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Holloway Friendly Income Protection Insurance Review 2024

In our latest independent review, our team of insurance specialists explain everything that you need to know about Holloway Friendly income protection insurance. This expert guide provides a full and detailed overview of Holloway Friendly policies, highlighting their key features and their best benefits for customers in 2024.

Income protection insurance pays out monthly to support you financially if you need time off work due to an illness or injury. Holloway Friendly was the UK’s first income protection insurance company, and they still have thousands of UK customers today.

During our latest research into the UK’s best income protection insurance, Holloway Friendly was revealed as the company with the best customer service (rated 4.5 out of 5.0 Stars on Trustpilot). Holloway Friendly are also one of the most budget friendly options for income protection insurance, with policies costing around £13 per month on average.

In 2024, there are multiple different options available for UK income protection customers, which can make it hard to know which company is right for you. Through the information in this guide, we aim to help you to figure out if Holloway Friendly is the best and cheapest choice for your income protection insurance policy.

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60-Second Summary – Holloway Friendly Income Protection Insurance Review 2024

Holloway Friendly is best known as the UK’s first ever income protection insurance company, having supported UK workers and their families since the 1800s. Holloway Friendly competes with bigger insurance companies like Aviva, by offering popular benefits like Terminal Illness Benefit and 24/7 GP Services to support their customers.

Holloway Friendly is one of the cheapest options for UK income protection customers, with many policies starting at less than £10 per month. They may not be the right choice for every customer though, which is why it can be useful to discuss your all your options with an income protection expert.

  • Holloway Friendly offers two main policy options for income protection, which are ‘My Sick Pay’ and ‘Classic Plus’. Both types of cover provide flexible policy options and extra perks and benefits for Holloway Friendly customers.
  • Holloway Friendly consistently receive positive feedback from their customers, with many online reviews mentioning their great service and polite team members. They are currently rated 4.5 out 5.0 Stars on independent review site Trustpilot.
  • Holloway Friendly offers high quality income protection for many types of customers, including self-employed workers and workers with pre-existing conditions and dangerous job roles or hobbies.
  • Holloway Friendly doesn’t take direct applications from customers. If you think Holloway Friendly might be the right company for you, you will need to apply with the help of an experienced insurance specialist.

Holloway Friendly can be a great option for income protection customers who want comprehensive cover for a reasonable price. They won’t be the best choice for everyone, but they are certainly worth considering when looking for income protection.

Holloway Friendly has been providing income protection since the 1800s and was the company that invented income protection insurance in 1875. Their ‘My Sick Pay’ policies are a cheap and cheerful way to protect your income against the impact of an illness or injury.

Our insurance experts consistently find that Holloway Friendly is one of the most cost-effective options for income protection customers. Their policies can often cost less than £10 per month, and your policy can be tailored to your budget and the amount of cover needed.

Some of the main reasons to choose Holloway Friendly for your income protection insurance include:

  • 5 Star Defaqto rated income protection cover, which indicates an ‘excellent policy with a comprehensive range of features and benefits’ (see Defaqto Star ratings guidelines)
  • Rated 4.5 out of 5.0 Stars by customers on independent review site on Trustpilot – currently the highest rating across all UK income protection companies
  • Can be a good option for customers with pre-existing medical conditions, or a dangerous hobby or occupation
  • Includes Terminal Illness Benefit which pays out the equivalent of 6 months of claims if you are diagnosed with a terminal illness (12 months or less to live)

Holloway Friendly Classic Plus Income Protection Plan – CLICK HERE

Holloway Friendly My Sick Pay Key Features Document – CLICK HERE

One of the most popular new features of Holloway Friendly policies is their 24/7 GP consultation app, in partnership with HealthHero. The video below explains more about how the app works, with it providing you, your partner, or children with access to free health advice 24 hours a day.

NEW with My Sick Pay – Free Gp Consultations

Holloway Friendly income protection works by paying out a monthly income if you can’t work due to an illness or injury. There are two main policy options with Holloway Friendly, which are ‘My Sick Pay’ and the ‘Classic Plus Income Protection Plan’.

‘My Sick Pay’ works as a standard income protection insurance policy, while ‘Classic Plus’ includes an investment as well. With both plans, you can claim once you have been signed off sick from work and your claims payments will begin after your chosen deferred (waiting) period.

Type of coverHolloway Friendly Income Protection Insurance
Which policies are available?My Sick Pay
Classic Plus Income Protection Plan
What are the payment options?Guaranteed (fixed) premiums that never change
Age-based premiums that will start at a lower price and increase as you get older
What are the cover options?Short term income protection (pays out for 12 months)
Short term income protection (pays out for 24 months)
Long term income protection (pays out for as long as need until the policy ends)
Can I buy increasing cover?YES – Holloway Friendly allows you to buy increasing cover, so your policy benefit keeps up with any increases in the cost of living.  
This will be based on the Retail Price Index, and the highest increase each year would be 10%.  
Your policy will continue increasing, even if you are claiming.
Includes Waiver of Premium?YES – You won’t need to pay anything to Holloway Friendly while you are receiving claim payments.
What are the policy term options?Your policy can end anywhere between age 50 and age 70.  
Your policy term must last for a minimum of 5 years.
Does Holloway Friendly have age limits for income protection insurance?Minimum age at policy start 18 years old
Maximum age at policy start 59 years old  
Your policy must end before your 70th birthday.
What is the maximum policy benefit?You can cover up to 65% of your usual income (before tax), up to a maximum of £65,000 per year.
What are the deferred (waiting) period options?You can choose how many weeks there are between when you start sick leave and when your policy starts to pay out.  
The standard waiting period options with Holloway Friendly are:  

1 week
4 weeks
8 weeks
13 weeks
26 weeks
52 weeks
Are there any policy exclusions?You won’t be able to claim for redundancy or if you were already too unwell to work before buying your policy.  
Your policy may not pay out for sick leave related to specific medical conditions if they were pre-existing.  
Any exclusions will be fully explained in your policy documents.

To buy an income protection policy from Holloway Friendly, you must:

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Holloway Friendly’s ‘Classic Plus’ policies work in the same way as most income protection insurance policies. The main difference is that your policy will also include an investment, so that you receive a lump sum payment when your policy ends.

The main features of Holloway Friendly ‘Classic Plus’ are:

  • Your policy starts building your lump sum investment after 3 years of policy payments (monthly premiums)
  • Unlimited claims, so you can claim as many times as you need to during your policy term
  • Flexible waiting (deferred) period options (1, 4, 8, 13, 26, or 52 weeks)
  • Option to choose increasing cover, so your policy never loses value because of inflation
  • Option to decrease your cover later if your policy isn’t affordable anymore
  • You can stop paying policy premiums for up to 6 months if you are made redundant, go travelling, or go on maternity or paternity leave
  • You can include cover for any ‘hazardous pursuits’ which includes dangerous hobbies like skiing, mountaineering, or scuba diving

Holloway Friendly Classic Plus Income Protection Plan – CLICK HERE

Note: While this policy includes an investment, there isn’t a ‘cash in’ value. You would only receive a pay out following the end of your policy term. If you cancel your policy early, your investment will not pay out.

ProsCons
Highly rated by their past and current customers (4.5 out of 5.0 Stars) and Defaqto 5 Star rated coverThey might not the cheapest option for every income protection customer
High claims pay out rate (93.4% of claims paid in 2022)The cost of cover will increase over time if you choose an ‘age-based’ policy
Includes a range of top-quality policy features and benefitsIf you have a ‘Classic Plus’ plan, you will lose your investment if you cancel before the end of your policy
Can be a good option for people with medical conditions or dangerous jobs or hobbiesOther companies like Vitality can provide more customer perks e.g. gym discounts

The price of Holloway Friendly income protection insurance will vary slightly for each person. This is because the cost of income protection will be based on things like your age, your job role, smoker status, and your medical history.

However, Holloway Friendly does consistently appear as one of the UK’s cheapest options for income protection insurance and policy prices are generally very reasonable. You can tailor your policy to suit your budget, so that you don’t pay more than you are comfortable with.

Holloway Friendly also allows you to decrease your cover later if needed, so you don’t need to cancel completely if you can’t afford your premiums anymore.

Our independent experts have compared quotes for Holloway Friendly income protection insurance based on age, to show how the pricing can vary for different customers. Based on these figures, the average cost of a Holloway Friendly income protection policy is around £13.18 per month (for short term income protection).

Short term income protection: Pays out £1,000 per month for 12 months

Age of applicantCost per month (£s)
Age 30£6.36
Age 35£8.09
Age 40£10.35
Age 45£13.46
Age 50£17.53
Age 55£23.32

Note: These quotes were all based on an example customer with no medical conditions, with an office-based job role and no dangerous hobbies. Things like your exact job role and any medical conditions will affect the cost of your policy. All quotes are accurate as of 20/03/2024.

If you have any questions for or issues with Holloway Friendly, you might want to speak to their team directly. You can contact them on Monday – Friday between 9.00am – 5.00pm at the following contact details.

Telephone – 0800 0931 535

Email memberservices@holloway.co.uk

Five Stars

Rated "Excellent" 5 out of 5

"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

Holloway Friendly suggests contacting them as soon as possible, once you know that you might have a valid claim. You can contact them online or over the phone, depending on what is best for you.

Once you have completed a ‘Claim Notification Form’, a member of their team will call to ask for any extra information that they might need. In some cases, you will be told instantly if your claim has been accepted, but in some situations you may be told later.

Once you have completed your call, you will need to check and sign a summary of all the information that you have provided to Holloway Friendly. Their team will also stay in touch after you have claimed, to offer additional support where they can.

Holloway Friendly claims contact details

Telephone – 01425 782 754

Email – claims@holloway.co.uk

Online Form – Income Protection Claim Notification

Holloway Friendly claims statistics

In 2022, Holloway Friendly paid out on 93.4% of new income protection insurance claims, with almost £3.8 million paid out in total. The main reasons for income protection claims were for musculoskeletal injuries, injuries to joints and tendons, Covid-19, and mental health conditions.

We paid out 93.4% of claims in 2022!

Note: Holloway Friendly have not released their 2023 claims statistics yet, and this section will be updated with the new figures once they have.

It’s a very simple process to cancel an income protection policy from Holloway Friendly, and this process can be started either online or over the phone. You shouldn’t be charged a fee for cancelling, and you can cancel for any reason and at any point in your policy term.

You will need to call the Holloway Friendly Member Services team or fill in an online form and someone will be in touch within 5 days. You can fill in the online cancellation form here: Holloway Friendly – Cancelling your income protection plan

To cancel over the phone: Telephone – 0800 0931 535 (Monday – Friday, 9.00am – 5.00pm)

You have 30 days to cancel your policy after buying it, to receive a full refund for any money paid. If you cancel after 30 days, any money you have already paid will be lost.

Note: You should think carefully before cancelling your plan, as it may cost more to buy a new policy in the future. If you’re not sure whether to stay with Holloway Friendly or switch to a new company, it can be helpful to get advice from an insurance specialist.

If you have experienced issues with Holloway Friendly, you can submit a complaint to their complaints team. You can complain over the phone or by post, depending on the method that you would prefer. Another option is to fill in their online contact form and someone will get back to you. You can complete this form here: Holloway Friendly – Making a complaint

Holloway Friendly’s website states that they aim to respond to all complaints within 5 days of receiving them.

Holloway Friendly complaints contact details

Telephone – 0800 0931 535 (Monday – Friday, 9.00am – 5.00pm)

Emailcomplaints@holloway.co.uk

Post:

Member Services,
Holloway House,
71 Eastgate Street,
Gloucester,
GL1 1PW

You can contact the Financial Ombudsman Service if you have been waiting far longer than expected for a response, or you are unhappy with the outcome of your complaint. They are an independent service who work to help resolve issues between financial services companies (e.g. insurance companies) and their customers.

Financial Ombudsman Service Logo

Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Emailcomplaint.info@financial-ombudsman.org.uk

There are a range of brilliant benefits that are available for Holloway Friendly insurance customers including:

  • Cost of Living Crisis Support – You can ‘pause’ your policy for up to 6 months as a payment break, if you aren’t working (e.g. you are unemployed, travelling or on maternity or paternity leave)
  • Member Support Fund – Holloway Friendly can offer additional financial support for members who would benefit from extra help with their finances.
  • 24/7 GP App in partnership with HealthHero – Provides 24/7 online healthcare support from qualified medical professionals and can be used by your partner and children too
  • Members Assistance Programme – This is a free programme for Holloway Friendly members, which provides services like counselling and advice and is available 24/7
  • Drop in Earnings Guarantee – This means that you are guaranteed to receive the agreed amount of ‘Sick Pay’ even if your salary has decreased*
  • Increasing cover option – This helps to ensure that your policy will pay out enough if the cost of living has increased since buying your policy
  • Life Changes Guarantee – This allows you to change your policy benefit by up to 50% following a significant life change (e.g. marriage, new mortgage, change in earnings)
  • Earnings Top Up – Holloway Friendly can ‘top up’ your earnings for up to 12 months if you need to return to work on reduced hours

*Guarantee is only available if you were working for at least 21 hours per week before applying for your policy.

Is Holloway Friendly legit?

Holloway Friendly is a legitimate insurance company, having sold policies in the UK since 1875. Politician George Holloway founded the ‘Holloway Friendly Society’ and was the first person to suggest selling insurance to protect a person’s income against sickness or injuries.

This was the beginning of income protection insurance as we know it, and Holloway Friendly have been protecting UK workers and their families for over 150 years.


What is Holloway Friendly about?

Holloway Friendly is a specialist income protection insurance company and is a ‘Friendly Society’. This means that they are owned by their members, so all their profits go back into supporting their customers.


What is a ‘Holloway Contract’?

A ‘Holloway Contract’ refers to an income protection policy that has an investment element included with it. George Holloway first introduced these contracts in the 1800s and they became so popular that the Holloway name is still attached to them.

Holloway Friendly specialises in income protection insurance and doesn’t sell any other personal protection products like life insurance or critical illness insurance.

If you need life insurance or critical illness cover, you may find it useful to check out our life insurance company reviews to find out more about each company.

Life Insurance provider reviews

Holloway Friendly don’t take direct applications from customers, so you would need to apply with the help of an experience life insurance broker. This can be useful anyway, as an insurance expert will be able to fully explain your policy options and advise on what would work best for you.

To get free, friendly advice about your income protection policy, call our experts on 0800 009 6559 or CLICK HERE to fill in our online form.

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Is it worth having income protection insurance?

Income protection insurance can be extremely useful and very important for anyone who is unable to work due to sickness or an injury (e.g. from an accident, sports, work etc.). Essentially, income protection insurance pays out monthly to replace any lost earnings while you are unfit or unable to work.

Payments for income protection insurance can be used to pay your mortgage, rent, other credit commitments, food bills, utilities and other regular outgoings.

Common myths about income protection insurance:

  • Income Protection Insurance won’t pay out
  • Statutory Sick Pay (SSP) from the government will cover me
  • The cost of Income Protection Insurance is high
  • People with medical conditions can't have Income Protection Insurance
  • My employer will help support me
What does income protection insurance cover?

As a rule of thumb, income protection insurance will pay out a regular monthly tax-free payment to you if you can’t work and you are signed off by a doctor. You will need to provide supporting evidence from a medical professional such as your GP and proof of income from your employer or accountant.

Example: Sarah was involved in a car accident which resulted in a serious back and neck injury that prevented her from being able to drive for 6 months. She was able to claim on her income protection policy after 4 week for the remaining 5 months until she was able to move and drive again. She would also usually be able to claim for rehabilitation and physiotherapy to help her to return to work as planned.

Do I need income protection insurance for a mortgage?

Income protection insurance and mortgage life insurance are not compulsory for getting a mortgage in the United Kingdom. Some mortgage lenders might ask for you to get insurance as a condition of the mortgage offer in some circumstances but this is rare.

It is strongly recommended to have insurance to protect you and your family if you have a mortgage and other credit commitments. If you consider what the financial impact would be if you were unable to work due to accident, sickness or injury, and even if you were to die.

Most common mortgage protection insurance policies:

  • Buildings insurance
  • Mortgage life insurance
  • Income protection insurance
  • Critical illness insurance
  • Mortgage payment protection insurance (Accident, Sickness & Redundancy
Is income protection insurance tax free?

Payments from an income protection insurance claim are almost always tax-free, apart from some business income protection policies. This is because you pay tax on the premiums for personal income protection insurance at source (i.e. the premiums are paid from your net monthly salary).

The same applies to life insurance premiums and payouts, effectively you have already paid tax on the premiums that you have paid. There are some other possible tax implications that may apply in certain circumstances so you should seek proper advice or guidance if you have any specific questions.

Which is the best income protection insurance UK?

It’s very difficult to say overall which income protection insurance policies or providers are the best, simply because there are so many different options and types of cover. You can get income protection insurance from an even wider range of insurance providers than life insurance, so your choice is even greater.

The most common income protection insurance policy is:

  • Short term income protection insurance (24 months)
  • 4-week deferred period (pays out after 1 month of absence)
  • Guaranteed premiums (fixed premiums)
  • Underwritten income protection insurance

There are several other cover options for income protection insurance (e.g. long-term, age rated, reviewable premiums, guaranteed acceptance and 0 weeks to 12 months deferred periods).

The top 5 income protection insurance providers according to research by Defaqto are:

  1. Aviva (Trustpilot score: 4.0 out of 5.0)
  2. British Friendly Society (Trustpilot score: 4.1 out of 5.0)
  3. LV= (Trustpilot score: 4.5 out of 5.0)
  4. Royal London (Trustpilot score: 4.0 out of 5.0)
  5. Shepherds Friendly (Trustpilot score: 4.3 out of 5.0)
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Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

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