Unum has altered its Group Life product, increasing its Free Cover Limit (FCL) to £1.75 million.
Following Unum's re-launch of Group Life in May, which included the provision of cover to all UK postcodes, a range of additional enhancements have been made in a move Unum says is designed to ensure that it remains one of the strongest products on the market.
The new FCL, equal to the Lifetime Allowance set by the Government for pensions savings, will be based on a tiered approach so that the maximum FCL will be available for larger cases.
Unum has also extended its pioneering ‘Once & Done' medical underwriting approach to Group Life policies above 20 lives, up to a maximum benefit of £5 million per member. This means that, once the risk has been underwritten, the benefit can change in line with salary changes on the same terms without further medical underwriting.
The catastrophe limit has also been extended, with the maximum limit of £100 million applicable to all Unum's standard schemes, regardless of size and at no additional cost to the client. And Rates on Dependants' policies have been reviewed with a view to providing a better offering at more competitive prices in some sectors of the market, in particular for smaller schemes and younger age profiles.
Paul Davies, Marketing and Business Development Director at Unum, said: "We are very conscious that in the current economic climate businesses, in particular SMEs, are looking to manage costs while still providing their employees with attractive benefits packages.
"These latest changes should help make this possible for even more companies in the UK. The increase to the FCL, for example, will mean many more members will be accepted for cover with no medical underwriting requirements, saving intermediaries and clients time and money."
All of the above changes are effective from 13 July 2009.
