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UNUMPROVIDENT AND PERSONAL GROUP
TO MARKET NEW VOLUNTARY GIP POLICY
Leading disability insurer, UnumProvident, has
joined forces with employee benefit provider Personal
Group, to market a new Voluntary Group Income
Protection (VGIP) policy.
The VGIP product has been designed to provide
an affordable income protection solution for skilled
and semi-skilled workers. Whilst the plan will
be underwritten by UnumProvident, enrolment will
be facilitated by Personal Group using their flexible
benefit software PERFLEX,
which can personalise the cover and cost to each
employee and allows individuals to make choices
on-line
Independent research commissioned by UnumProvident
shows that there is a growing market for voluntary
benefits. The research, designed to establish
whether there is a viable market for Voluntary
workplace marketing, confirmed a number of views
held about the market. Employer’s perceived
advantages of voluntary were that they would be
able to offer staff a means of accessing benefits
already provided to senior staff and that there
would be minimal administration. Some of the key
targets identified were part-time staff and organisations
with few or limited benefits.
As employers look to provide greater access to
benefits, voluntary benefit schemes are becoming
increasingly popular as they allow the employer
to meet the individual needs of their employees
while keeping costs to a minimum.
Paul Davies, Marketing and Business Development
Director, at UnumProvident said: “Worksite
marketing and enrolment has the potential to provide
a substantial business source in the UK. Voluntary
enrolment can provide greater access to those
who are typically underinsured and for those who
might otherwise be excluded from having cover
because their risk rating makes their premiums
unaffordable.”
UnumProvident chose to partner with Personal
Group because of its 20-year track record of worksite
marketing in the UK and its ability to provide
face-to-face enrolment meetings with employees
utilising PERFLEX.
The voluntary scheme provides qualifying employees
with a limited benefit income protection plan,
which is designed to dovetail with, although not
necessarily equal, their company's sick pay scheme.
Under the scheme, employees can extend the period
for which they will receive benefit payments in
the event of long-term incapacity. The products
will be positioned as tax efficient solutions
and promoted within Personal Group’s all
employee benefit programmes
Membership to the scheme ceases once the employee
has left their employer for whatever reason.
ENDS
March 07
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