In partnership with FinTech company Salary Finance, Legal & General Insurance has launched Protect, a mobile group insurance solution that the insurer believes will revolutionize employee engagement. There is no cost to employers to implement a Protect solution. HR communication support and a communication kit are also included to encourage employee engagement (an important point as only 1 in 10 employees have an example of group I cov3er fo5r) and to help them understand how to use integrated mental health and wellness support services. Legal & General`s group protection policy is still within the tariff guarantee period, which means that the premium rate is not affected by any of the tax changes. The key here is to allow people to buy the coverage they want or supplement existing coverage easily and understandably. Employees can also change insurance coverage whenever they want, and not just at times dictated by the insurer or their employer. It also helps improve employee engagement – a major issue in the group risk industry. Not so advantages: not all employees are aware of the applications (although the communication toolkit can help overcome this); Only 1 in 10 employees has group intellectual property, so convincing to buy is a big job; Risk that some employers will use this to reduce their expenses. We`ve been protecting people from uncertainty since 1836, we`re one of the UK`s leading financial services groups and a major global investor. As the UK`s leading provider of group protection insurance with 90 years` experience and knowledge, we offer group life insurance, group critical illness insurance and group income protection for SMEs with 10 employees to businesses with thousands of employees.
Personal protection that can be tailored to your clients` needs, with coverage designed to protect every family, every mortgage and every lifestyle. The new on-demand health services are part of efforts to improve well-being at work, according to Legal & General. They include virtual GPs and mental health support, including psychological counselling for children, and are available to all current and potential members of Legal & General Group Income Protection (GIP) and can complement any existing wellness programmes provided by clients. Benefits: Application-based group risk package; Designed for employees who are proficient in applications; According to L&G, Protect allows companies to offer employer-paid coverage to all employees simply by revamping their existing expenses. Excellent flexibility in advance and to meet changing needs; Voluntary collective IP is a first and allows employees to scale up; 24/7 power flexibility; Communication toolkit to communicate benefits. There are no pre-existing exclusions for CI coverage with digital medical underwriting in advance, and coverage can be arranged in minutes, with immediate decisions and generally no medical obligations. Read our 2021 Claims Statistics report and learn more about our claims process. L&G said its group protection policy would automatically track the increase in the Social Security rate and also cover the new tax for new and existing customers. Comment: L&G has consolidated its three existing collective risk plans into one package to attract not only employers, but also today`s employees. A big advantage is also the voluntary IP coverage – which, according to L&G, is unique.
We are committed to providing SMEs with access to a wide range of collective protection products through sustainable pricing and valuable support services as standard. Our unique data looks at the finances of typical UK households with ideas to help you talk about protection. A study by GRiD in 2019 found that medium-sized employers (250+ employees) spend almost £2,000 a year on benefits such as celebrations and vouchers (I bet the number was lower in 2020…). After Covid, perhaps more companies should now use plans like Protect to provide good basic protection benefits to all their employees. It also makes sense to allow them to supplement their coverage through a voluntary plan, which could save them and their employees (who benefit from lower group rates) money. Protect gives employees quick and easy access to all three group risk coverages, whether on an employer-paid or voluntary basis. Voluntary income security is unique in the group`s market, says L&G. Employees can choose coverage for all three protection products, allowing for a level of customization not found anywhere else on the market, according to the insurer.
This change in approach to group coverage is intended to make it more individual and increase commitment to employer benefits. Legal & General has announced that its collective protection product will cover the incoming increase in Social Security for employers, as well as the government`s new “health and social security tax” for individuals. L&G says the plan is part of its mission to reshape the group`s protection in partnership with intermediaries to bring the conversation beyond product and price to results. Aimed at companies with 500+ employees, Protect is based on the type of digital experience employees are accustomed to in their daily lives. The insurer says it offers an attractive solution that addresses unmet needs and extends group life insurance, income protection and critical illness coverage to the entire workforce at no additional cost to the employer. “It`s a framework that supports the now well-established and increasingly popular view that good work is good for your health.