Income Protection  

Millennials most likely to want income protection

"Our research shows a new generation of employees are more aware of and more engaged with non-salary employee benefits. 

"It is questionable if our industry is doing enough to support these employees, perhaps by helping older, more experienced decision-makers in companies to understand them and the importance they place on subjects such as mental health support."

Mr Avis went on to say that group insurance products had been "long under-penetrated" in the UK as only 4 per cent of companies had Canada Life’s most common product, group life insurance, and only a fraction of companies had group income protection or critical illness.

He added: "It is in our interests and the interests of prudent, forward-thinking employees for our industry to ensure businesses big and small are encouraged to protect their most valuable assets – their people. 

"It fascinates me how readily companies protect their premises or property while resisting employee benefits, which could be short-sighted in the increasing war for talent."

imogen.tew@ft.com

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