MetLife UK paid out £252m in employee benefit claims last year, after increasing the number of people covered on its group life and group income protection plans.
The lion’s share of this money was paid out in group life claims, with more than £231m being paid to the families of 1,851 employees. Last year the average payment paid under these policies was £120,000.
MetLife said 95 per cent of these claims are paid within 2.4 working days.
It also paid out a further £21m under its GIP via 6,761 claims. In total Met Life says it now cover 203,000 employees on GIP policies, an 11 per cent increase on figures from 2024.
It adds that as well as paying out to employees who are off work due to health problems, these policies also offers a range of additional benefits including access to a GP 24/7, a gamified app for health and wellness, early intervention services and an employee assistance programme to support mental health.
All are tailored to employees to promote wellness, lessen burnout and reduce absence from work.
Overall Met Life UK now has to 1.9 mi lives covered on its employee benefits portfolio.
MetLIfe UK deputy CEO Adrian Matthews says: “We’ve seen a considerable increase in demand for employee protection policies.
“Experiencing bereavement or having a serious illness can have a profound impact on a household, particularly when it affects an income provider.
“Financial protection plays a vital role in helping families maintain stability during these moments, and we’re proud to have been there for those who needed that support most.”
He adds that employees offering these policies demonstrate a clear commitment to employee wellbeing, as these offer a range of practical help, including rehabilitation, early intervention or counselling services, alongside this financial safety net.
