Consumers can purchase their own cover, with prices starting from 75p per month for cover between £10,000 and £100,000.
The policy has been designed for women between the age of 19 and 70 as breast cancer is the most common cancer for women in the UK, with 42,489 being diagnosed in 2012.
Mathew Manser, sales and marketing director for Holloway Friendly, said: “This breast cancer support policy is a perfect complement to the comprehensive income support that we normally offer at Holloway Friendly.
“Julian [Martin-Redman, IFA and co-founder of ifapps] and his team at ifapps approached us to support the development of this app as a unique way of getting vital financial support to women and men with a specific requirement, providing help at the time they most need it.
“Breast cancer is a source of serious concern to women of all ages across the country. This provides an innovative and incredibly cost effective form of financial help and was something that we were very happy to get involved with.”
Premiums are level and fully guaranteed for the policy term, so somebody taking out £10,000 of cover at age 25 will pay 75p a month as long as they continue the policy.
And the same person wanting £100,000 of cover will pay £7.50 per month for the life of the policy – even if they were to continue it until they are 75.
Julian Martin-Redman, IFA and co-founder of ifapps said, “This app will help to put people in charge of their own health care, providing financial support when it’s most needed. Eight out of 10 women now survive breast cancer; this policy will provide them with vital practical support helping to take away some of the worries they may face.
“At ifapps we monitor changing trends and legislation within the financial industry and are constantly on the lookout for both product and service gaps. Where we see an opportunity, we devise solutions to bring more information, more choice and more control to the customer - which is what this app has been designed to achieve. All our products are packaged up into easy to use, functional apps that allow customers the freedom to control their finances from any mobile device.”
You can claim more than once on this policy, with the amount of cover chosen at outset representing the total pot of cover.