Holloway friendly remove covid exclusions on most deferred periods
One of the great achievements from the industry over the past year was the fact that the pandemic led to relatively little change in protection products. Income protection was the product that perhaps endured the most scrutiny as all insurers either removed or applied a COVID exclusion to their short deferred periods. As the whole country looks forward to the next stage of lockdown easing, there is positive news to come from Holloway Friendly today, who are taking their first steps to remove the exclusions they first applied in March last year.
On 17th March 2020, when the pandemic really started to hit and there were still so many unknowns, Holloway Friendly introduced COVID exclusions to all new plans with a deferred period of eight, four or one week. Following this on 27th March they took the decision to remove both one week and four week deferred periods options from new applications. On 14th July 2020, they took the welcome decision to re-introduce four week deferred periods. One week deferred periods have only been re-introduced recently when they launched their new One2Protect plan.
In a reflection of the reducing number of severe COVID cases, the impact of the vaccination program and the lifting of lockdown, Holloway Friendly have today taken the decision to remove their COVID-19 exclusion from new and existing policies across all plans and all deferred periods with the exception of one week deferred periods.
This is great news for advisers and clients alike and will remove a barrier to taking out a Holloway Friendly Income Protection plan. One week deferred periods will still have the COVID exclusion, however as we are not yet free of the pandemic and there are still many adults awaiting their vaccination (predominantly of insurable age) this is somewhat understandable. We hope that this announcement will be the start of more good news from insurers that apply similar exclusions and that all exclusions can be removed in the not too distant future.