Paul Timmins, chief operating officer at DAS UK Group, says: “It has been a deliberate part of our business strategy to offer these products because we want to attract and retain high-quality and skilled staff.
“We employ a large number of lawyers, accountants, actuaries and other insurance and legal services professionals, and all of them have been in great demand in the market, even during the economic downturn.
“The income protection scheme also fits in with our strategy of keeping staff as healthy as possible. Its ability to reduce absenteeism through the insurer’s early intervention and its help with rehabilitating employees back into the workplace is very important.”
The life scheme, provided by Legal and General, provides cover of four-times salary, and the income protection scheme, provided by Canada Life, covers two-thirds of pensionable salary (minus state benefits).
Benefit payments start after a six-month deferred period. Last year, DAS UK Group took the decision to reduce the benefit payment period from retirement age to five years.
“We found that no claims have ever gone beyond five years, so we have decided to reduce the premium by capping the benefit,” says Timmins. “We have the discretion to extend this period, self-insured by the company.”
