Legal & General Group Protection has enhanced its SME offering, widening access and offering a longer guaranteed period on rates.
L&G is now offering group risk products to firms with just three employees. Previously the minimum cover was 10 lives. At the same time it is offering a three-year unit rate guarantee on all new group life and group income protection policies. This is available for policies covering between three and 500 employees.
These enhancements are only available to intermediaries using Onix, L&G’s digital quote, buy and renew platform. This offers unit-rate costing — a set, average aggregated, cost for the duration of the policy that typically sees fewer fluctuations and variance. L&G says this help business owners budget over the long term, particularly given the three-year unit rate guarantees now being offered.
Onix also offers a range of additional wellbeing benefits, included as standard on all income protection policies. In addition access to a virtual GPs service is included on all policies up to 500 employees, while a virtual master trust is now included as standard on group life policies.
Legal & General Group Protection distribution director Colin Fitzgerald says these enhancements cover a lot of ground. “We’re unit rate costing from three employees to bring cost certainty to employers at a time when this is acutely important for them, when faced with salary and energy inflation.
“And a three-year unit rate guarantee as standard on all policies from three to 500 employees is a market-leading innovation for self-service platforms beyond 250 lives.”
He adds: “There has been a significant increase in interest in employee wellbeing and this represents a huge and largely untapped opportunity to provide protection for the SME market.
“Our goal at Legal & General is to bring valuable workplace wellbeing and protection benefits to many more people. We see digital innovation as the ideal way to expand the market, saving advisers time throughout the customer journey from initial quotation to renewing the business at the press of a button. We’re here to help make sure advisers and their customers benefit from our investment in ONIX.”