A study by Swiss Re Group Watch report has showed that life insurance is amongst the top 3 most valued of all employee benefits, followed by health insurance and employee discounts.
The study comes after discovering that 96% of SMEs do not invest in life insurance for their staff which can often come with discounts for our retail purchase and products and will provide a large lump sum to the individual’s family members if they die.
Currently, the average cost of insuring a staff member with life insurance is £115 per employee, per annum – although there is tax relief available for buying group cover.
A new start-up that is offering a fresh approach to this valued employee benefit is London-based, yulife.
The start-up, founded by Sammy Rubin, formerly of Vitality, offers a more affordable life insurance plan per employee at just £4.99 per month, which is backed up by insurance heavyweight AIG.
The business started after Rubin grew VitalityLife but still felt a desire to offer more rewards and wellbeing than just an insurance product. And yulife was born.
The insuretech company offers life insurance and this is complimented with an addictive app that staff members can download and receive awards, or ‘yucoin,’ for completing tasks that contribute to their physical or mental wellbeing.
Staff members will receive push notifications, encouraging things like meditation, deep breathing exercises and they will receive yucoin for every mile they walk or run.
The coins can be cashed in for real-life rewards and discounts from popular wellness and retail brands including Amazon, ASOS, EAT and Urban Massage.
The app also displays a leader board where employees compete over who has fulfilled the most exercise and miles completed – creating engagement and camaraderie in the workplace.
In 2019, yulife was named 3rd in the TechRound100 and secured £10 million in Series A funding led by Creandum Funds and currently has over 50 members of staff in their head offices in Old Street, London.