MetLife UK has made changes to its Group Life Master Trust to support SME employers to offer life cover to their staff.
It has added an Excepted Group Life Master Trust to its existing Registered Group Life Master Trust.
This is with a focus on supporting SME employers deterred from offering life cover to staff by concerns over the potential administrative burden of running a scheme.
Clare Lusted, head of propositions at MetLife UK, said: “Employers clearly want to expand the benefits they provide staff, and life cover is a crucial part of the market which we are focussed on growing.
“Making it easier for employers to offer cover will help more employees benefit.
“Excepted cover is increasing in popularity across the market partly because of reductions in the pension lifetime allowance, and adding it to our Master Trust proposition will enable us to support more employers and particularly help the SME market.”
MetLife’s Registered Master Trust was launched in 2013 and has more than 1,500 participating employers.
MetLife’s Master Trusts are designed to ensure that life cover can be provided in a flexible format for employees.
The firm has found more than half (51%) of SMEs which do not offer benefits beyond pensions cannot afford to provide them.
Furthermore, 11% said they do not have the in-house expertise to provide the benefits.