Take up of group income protection could potentially treble when offered via flexible benefits schemes if the benefit was partially funded by employers, according to research by MetLife.
Its UK employee benefit trends study, which surveyed 500 employees and 300 employers, also found that take up of life insurance could potentially rise from 23% to 59%.
The research also found:
- Dental benefits take up could potentially rise to 54% from 23% if both employers and employees contributed.
- Just under a third (31%) of employee respndents said the rates and options available on protection products are better if they buy these through their employer.
- 82% of employer respondents said employee wellness was on their agenda.
Tom Gaynor (pictured), employee benefits director at MetLife UK, said: “Employees are much more likely to buy cover when it comes with employer co-payments.
“A benefits programme must meet the needs of the modern workplace on both sides of the equation, covering the employer’s need for engaged and motivated employees and employees’ needs for benefits that reflect different life stages and financial circumstances.
“Flexible benefits can do both of these things, but to be effective businesses need to ensure communication is working well.”