Research from Canada Life suggests that renaming 'group' insurance products would make them more easily understandable to employees and therefore more sellable.
Most employees are confused by the term ‘group' when used in conjunction with insurance products and many would prefer alternative names for products, research from Canada Life has revealed. A recent survey of 1,009 part- and full-time UK employees found that only 11% were in favour of keeping the name ‘group income protection' (GIP) and ‘group critical illness' once provided with alternatives. Only 4% want to stick with ‘group life assurance', with 37% choosing ‘employee life insurance' or ‘death benefit' as more useful descriptions. Meanwhile a fifth (22%) feel that ‘critical ill...
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