TL;DR
Cirencester Friendly, mutual since 1890, specializes in income protection: My Earnings Insurance (long-term) and My Earnings Protected (2/5-year claims). Guide covers features, suitability, underwriting, costs, claims for 2026. What is Income Protection?
Key takeaways
- Benefit: 65% first £60k + 50% above, max £112k/year.
- Best for: Long-term security (self-employed/directors).
- Same benefit calc.
- Best for: Budget/public sector topping up sick pay.
- 24/7 virtual GP/video.
Cirencester Friendly, mutual since 1890, specializes in income protection: My Earnings Insurance (long-term) and My Earnings Protected (2/5-year claims). Guide covers features, suitability, underwriting, costs, claims for 2026.
What is Income Protection?
Tax-free monthly income if unable to work due to illness/injury after deferment, until recovery/retirement. Essential for self-employed/limited sick pay.
| Feature | Income Protection | Critical Illness | Life Insurance |
|---|---|---|---|
| Payment | Monthly | Lump sum | Lump sum |
| Trigger | Incapacity | Diagnosis | Death |
| Duration | Months/years | Once | Once |
SSP: £116.75/wk max 28wks – inadequate.
Overview
Member-owned: Profits reinvested; high claims (95%+ typical). UK-focused specialist.
Plans
My Earnings Insurance (MEI)
Full-term to retirement.
- Benefit: 65% first £60k + 50% above, max £112k/year.
- Best for: Long-term security (self-employed/directors).
My Earnings Protected (MEP)
Limited: 2/5 years/claim (resets after 6mo work).
- Same benefit calc.
- Best for: Budget/public sector topping up sick pay.
| Plan | Claim Max | Cost | For |
|---|---|---|---|
| MEI | To retirement | Higher | Self-employed |
| MEP | 2/5 years | Lower | Budget/employees |
Premiums guaranteed.
Features
Incapacity
'Own Occupation' standard: Pays if unable to do your specific job (wide occupations incl. manuals).
Deferment
4, 8, 13, 26, 52 weeks (longer=cheaper; match to sick pay/savings).
Indexation
Optional RPI increases (benefit + premium).
Benefits
Friendly Voice (day 1):
- 24/7 virtual GP/video.
- Mental health counseling.
- Second opinion.
- Physio/rehab.
Suitability
- Self-employed/manual trades: Flexible underwriting/earnings proof.
- Directors: Personal/Executive (company-paid, tax-efficient).
- Public sector: MEP tops up generous sick pay.
Scenario: Surgeon tremor claims under Own Occ despite able for other roles.
Underwriting
Full: Health/family/lifestyle/occupation/finances.
- GP/nurse exam possible.
- Outcomes: Standard/loading/exclusion.
- Fair on BMI/mental health/manual jobs.
Exclusions: Self-harm/drugs/criminal/war/pregnancy; medical-specific.
Costs
Factors: Age/health/smoker/job/benefit/defer/term.
Illustrative non-smoker, £2k/month, 13wk defer, to 67:
| Age | Job (Class 1/3) | MEP 2yr | MEI Full |
|---|---|---|---|
| 30 | Office/Electric | £18/£30 | £35/£58 |
| 45 | Office/Electric | £35/£60 | £72/£115 |
Illustrative only.
Claims
Supportive in-house.
- Notify near defer end.
- Form + evidence (GP report by insurer; earnings proof).
- Assessment.
- Monthly payments post-defer.
- Ongoing support/rehab.
High payout rates.
Verdict
Premium Own Occ/full-term; mutual benefits. Compare market for fit.
FAQs
Tax-free?
Mental health?
Medical exam?
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