MetLife UK is relaunching a limited term option to its group income protection offering.
The service provides monthly payments for long-term absence as well as supporting services such as GP24 (a 24/7 virtual GP service), early intervention, rehabilitation and an employee assistance programme.
The limited term option aims to offer employers a more affordable choice for providing cover for employee absence, while helping to minimise long-term illness and time off work.
The offer provides financial support and rehabilitation services to employees if they are absent from work due to an illness or injury, for between one to five years, with the option to receive a lump sum benefit of up to 5x benefit (or salary equivalent when allowing for basic income benefit), with an overall maximum of £1m.
Adrian Matthews, head of employee benefits at MetLife UK, (pictured) said: “At MetLife, we offer a limited term option to our group income protection product, because we know that in current climates, now more than ever, employers need to balance providing a fuller suite of employee benefits at an affordable cost to the business.
“Having the choice of a shorter duration of cover can reduce costs by over 50%, protecting employees for ‘the now’, while also protecting overheads.
“We are seeing that limited term may be a more fit-for-purpose solution in the changing landscape of employment – where people move around from job to job more frequently.”