Munich re has called for the adoption of US style ‘gap cover' in the UK. Speaking to providers at a group risk conference Andy Milburn, head of marketing, noted that membership of group schemes did not end for Americans losing their jobs, as there was bridging legislation in place.
Ex employees can, for a reduced price, remain in the employers group plan for up to 36 months after leaving employ. For employees, qualifying events include: Resigning, being fired for a reason besides gross misconduct, being laid off, or having work hours reduced. Milburn was enthusiastic about the plan, he said: "If are redundant, on your leaving date you lose your employee benefits, death in service and disability cover be it short or long term, for example. This scheme is funded by the US Government and provides the opportunity to ‘continue' your cover while waiting to begin a new jo...
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