Product & Service Launches – 8/23/24

Custodia Financial Offers ‘Retirement Loan Protection’ Insurance Product

As many workers struggle to avoid defaulting on workplace retirement plan loans, Custodia Financial LLC has introduced retirement loan protection—an insurance solution provided to participants from the employer that provides protection for 401(k) or other employer-sponsored plans and ensures participant savings “remain intact.”

For example, if a participant loses their job, Custodia will take over their loan payments during the months they search for a new job. Some of the offering’s benefits include immediate availability with no technology integration or enrollment period and a “seamless activation process.”

Employers pay for RLP, and it can be done through plan assets.

“Plan assets will typically take priority over the company paying, but we expect this to vary by industry and plan size,” said a Custodia spokesperson. “The current split is relatively even. Additionally, we emphasize that pre-existing budgets for benefits, financial wellness, HR, inclusion, and—importantly— retirement plan forfeiture accounts are all viable sources to cover the expense. Regardless of source, the payment is tax deductible.”

Prudential Launches Enhanced Employee Well-Being Solutions

Prudential Group Insurance has added enhancements to its well-being program with the launch of a digitally accessible hub, offering a new access point to solutions and partnerships aligned with the company’s life, absence and disability products.

Through the digital hub, Prudential is improving access to benefits that help employees who are welcoming a new child, changing jobs or coping with a disability or leave event.

The well-being solutions include live financial education, caregiving support, behavioral health tools, debt management and housing counseling to help develop an action plan to achieve goals.

“We continuously hear from employers that they are looking for increased utilization of programs that support their employees’ well-being,” stated Jessica Gillespie, Prudential’s head of group insurance product and underwriting, in a press release. “Our comprehensive program connects employees with the right resources at the right moment through alignment with our life, absence and disability products. The new digital hub adds a simple way to access and utilize these tools.”

Lincoln Financial Expands Care Services for Beneficiaries

Lincoln Financial Group has launched new grief support services for Group Life beneficiaries, “providing care beyond the claims process.”

The new service, provided by Empathy—a comprehensive support system for the bereaved—can help families navigate the logistical aspects of loss, including estate settlement, executing a will and more.

These services are now automatically available to all customers who have purchased Lincoln Group Life insurance through the workplace and to the beneficiaries of their policies.