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Social and legislative changes increase need for income protection schemes

High rates of absence from work, stress management, rising employment costs, changes in pension provision and legislation such as the Disability Discrimination Act and health and safety rules mean employers are faced with an ever increasing range of challenges concerning their workforces.

Legal & General has produced a new guide for IFAs, group income protection solutions for a changing world, showing how a well constructed group income protection scheme can help employers deal with these issues by including for instance:

Employee assistance programmes to help tackle the increase in stress related absence from work.

Benefit management expertise to offer employers help on the Disability Discrimination Act, such as how changes to work premises could be made so a disabled person is not disadvantaged.

Ill health early retirement assistance by the innovative use of a group income protection scheme particularly when an employer has switched its pension scheme from a defined benefit to a defined contribution basis.

Absence management to help employers tackle and manage absence at the earliest stage.

Legal & General has also improved the free limits on its group income protection scheme so that schemes with more than 80 members will now qualify for benefit of up to £90,000 a year before any medical evidence is required.

Jane Dale, director group risk, says: “We believe it is important that IFAs understand how group income protection schemes can be at the centre of many issues facing employers. Helping employers face these challenges and tackle them will mean IFAs can sell many more group income protection schemes.”

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