Friends Life has become the first provider in the to offer family carer benefit as part of its income protection (IP) proposition in the UK
Family Carer Benefit pays up to £1,500 each month for 12 months if the policyholder’s spouse, civil partner or child needs continuous care.
The policyholder can continue to work full time if they choose and they don’t need to be in receipt of any state benefits to make a claim.
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The announcement comes as part of a package of enhancements to Friends Life’s income protection proposition.
Among the enhancements are an increase to the number of ‘own occupation’ professions and a recurrent two-year limited benefit policy option.
Figures from Friends Life show that income protection is still being overlooked by the vast majority of people.
The provider cited data from a recent You-Gov survey noting that just 3.3% currently hold an IP policy – in contrast more people have pet insurance (13.1%) and travel insurance (31.2%).
In fact, more people even have private medical insurance (10%) and even a Self-Invested Personal Pension (3.4%).
Colin Williams, managing director of Work Place and Intermediated at Friends Life, said: "We are one of the companies supporting the Seven Families initiative which is doing great work in raising the awareness of income protection. The Family Carer Benefit we’ve introduced is another reason more people should be considering this really important form of insurance."
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