Unum refreshes group life offering, including a simpler approach and added EAPUnum has refreshed its group life proposition, with an emphasis on simplicity and adding value
Financial protection specialist Unum has refreshed its group life proposition, with an emphasis on simplicity and adding value.
Aiming at employers who may be thinking for the first time about adding life cover for staff or who have been put off in the past by complicated or expensive benefit design, Unum has created a very simple cover solution. Rather than puzzle over the right salary multiple, all the employer has to do is select one number - the amount of cover employees are to have. Unum’s Master Trust is included in the package to make setting up the policy and handling claims easy and, with everyone insured for the same benefit (up to £100,000), they are all covered without medical underwriting.
The Unum LifeWorks employee assistance programme (EAP) is now available to Unum’s group life customers, providing valuable online and telephone support to all insured employees. This expands upon the valued bereavement support services and employers’ critical incident support Unum already provides.
Andrew Potterton, Head of Proposition Development at Unum, said: “Listening to broker and customer feedback, we are taking the opportunity to refine our pricing approach, update our risk-related requirements and add value to our proposition to make life easier for employers looking to protect their staff with this essential benefit. We are committed to removing barriers, making the process straightforward and getting cover in place with the minimum of red tape.”
With this in mind, three-year rate guarantees now come as a standard option and the extra cost to the smallest employers (under 20 employees) has been removed, making the rate the same as for a two-year guarantee. New business and mid-guarantee rate retests are avoided for membership changes up to 30%.
The temporary cover period for members needing medical underwriting is now 3 months from policy start or renewal, although with no routine GP report requirement even for high benefit levels, the process only very rarely takes that long. Addressing the needs of the ageing workforce, employers will now find it easier to continue members’ cover to age 75.
Potterton suggests, “The simple product variant and addition of the EAP service, with its equally valuable employer support, will appeal particularly to smaller businesses new to employee benefits.”