National adviser Lighthouse Group has upgraded its Lighthouse Pensions Trust auto-enrolment solution to include death-in-service life assurance cover.
The new Lighthouse Life Trust, with Bridge Trustees as independent trustees and Zurich Assurance as the scheme underwriter, will cover employees aged 16-65 inclusive for the same cost per benefit, regardless of age, gender, location or pre-existing medical conditions.
It is now live, with employers able to participate from 1 July.
Malcolm Streatfield, chief executive of Lighthouse Group, commented that the launch is part of a strategic development to provide smaller and medium-sized employers with a straightforward ‘one-stop shop’ for all work-related benefits.
“Fee tariffs for the Lighthouse Pensions Trust have also been streamlined, to make it even easier for SMEs to stage auto-enrolment compliant pension schemes,” he stated, adding that the firm has advisers across the UK who will take SMEs through the process at a fixed cost.
Ian Davies, chief executive of Bridge Trustees, noted that both trusts are multi-employer occupational schemes approved by HMRC and ideal for smaller employers with fewer than 50 employees.
Roger Sanders, managing director of Lighthouse Group Employee Benefits, said that Association of British Insurers statistics show there are only 19.7m individual life policies in force, out of a total working age population of 38m.
“Equally significantly, only 7.9m (33 per cent) of the 24m employees in the private sector have death-in-service life cover.
“The Lighthouse Life Trust presents employers with a unique opportunity to plug the protection gap with an easily accessible and cost-effective benefit for employees and their families.”