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Holloway Friendly extend payment holiday option

Holloway Friendly extend payment holiday option

Holloway Friendly have announced today that they are extending their payment holiday facility until September 2021. The facility, initially introduced on 16th April 2021, had been due to expire in April however this extension will be welcome to many clients that are still experiencing financial difficulties due to the pandemic.

Holloway Friendly’s payment holiday scheme was introduced to provide clients who have paid more than three months and under three years premiums (and as such do not qualify for the career break option) with the ability to pause their premiums if they are suffering from financial difficulties.

The payment holiday enables such clients to pause premiums for up to six months (or until the end of September 2021) during which time they will not be covered. If premiums are paused for six months or less there will be no requirement to confirm their health when cover restarts. Holloway Friendly may allow clients to continue the premium holiday for longer than six months, however where this happens the client will be required to complete a declaration of health when the plan restarts. Clients are able to restart the plan at any time during the payment holiday if their finances improve.

Where a client elects to take a premium holiday, this will have no impact on their adviser’s commission unless they do not restart the plan, at which point commission will be clawed back. 

Andy Rowson – Sales and Marketing Director at Holloway Friendly stated “Our temporary payment holiday was introduced to help people who may be in financial trouble at these times, we think that it is only right to continue this until September when, hopefully, life will get back to some sort of normal.”

Whilst today signals the first day of the staged exit of lockdown, many consumers will continue to be financially affected by the lockdown rules and for some it may take some time to get back on their feet. The extension of the payment holiday is welcome for such clients who although not covered during the holiday, will have a mechanism to keep their plan running and not have to re-apply for cover when they are able to continue to pay premiums.

Read the full statement here

About The Author

Adam Higgs

Adam leads Protection Guru's detailed protection research and benchmarking of both product and operation features provided by insurers and has a vast knowledge of the protection market. He has been instrumental in building the protection comparison service Quality Analyser and maintaining the data to enable adviser to quickly and easily compare protection products based on qualitative measures. He also works with adviser firms to help in panel reviews and with insurers to help them understand the shape of the market, their strengths and the areas that could be improved in their products. In his spare time and when not spending time with his wife and two children, Adam is a keen Arsenal fan and enjoys hacking his way around a golf course.

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