First Actuarial has partnered with Legal & General to offer a new employee benefits package for smaller employers.
The package offers benefits including life assurance and income protection within the typical budget available to businesses that employ up to 30 staff. First Actuarial said that in some cases benefits could be provided for 1 per cent of salary costs.
The launch is First Actuarial’s latest move into the broader arena of employee benefits, as it seeks to widen its two decades of experience as a pensions consultancy.
The firm’s team of employee benefit consultants now offer group protection brokerage services to businesses of all sizes.
First Actuarial co-head of employee benefits David Parfett says: “SMEs often find themselves priced out of the employee benefit market. It’s hard for them to compete for job seekers against larger employers and their shiny benefit platforms.
“But without recruiting and retaining skilled people, they can’t grow their businesses.For a modest cost, this new group protection package provides life assurance and income protection for smaller employees. It includes features which are usually unavailable with smaller policies. First Actuarial can also arrange critical illness protection as an add-on policy.”
He adds: “The cost can be as little as 1 per cent of salary costs, making it an affordable employee benefit with additional wellbeing services included. The package also gives employers a higher free cover level – at which cover can be provided without the need for medical underwriting – than would typically be available if they applied directly to an insurer.”
