Royal London offer a generous maximum monthly benefit and…
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 income protection can’t be purchased directly. Instead, you’ll need to secure cover through a financial advisor or broker.
Reassured Advice 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 Advice. Simply get in touch for your fee-free quotes.
The following topics are covered in this review:
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.
Holloway contracts are still sold by many insurers today. However, this form of cover isn’t available through Reassured Advice.
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.
Overall, Holloway Friendly are rated well by their customers and by independent organisations.
|My Sick Pay|
|Classic Plus Plan|
Across all their services, Holloway Friendly are rated 4.3 stars on Trustpilot.
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:
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?
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? »
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 Advice? A friendly member of the team can help you find your perfect policy.
Holloway Friendly income protection is available from £5 a month through Reassured Advice.
However, the exact price you pay for Holloway Friendly income protection can vary based on personal and policy factors.
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:
|Age||My Sick Pay guaranteed price per month||My sick Pay Reviewable price per month|
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 Advice today for free quotes and personal recommendations.
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|
When securing income protection through Holloway Friendly, you’ll benefit from the following features:
Holloway Friendly have also introduced some new benefits to help its members with the cost of living crisis.
Cost of living support:
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 Advice.
In 2022, Holloway Friendly paid out 93.4% of income protection claims - totalling £3.78 million.
|The most common reasons for claiming included||Claims were most common among these age groups||The most common reasons for claims not being paid were|
|1. Musculoskeletal injuries|
2. Joint and tendon problems
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 Advice 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 »
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.
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 Advice, 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?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry