July 31, 2018 By admin
Only 15% receive legal advice as an employee benefit, survey finds
Research by Epoq Legal has found that 32% of those surveyed had pet insurance, compared to 25% with some form of income protection.
The survey of 1,234 UK employees found that 23% have paid for pet insurance themselves, with 8% receiving it as an employee benefit. In comparison, 14% said they had chosen to pay for income protection themselves, with 12% receiving it through their employer.
The research found that employees were more likely to have pet insurance than critical illness cover (31%), private medical insurance (PMI) (31%), phone/gadget insurance (30%), dental insurance (25%) and income protection (25%).
“I would encourage employers to offer some form of income protection more widely to staff as it is generally the most important form of cover for those of working age,” said Tom Conner, employee benefits adviser at Drewberry.
The survey also found that only 15% are offered legal advice through their employer, despite 87% saying that they valued legal advice as an employee benefit in a survey by Epoq last year. Only 12% said they have access to legal documents, such as wills through their employer.
“It is also important for employees to receive expert guidance on how to best ensure that their life insurance payout is allocated properly in the event of death, through wills and trusts, for example,” added Conner.
According to the research, 45% of those in the 18-34 age group agreed that ‘My employer offers benefits that are relevant to my stage in life’, but this dropped to 32% among the 35-54 age bracket and to 18% for those who are 55+.
“For example, last year’s Epoq research found that just over two-fifths of respondents (41%) have a will, the majority of whom (45%) are in the 65+ age bracket,” said Andrew Walker, Epoq commercial director. “Oddly, the ages at which most people are most likely to have a mortgage and dependants represent the age brackets least likely to have a will (9% in the 25-34 age bracket and 10% in the 35-44 age bracket).
“This suggests there are lots of people of working age that need to create important legal documents like wills, but aren’t doing so, possibly due to lack of advice, awareness or simply a lack of convenient access to the right services,” he added.
“Clearly there’s a need here and if employers were to provide a wills service as a benefit, it stands to reason that more people would more likely choose to make one and so protect their interests and those of their loved ones.”