The policy will cover up to 60% of a policy holder’s gross annual earnings, while it will pay a maximum benefit of £10,000 per month and a minimum of £200.
The policy is available for both the employed and the self-employed.
Mat Manser, sales and marketing director for Holloway Friendly, said: “While critical illnesses are life limiting, they are less often life ending any more.
“We have a continued need for people to have a regular income while they are sick, to help with their usual day to day needs such as child care, school and food bills and paying the mortgage.
“This Holloway Friendly critical illness IP policy provides another fantastic option for advisers when discussing protection with clients. We believe that taking away someone’s financial concerns gives them one less thing to worry about and will help them get back to full health sooner.”
Premiums will stay level for the duration of the plan, however the policy holder can choose to increase or decrease their payments at any time.
Holders can also suspend the cover when taking a career break. The cover can be restored to the same level on the same payments at the end of the break without the need for fresh underwriting.