Launched last night under the brand Havensrock, the product aims to support employees through bereavement as well as their families.
Partners receive cover of one times employee’s salary, subject to a £50,000 cap, with the annual cost for an employee earning £40,000 coming in at £36 per year. PSHCP says this is a 16 per cent premium on a typical employee-only cover for four times salary, costing £192 for £40,000 a year.
Payment is made to the employer, enabling them to choose whether they deliver the benefit as a single lump sum or time off with full pay.
The product also comes with expert telephone support and guidance for adults caring for a bereaved child is also provided through childhood bereavement charity Winston’s Wish.
The product, which is exclusively available through PSHPC for clients on its Gladis platform, is insured by Scottish Friendly. PSHPC says it remains whole of market, but will move clients currently with other life insurers onto Havensrock if they prefer it.
Another option, Havensrock Professions, offers bespoke, cheaper cover for the professional services sector while Havensrock Trustees provides individual, liability-matching life assurance for pension schemes.
PSHPC managing director John Dean says: “When is an employee benefit not an employee benefit? When it’s life insurance. This product means employees benefit too if they suffer a bereavement in their family.
“Havensrock is a landmark in that this is the first time group life assurance has been extended to employee’s partners, too.
“Companies are really keen to help employees and their families when they are impacted by bereavement. Havensrock Group Life helps employers provide that all-round support at such a difficult, life-defining time.”
Scottish Friendly sales and marketing director Neil Lovatt says: “We like to partner in businesses where we can truly disrupt the market. We think partnering with PSHPC to deliver Havensrock achieves just that.”