Friends Life launches first cancer-specific group benefit

clock

Friends Life has launched the first employer funded group cancer workplace benefit in the UK.

The plan, Group Cancer Cover, is available to any company looking to insure 100 or more members of staff.

Premiums are likely to be around 30% lower than a critical illness policy on a like for like basis, Friends Life said.

Anna Spender, head of group protection proposition at Friends Life said the scheme was an "alternative" not a replacement to group critical illness cover.

The benefit will pay a fixed amount of £25,000 to employees who are diagnosed with a cancer covered by the plan.

The plan will be distributed via brokers and employee benefit consultants.

It also includes access to added value benefits - Cancer Support Service, Bupa HealthLine and Best Doctors.

Friends Life said there would be no underwriting on the plan and it would quote for all eligible staff. It is also using ABI definitions of cancer cover.

However, the insurer said the plan would exclude those members diagnosed with cancer or cancer in situ prior to joining their employer's scheme.

Recent figures from Macmillan Cancer Support showed there will be a "record high" 2.5 million people living with cancer in the UK in 2015 with 1 million of those in the workplace.

Spender added "Almost 70% of critical illness claims across the industry are related to cancer and while cancer incidence rates are increasing, so are survival rates. Given the research from Macmillan and an ageing work population, the prevalence of cancer in the workplace is likely to rise so we wanted to do something that would really benefit employees.

"Group Cancer Cover has been designed to be affordable and simple, providing a level of benefit to help with the additional costs that people face while going through cancer treatment."

She concluded: "We began developing it after research by Capita Employee Benefits looked at what products employees valued against what employers actually provided. It means companies with budget constraints that may have little in the way of workplace benefits can take advantage of it and offer their staff valuable cover."

More on Group Protection

Psychological disorders represent leading cause of long-term sick leave

Psychological disorders represent leading cause of long-term sick leave

AXA Group report

Jaskeet Briah
clock 28 March 2025 • 2 min read
Third of grieving families unable to access financial information

Third of grieving families unable to access financial information

29% unaware of where important documents were stored

Jaskeet Briah
clock 26 March 2025 • 2 min read
Calls for government action on healthier working lives: Health Foundation

Calls for government action on healthier working lives: Health Foundation

Focuses on early intervention and vocational rehabilitation

Jaskeet Briah
clock 12 March 2025 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read