What's changed in the world of health and protection? Not enough, says Anne Drugnick:

Most of us know that the only constant we can count on is change.

Having been widowed some years ago, I stepped back from my work in employee benefits to heal and to explore other options.

Dogs were where I directed my energy. So much so that I became a qualified dog walker (yes, it is a thing!) and established a successful day care centre for canines.

After a very fulfilling four years, I realised I was missing my former colleagues and contacts and I’m delighted to be back.

One thought dogged me (sorry) ahead of re-joining: would so much have changed in the world of health and protection benefits during my break that I would be all at sea?

To my growing astonishment, it was clear very little had. In fact, whilst Punter Southall Aspire had moved ahead of the times (in keeping with our guiding principle: Next Generation Thinking) the digital revolution seemed to have passed the wider health and protection industry by.

Which is why Aspire Benefits Manager, our streamlined and secure platform, is so welcome. It will help HR directors and employees to tailor what they both need. It’s free for companies to license the online platform in a way that’s simple to use. For employees, Aspire Benefits Manager provides a straightforward, simple way to access information on their employee benefits, when and where they want. Furthermore, staff pay for any extra benefits through salary deduction.aspire benefits manager turtl

And while this is a 21st century basis for employee benefits, it doesn’t mean you can’t pick up the phone to talk to us about specialised areas.

For example, insurance for the people who lead your business can add significant cost to the overall premium.

One organisation I worked with saw the premium of £50,000 to cover the entire workforce potentially rising by another £10,000 for just such an executive. Nor, under the terms of the Equality Act, can a company refuse to pay for the policy as cost is not a reason to do so.

Solution: be very cautious about sending employees for underwriting as a special case.

Better solution: stop linking life cover to salary and offer fixed sums which won’t need medical approval. Give all the top tier of earners, say £1,000,000, of cover – this usually means that medical evidence can be avoided, it’s very easy to insure in the market and straightforward to communicate to employees. It also makes data gathering for renewal much easier as salaries are not needed - I could go on.

Even better solution: stop linking life cover to salary and put the life cover for the whole workforce, whether you earn £20k or £300k, into a non-Registered Excepted Trust...but that’s a debate for another day…

We’re transforming the way people can manage their benefits at work by drawing on our decades of know-how about an industry that remains complex.

What hasn’t changed is offering our expertise to help business navigate what can be an unfamiliar landscape with confidence and a new degree of certainty.

Be that your employee benefits package or the lockdown-expanded area of buying, or caring for, a dog: I’m always happy to answer any questions you may have!

Posted by Anne Drugnick

Topics: Employee Benefits, Health & Protection

Questions

Ask The Experts

Want to get in touch?
Just fill out the form below and we will be in touch shortly.

workplace-rocket

Next Generation Savings

Changing Workplace Savings Behaviour for the Better

discover
workplace-bullseye

Consultancy

We provide consultancy services to employers and trustees on contract-based and trust-based schemes, including master trusts. Our proposition encompasses governance, investment, administration and communications.

more
workplace-governance

Governance

Establishing and governing the ideal workplace pensions and savings for your employees can be complex and time consuming. That’s where we come in.

Monitor
workplace-education

Engagement & Education

We use innovative communication channels and modern technologies to help educate, engage and inspire employees across a range of financial topics.

 

Find out more
workplace-deckchair

Retirement

With greater choice and freedom in how and when individuals are able to access their pension fund, there is now an even greater need for early education and advanced planning. Find out how we help.

Discover
workplace-graph

Investment

Our investment research division analyses and rates over 18,000 DC investment funds. The insight we have enables us to support your investment objectives, making sure they're on track to deliver.

track
workplace-health-risk

Health & Risk

Our health & risk service provides tailored combinations of cover and cost to exactly match each employer's requirements, helping you get best value for your benefits spend.

Discover