Income protection, critical illness cover, and life insurance could prove indispensable to those who, under unfortunate circumstances, desperately need them.
These are not minor conveniences, and they warrant the resources required to ensure that these receive some necessary time in the spotlight.
The simple truth is that for a perk to be mutually beneficial, employees need to see it as a valuable and worthwhile addition to their overall remuneration.
This is why it is important for providers to go to significant lengths to design communications that group clients can use to promote policies.
The key take aways
A large section of the UK labour force below the age of 66 is planning to work beyond their current state pension age.
Understandably, they have substantial concerns about how long their pension savings will last and their future ability to cover daily expenses.
On top of this, they worry about how ill-health could jeopardise income security at a particularly vulnerable period of their lives.
This is where good insurance products can really offer great value to both employers and employees.
By incorporating group income protection, group critical illness cover and group life insurance into benefits packages, employers can respond to this demographic’s needs while attracting (and retaining) an important pool of talent.
However, to maximise the advantages gained, good communication of these perks and their value is of paramount importance.
Rus Waygood is sales manager, group protection, at Canada Life
