Unum has revamped its group income protection (IP) products in order to cut costs and appeal to a wider business audience.
The changes came into force on 2 February for new and existing customers and cover both policy conditions and pricing.
Changes include an immediate reduction in the pricing structure on all Unum’s group IP schemes.
The free cover level (FCL) will also be changed and and will now be either 10% of the total insured incomes or £3,000 per member, whichever is the lower, to a maximum of £120,000 per annum total benefit.
In addition, adverse medical conditions will now be ignored up to the FCL for both new and existing members.
Unum has also improved its switch terms and will now take on any benefits underwritten by a previous insurer on a no worse terms basis.
Glenn Thompson, Unum’s customer solutions director, said: “We are continuously striving to enhance our product offering and appreciate that these are challenging times for many business.
"These changes will ensure that Unum continues to lead the market by helping employers who are looking to manage their cost base whilst retaining their benefits.”