re securing the right income protection for your needs.

Using the services of a broker, such as Reassured, can allow you to do this quickly and easily.

We can help you compare My Sick Pay against other policies from the UK’s best income protection providers.

Not only will you be provided with quotes from the whole of the market, but an expert member of the team can offer personalised recommendations on what’s best for you.

Quotes are fee-free and without obligation, so why not get in touch?

Compare Holloway Friendly Quotes » Save Money

Sources:

[1] https://www.holloway.co.uk/about-us

[2] https://www.covermagazine.co.uk/news/4076996/holloway-friendly-pays-gbp-7m-claims-2022

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