Legal & General Insurance has partnered with Salary Finance to launch Protect; a mobile-first, group insurance solution.
Aimed at businesses with 500+ employees, Protect extending group life cover, income protection and critical illness cover to entire workforces at no extra cost for the employer.
Employees can adjust cover at any time across the three protection products, in order to make group protection more individual and increase engagement with these benefits.
Protect offers a core level of cover paid for by the employer, with cover top-ups available. Cover can be adjusted whenever, with no tie-ins and no need to wait for a once-a-year window to make changes.
Legal & General has also removed the pre-existing condition exclusions on critical illness cover with upfront digital medical underwriting. The insurer says that cover can be arranged in minutes, with instant decisions and generally no medicals required.
The set-up and implementation of the Protect solution comes at no cost for employers. HR communication support is also included to help encourage employees to engage with their benefits, and to help them understand how they can use the embedded mental health and wellbeing support services.
Bernie Hickman, CEO, Legal & General Insurance, said: “Protect is a highly digital experience that brings amazing simplicity and great value to employers and employees. It is designed to generate a greater return on benefits spend, with higher engagement, leading to healthier, happier employees and reduced absence. Combining the low cost of group cover with the personalisation of retail products, we can give comprehensive and totally flexible cover at highly competitive prices.
“With Protect we’re engaging employees in the importance of insuring what is their most valuable asset; their ability to work and earn a living.
“To achieve this, we want to work with intermediaries to drive innovation in the group protection market, the way a tech company would. If we don’t, a tech start-up or a big tech company is likely to do it without us.”
