Wiltshire Friendly offers top-up group IP
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McLoughlin: ‘Innovation’
Wiltshire Friendly Society has developed a group income protection product which allows employees to either top up or extend the level of benefit provided by the group plan.
Companies can choose to put in place a standard group IP plan which covers 75 per cent of gross income to age 70 but can also opt to provide a lower level of cover for one or two years.
If a company chooses the latter option, under Wiltshire Friendly’s employment enhancement scheme, employees can choose to top up or extend the level of benefit on offer.
The schemes can provide cover for a minimum of five lives, compared with the industry average of about 10-20 lives.
Chief executive John Sanders says: “We see our entrance into the market as a genuine effort to create more new business for IFAs by giving them access to group schemes where they and employers were previously unable to obtain terms.”
Master Adviser senior partner Roy McLoughlin says: “This is a very good idea. One of the problems you have at the moment with group IP is that sometimes employers are a bit nervous about covering people for a long period of time, so this innovation is to be applauded.”
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