Introducing Lump Sum for Group Income Protection
March 21, 2022
We are continually striving to meet the changing needs of our customers. Over the course of the pandemic, the relationship between employee and employer has changed. Now, many employers are looking at ways to enhance their employee benefits to provide greater choice and flexibility for their employees.
Group Income Protection limited term policies tie in with a workforce no longer expecting, or wanting, a job for life, particularly where the ‘Great Resignation’ has driven employees to seek better conditions and fulfilment elsewhere.
Employees may feel that a policy that covers them until they retire is not what they need.
But having protection for a fixed amount of time, with a lump sum payment option to help them get back on track, is worthwhile. And with employees now looking for greater financial protection, with 65% saying they care more about such benefits over ‘softer’ benefits, such as gym membership1, the lump sum option ensures that employees feel cared for and valued.
Considering these changes, MetLife is enhancing its Group Income Protection proposition by providing a lump sum option for new and existing Group Income Protection schemes.
This option allows businesses to provide a lump sum payment at the end of a limited term period for employees who are unable to return to work due to illness.
Our lump sum benefit can be provided either as a fixed lump sum or a multiple of salary, with the maximum lump sum benefit selected to be the lower of 5 times salary and £1 million.
Once the lump sum benefit has been paid in respect of an employee, no further benefit is payable, and cover terminates for the employee.
A lump sum benefit cannot be insured for partners and is only available for policies with at least 20 employees. For more information, you can find our full Group Income Protection Technical Guide here.
To meet the changing needs of our customers, our lump sum option provides greater choice and may make sense for both the employer and employee as part of their employee benefits offer. For more information, speak to your account manager, or contact MetLife on 0800 917 1112, or email ebnewbusiness@metlife.uk.com.