British Friendly has added a bereavement benefit to its discretionary Mutual Benefits programme, which is core to its income protection proposition.
The new benefit will be provided for all new and existing insured members at no extra cost.
It is timely as the government’s Widowed Parent’s Allowance, Bereavement Allowance and Bereavement Payment were replaced with a Bereavement Support Payment in April.
Bereavement Benefit is a discretionary benefit designed to provide a lump sum to members who suffer the loss of their spouse, partner or child.
The amount payable will be a lump sum equal to thirteen times the member’s weekly income protection benefit with a minimum payment of £1,000.
Bereavement Benefit is part of the mutual support pillar of British Friendly’s Mutual Benefits programme that launched in February and sits alongside its Death Benefit, Care Assistance Benefit and healthcare services provided by Square Health.
Nick Telfer, British Friendly’s head of product and propositions, said: “With Bereavement Benefit we are building on the work we’ve done to return value to our members by further enhancing their cover so that it is inclusive and protects against events that impact them as well as their wider family.
“We want to grow the appeal of Income Protection in the intermediary market and help advisers to win and retain customers. We believe initiatives like Bereavement Benefit help to achieve these goals.”