Guardian Employee Benefits has introduced the Employee Protection Menu, a web based employee benefits product which it claims will revolutionize the employee benefits market for IFAs targeting small-to medium-sized firms.
Employee Protection Menu features five different menus which offer employees and their spouses or partners a combination of life assurance, income protection and critical illness cover for them. Each menu can be chosen to suit the budget, workforce and human resource strategies of each company.
In the past, flexible benefits products have been aimed at larger companies with more than 500 employees, due to the cost compared to payroll and the time required in administration. By targeting firms with between 50 and 500 employees and allowing schemes access via the Internet, Guardian believes its product will overcome these problems.
However it remains to be seen whether it is more cost effective for IFAs to obtain cover on behalf of their clients for each element from separate product providers.