Workplace Recovery Advantage.

Workplace Recovery Advantage can help your clients limit their costs and protect their staff whatever their age.

With the removal of the default retirement age it may be an ideal time for employers to review their group protection benefits arrangements. Employers will need to consider that employees may now look to work longer than initially planned, with the intended increases to the State Pension Age (SPA).

This modern limited term solution has no upper age limit plus it can pay benefit for the full limited term that's been chosen.  For example, if a five year limited term policy is in place and a 68 year old employee is off work due to sickness, we’ll pay benefit until they are 73 providing they continue to meet the insured definition of incapacity.

We can provide up to 10 years of benefit.  This can be a combination of limited term period and lump sum, although there are some restrictions.  The lump sum can't exceed the limited term period and the maximum period is five years.

PRODUCT FEATURES

• No upper age limit.
• Includes rehab where relevant, plus financial support that doesn’t need to stop at age 65.
• Up to five years’ capital lump sums available.
• Option to top up holiday pay liability.
• Cover can also include associated business costs, such as private medical insurance, car and phone.
• 5% early notification bonus. Available to companies insuring over 250 lives.
• Direct payment facility option, included as standard.

CHANGING BENEFIT STRUCTURE

This may not be as difficult as you think.  We’ve partnered with Legal Assistance Direct who have a team of lawyers that specialise in employment law. They've produced a handy guide to help you and your clients.

It’s always advisable to contact a solicitor specialising in employment law before making changes to employment contracts.

Workplace Recovery Advantage is part of our Group Income Protection proposition. Download a copy of the Group Income Protection technical guide for more information of what is and is not covered.