About Holloway Friendly
Holloway Friendly is one of the UK's oldest mutual income protection societies, founded in 1875. Their distinctive "Holloway plan" combines income protection with a savings element — your premiums accumulate a share of profits which can be taken as a cash sum at the end of the policy.
How the Holloway plan works
Unlike standard income protection, a Holloway plan has two elements:
- Protection element — pays out if you're unable to work due to illness or injury
- Savings element — accumulates a "deposit value" over the policy term, payable if you don't claim or at retirement
This means even if you never claim, you receive a payout at the end. However, the savings element means premiums are higher than pure income protection.
Underwriting
Holloway Friendly is known for pragmatic underwriting, particularly for manual workers and those with more complex medical histories. They are an alternative worth exploring if mainstream insurers have offered poor terms.
Pros and cons
- ✓ Unique savings + protection combination
- ✓ Long-established mutual insurer
- ✓ Flexible for manual occupations
- ✗ Higher premiums than pure IP due to savings element
- ✗ More complex product — requires careful consideration
Frequently Asked Questions
Holloway Friendly suits those who want a savings element alongside income protection. For pure protection at the lowest cost, The Exeter, LV=, or Royal London may be more straightforward.
A Holloway plan is an income protection policy that also accumulates a savings deposit. If you don't claim during the policy, you receive the accumulated deposit value at the end. It combines protection with a savings element.