News – Page 10
-
Article
Sergeant review of financial products published
An independent steering group set up by the government has published its final recommendations, Sergeant review of simple financial products, on simplifying financial services products, such as life insurance products and savings accounts.While the report does not immediately change anything for employers, it does indicate that they should play a ...
-
Article
Buyer's guide to group income protection 2013
THE FACTSWhat is group income protection?GIP pays a regular monthly benefit if an employee is unable to work because of long-term illness or injury. Benefits are payable until the employee returns to work or, if earlier, state pension age, or for a fixed payment period, typically two to five years. ...
-
Article
HSBC consults on benefits changes
HSBC is consultating with its UK employees on changes to their employment terms and benefits, including the proposed closure of its final salary pension scheme to future accrual, and improvements to the income protection scheme, maternity and paternity pay.The consultation, which will close at the end of March 2013, is ...
-
Article
Unum launches benefits app
Unum has launched an application (app) that enables employers to model their benefits package to see what it is able to offer without increasing its spend.Using the app, an employer enters details about its business and can then see how changing the levels and types of benefits it offers can ...
-
Article
L&G partners mental health charity
Legal and General has partnered national charity Rethink Mental Illness to help employers reduce the number of working days lost due to employees’ mental health problems.The partnership allows employers that take up Legal and General group protection insurance to access training from the charity using management tools that can be ...
-
Article
Friends Life enhances critical illness product
Friends Life has enhanced its group critical illness offering with improved product terms, greater flexibility for members of flexible benefits schemes, and access to the Best Doctors’ service.The insurance provider has also added cardiac arrest to its standard cover, along with enhanced definitions for cancer, major organ transplant, multiple sclerosis, ...
-
Article
A third of staff will work past 65
More than a third of respondents said they believe they will work past the age of 65, according to research by Canada Life Group.The report, which surveyed 1,635 UK workers, found that 44% of men said they intend to continue to work past the age of 65, while 33% of ...
-
Article
Ellipse launches new income protection product
Ellipse has launched a second group income protection plan.The plan, Interact, offers employers a 10% reduction in their premium if absences are notified promptly, or if no employee is absent for more than four consecutive weeks during a year.It has also added single life policies to its group life product ...
-
Article
Buyer's guide to critical illness insurance
Critical illness insurance (CII) was launched into the UK market in the 1990s, making it one of the newest group health products. Until recently, employers have generally considered CII the least necessary of its employee benefits, but times are changing.Swiss Re’s 2012 Group watch survey, published in April, shows that ...
-
Article
Friends Life enhances GIP policy
Friends Life has enhanced its group income protection (GIP) policy.It will increase the maximum benefit available under the GIP policy from £350,000 per year to £425,000. Pension scheme and national insurance (NI) contributions can be insured in addition to the maximum benefit.Friends Life has also removed the 5% limit on ...
-
Article
BHSF to launch group life assurance plan
Health insurer and employee benefits provider BHSF has launched a group life assurance plan for small and medium-sized enterprises (SMEs).The plan features a fixed level of death-in-service benefit for a pre-stated market rate premium. It offers either £25,000 or £50,000 of benefit in the event of a covered employee’s death.Brian ...
-
Article
Legal and General adds physiotherapy to group income protection product
Investment and insurance firm Legal and General has added physiotherapy treatment services to its group income protection product.The service, which will be provided by Physioworld, includes cognitive input and a phased return-to-work rehabilitation.Diane Buckley, managing director of group protection at Legal and General, said: “It enables us at Legal and ...
-
Article
Unum launches video to raise awareness of group income protection
Unum has launched a video to help employers understand the value of group income protection.The video forms part of the insurance provider’s income protection awareness-raising campaign.It is hosted on AskUnum, an online hub that hosts blogs, downloadable resources, videos, and questions and answers to help employers and employees find out ...
-
Article
Quarter of small firm respondents have not heard of group income protection
A quarter of small firm respondents have never heard of group income protection (GIP) products according to research conducted on behalf of Legal and General.The Legal and General group protection product research 2012, conducted by Reed Business Insight, also showed that of the 400 respondents, two-fifths had only heard of ...
-
Article
Buyer's guide to group income protection
Focus on factsWhat is group income protection? It insures employers against the cost of employee absence. Policies pay employees who are unable to work because of injury or long-term illness, covering the income and benefits to which they are entitled under their contract for as long as they are incapacitated, ...
-
Article
Less than half of respondents offer group income protection
Less than half (47%) of organisations offer group income protection to their staff, according to research by Jelf Employee Benefits.Conversely, the research found that life assurance was offered by 82% of respondents, even though employees are three times more likely to be off work with a long-term illness than die.Nearly ...
-
Article
Ellipse launches new group income protection product
Ellipse has launched a group income protection product that integrates income protection cover with an absence management system, helping to ensure illness and disability in the workplace are managed and mitigated.The product, InteractPlus, includes a built-in absence management service by Absere, and several specialist medical providers.It aims to reduce the ...
-
Article
Legal and General: A third of group income protection claims are for mental health issues
One-third (31%) of the group income protection (GIP) claims received by Legal and General since 2000 were for mental health issues.Its figures have found that the proportion of mental health claims is increasing, up by 6% since 2005, from 25% to 31%.In the finance and insurance sectors, 44% of claims ...
-
Article
Unum to introduce new level of income protection cover
Unum is introducing a new level of income protection cover, designed to support the nine out of ten UK employees who do not currently have a financial back-up plan in place against long-term illness or injury. The cover is intended to relieve the financial burden and stress from an employee ...
-
Article
Aviva adds employee assistance programme to group income protection policies
Aviva has added a free employee assistance programme (EAP) to its group income protection policies.The EAP has been developed to help employers recognise and respond to stress in the workplace and increase the support offered through income protection. It enables employees to access face-to-face counselling if they need it.The programme ...