Paul Avis, Marketing Director, Canada Life Group Insurance, commented on the findings: “After a year of undertaking and reviewing SME research we are 100 per cent confident that a simple, inexpensive level of Group Life cover, considered alongside every auto-enrolment pension discussion, is a great way for organisations to augment their pensions work.
“Our research leads us to believe that, if this option is properly presented, employers can see that the cost of Group Life cover and the benefits, for them as well as their employees, are very attractive.
“Smaller businesses often have more of a family feel and there is concern about the impact of an employee’s death on their dependants and on the organisation as a whole. Simplicity and ease of implementation are clearly important considerations for employers too.
“A short conversation about Group Life benefits with the pension’s adviser can fulfil an important requirement for staff retention and attraction.
“There is no doubt in my mind that the war for talent has raised its head again, and with every employer about to offer a pension scheme, organisations need to think about how they differentiate themselves and their benefits packages.
“Group Life is a great starting point. Presenting Group Life as a simple and inexpensive benefit is a massive opportunity for the Group Risk industry, as 1.08m new to benefit discussions start from June 1st.
“It seems to me that this is the day that the world of benefits changes. As pensions provision becomes the norm rather than the exception, Group Life has the opportunity to become the “exceptional” benefit.”