Guardian Employee Benefits (GEB) has launched a web-based employee benefits product, offering IFAs i...
Guardian Employee Benefits (GEB) has launched a web-based employee benefits product, offering IFAs initial commission of up to 10%.
The Employee Protection Menu offers a range of benefits, including group income protection, life cover and critical illness, at a fixed price to the employer.
The price is based on the type of package the employer is seeking, the age profile of their employees, their occupations and geographical locations.
The overall cost of the scheme will be expressed as a fixed percentage of the salary roll for those employees covered by it. Each option under the menu is the same price.
The menu consists of five different options offering a combination of protection benefits. Employers can choose one of the five pre-set menus to suit budget, workforce and company strategy. Within each of these a number of different options have been developed, each containing a different mix of benefits to target the needs of different types of employees. In addition, a separate option is available for executives.
The menu then allows the employer and employee to choose the variable options that are best for them depending on their individual circumstances.
Ray Milne, managing director of GEB, said: "A single male might want critical illness but may not need life cover if he has no dependants. Also, because the Employee Protection Menu is provided on the internet, at one cost, employees can later change their options as their lifestyle changes. It is a tailored package for both the employer and the employee as we move into a time where the 'one size fits all' approach is gone."
Employers are given passwords so they can make online adjustments, such as changing who is covered, making policy administration changes or changing requirements.
GEB believes that the internet-based product is ideal for IFAs targeting small to medium-sized employers, which it defines as those with 50-500 lives.
A user guide for the Employee Protection Menu is located at www.mastershome.co.uk. The site features the Masters family, which is made up of 10 different family-members that represent the different lifestyle needs of each employee.
Milne said: "We have done considerable research and firmly believe that the introduction of the Employee Protection Menu will open up the employee benefits market for those employers with between 50 and 500 employees.
"Currently, those employers have been put off a flexible benefits package by its cost comparative to payroll and the time required in administration. The Employee Protection Menu is flexibility with simplicity, using a communication medium that is fast, efficient and visual. It offers the IFA market enormous new potential."
For more details IFAs can contact GEB on 0345 573 809
