EBCs not practicing what they preach on GIP

Employee benefit consultants forecast growth in the group income protection market but a majority of them will not be covered personally, according to research by MetLife Employee Benefits.

A nationwide study by the provider found 33 per cent of EBCs are forecasting increased sales this year, with 57 per cent expecting sales to remain the same.

But just 31 per cent of consultants surveyed work for companies that offer group income protection as part of their employee benefits. And only 19 per cent of consultants said their employer offers help with improving health through wellness or other programmes.

The research also found 85 per cent of advisers want more innovation from providers and 57 per cent agreed help with reducing absence is a key selling point for GIP.

MetLife Employee Benefits launched its ProActive Protection GIP proposition, offered in conjunction with Axa PPP Healthcare, earlier this year.

MetLife UK employee benefits director Tom Gaynor says: “EBCs clearly believe the outlook for group income protection is healthy for the year ahead with nearly a third forecasting growth.

“But it is striking that despite advising on GIP, so many of them are not offered it at work. Innovation is crucial for expanding the market so perhaps new products might tempt the employers of EBCs.”