When the benefit was launched in January a minimum of 100 employees were needed for a business to qualify for the cover. However, after feedback from the market, Friends Life has announced that companies with just 50 employees will now be able to take advantage of the cover.
Group Cancer Cover was the first employer funded cancer-specific workplace benefit in the UK, and the benefit will pay a fixed amount of £25,000 to employees who are diagnosed with a cancer covered by the plan.
Anna Spender, Head of Group Protection Proposition at Friends Life, said:
“The response to Group Cancer Cover has been fantastic but what was really important is that we listened to what intermediaries and our customers wanted. We were getting requests for quotes from smaller businesses and weren’t able to fulfil those requests. It became clear very quickly this is a benefit that SMEs are really interested in and I’m pleased that we’ve been able to react so quickly.
“Group Cancer Cover is simple and affordable and provides a level of benefit to help with the additional costs people face while going through cancer treatment. It means companies with budget constraints, and now those with a smaller workforce that may have little in the way of workplace benefits can take advantage of it and offer their staff valuable cover.
“It’s a whole of workforce solution so companies can offer it to those employees who may not have access to Private Medical Insurance or group critical illness cover.”
