MetLife UK has expanded its group life grasp belief with
the addition of an excepted group life grasp belief.
It goals to help SME employers who're deterred from
providing life cowl to employees due to issues in regards to the potential
administrative burden of working a scheme.
MetLife already has a registered grasp belief, which was
launched in 2013 and has greater than 1,500 taking part employers.
Analysis from MetLife reveals that solely 23% of
firms using between 50 and 299 employees supply life insurance coverage, however extra
than half (53%) plan to increase the advantages they provide over the following two years.
Half (51%) of SMEs which don't supply advantages past
pensions say they can't afford to supply them whereas 11% say they don't have
the in-house experience to supply advantages.
MetLife’s grasp trusts are free to make use of for employers,
workers and advisers. The obligation, decision-making and reporting
for tax to HMRC is dealt with by the unbiased trustee, Irwin Mitchell Trustees
Restricted.
Clare Lusted, head of propositions for MetLife
UK, mentioned excepted cowl is rising in reputation throughout the market
partly due to reductions within the pension lifetime allowance.
She added that the launch will allow the supplier to
help extra employers and notably assist the SME market.
Any employer taking out a MetLife group life coverage can
use the grasp belief and there's no most restrict to the variety of workers
that may be lined.
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