You will be hearing a lot around Welfare Reform at present (indeed it was covered on the news only this morning), but it is worth highlighting that there is a direct connection with Group Income Protection cover, and this will become more obvious as the year progresses.
This is something we will be covering later in the year in our events, but for the moment, the following link gives you a flavour of where the industry see this going:
https://www.moneymarketing.co.uk/commercial-solution/1028965.article
Perhaps the key fact to consider is stated in the third paragraph of the article: ‘that employees are three times more likely to become disabled during their working lives than die’. As a stand-alone fact this has the power to change many employers view on the balance of their employee benefits packages. However, this is only one component of an increasingly complex benefits landscape, and there are plenty of other things to consider here as well (not least compulsory enrolment and pension contributions for all which will challenge many benefits budgets), but this is certainly food for thought.
It goes without saying that there may well be a gulf between the ideal industry solution and what employers eventually look to put in place, but this will clearly remain a hot topic for some time to come. As I said earlier, expect to see much more about this in the blog and our events throughout the year.
Best regards
Steve
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