Unum has launched a new excepted group life policy (EGLP) master trust, designed to simplify the process for employers.
This allows Unum to write multiple group life policies under a single master trust, reducing the administrative burden associated with set up, ongoing management and benefits payments.
According to a recent survey by Group Risk Development (Grid) 46 per cent of employers do not offer group life insurance to their staff. Nearly one in four employers (24 per cent) say this is because it is too expensive to set up, adding that there wasn’t the internal resource to administer these policies.
By using EGLP master trusts, employers do not need to set up their own trust, or appoint or act as trustees. The trust is administers by PTL Governance, an provider of trustees and governance services.
There are no additional employer costs for using this master trust service.
Unum’s head of proposition Ambika Fraser says: “Our long-term goal with group risk product enhancements is to help close the protection gap among UK workers.
Grid’s research indicates there’s a sizeable portion of the UK’s workforce that is under-protected, and by streamlining the customer experience, we hope to increase the number of workers who have access to this cover.”