Group Risk
What does group critical illness insurance cover? A guide for UK companies
Group critical illness insurance provides financial protection for employees diagnosed with serious medical conditions, offering a lump-sum payment to support them financially during difficult times. In this guide, we’ll detail what group critical illness insurance covers, its importance for businesses, and how to effectively incorporate it into your employee benefits package.
What is group life assurance?
Group life assurance, sometimes referred to as death in service benefit, will cover employees against their death. If an insured employee passes away and a valid claim is made, a cash lump sum or regular pension payments will be made to their beneficiaries.
Is It Time To Review Your Group Risk Policies?
The Group Risk industry paid out over £2 billion during 2021, a significant increase over 2020 and testimony to the level of help it provides, research shows. Yet many employers are missing out on better deals on the employee benefits they offer as they are simply not taking the time to regularly review them.
Income Protection For Small Businesses
For many small business owners, when it comes to protection, the focus is often on the company and not the founder. But such an approach risks leaving the small business owner vulnerable should they become seriously ill or injured. Without them at the helm, how would the business inevitably fare and for how long? That’s why income protection for small businesses is absolutely something that should be considered if the business owner wants to afford total peace of mind.
Group Risk Products Recognised By Government In Employee Health Consultation
Employee benefits packages, which usually include Group Risk benefits, play an important role in helping support employee health and wellbeing. That is one of the conclusions made by the government in response to its 2019 consultation on how to reduce ill-health related job loss.
Group Risk Cover Protection Market Displaying ‘Gender Paradox’
New research reveals the Group Risk market is displaying a ‘gender paradox’, highlighting the need for providers and employers to better facilitate adoption among every gender. According to the Legal & General (L&G) study of over 1,000 UK employees, a gender paradox exists when it comes to group risk protection benefits, with more women than men being aware of the limitations of state health and welfare support. However, fewer women than men actually fully engage with group protection benefits and services.
It Took A Global Pandemic To Highlight The Real Value Of Group Risk Employee Benefits
The Covid-19 pandemic has made most workers consider their financial situations and security, as well as emphasise the importance of Group Risk employee benefits. In fact, Group Risk employee benefits have never been so highly valued (by both employers and employees).
The Benefits Of Group Risk Products In 2021
After months of either being furloughed, working from home or carrying out their jobs in a totally different way, employees from organisations across every sector need to be supported by their employers. As a result, there has never been a more important time for employers to look at their duty of care to their employees as now.
Group Risk: Managing & Preventing Sickness Absence
In July 2019, the UK Government published a consultation paper: Health is everyone’s business: proposals to reduce ill health-related job loss. It outlined, among other things, how the government and employers can take action to reduce ill health-related job loss. In response to the publication of this consultation, the industry body for the group risk sector, GRiD, set up the Workplace Public Policy Committee (WPPC), with the aim of promoting workplace health and wellbeing matters to...
How Group Risk Products Can Be Pivotal During A Pandemic
As if employee benefits needed any more reasons to be at the top of every employer’s agenda, the coronavirus pandemic has firmly underlined their importance once more. Here we take a quick look at how three group risk products can be pivotal during a pandemic, providing reassurance, faster access to healthcare and direct financial support.
Employee Wellbeing & The State Benefits Gap
UK workers overestimate state benefits, yet few companies have any protection in place. Research has shown that workers overestimate how much support they would receive from the government if they found themselves unable to work due to an illness or disability. Yet only a tiny proportion of UK SMEs have suitable protection in place to safeguard their employees financial security. This suggests that both a huge protection gap and enormous opportunity exist.
Third Of Employers Failing To Fully Support Their Long-Term Absent Employees
According to the study by Opinium on behalf of GRiD Group Risk Development (GRiD), the industry body for the group risk protection sector, 31% of employers do not make early intervention services available to help staff who have been absent for six months or more return to work. Almost the same number of employers again (32%) don’t have any financial support in place for staff if they are absent long term.
Group Risk Industry Paid Out Record Amount In Claims In 2019 – GRiD
In 2019, the Group Risk industry paid out a record £1.76bn in claims, new data shows. According to the figures released by Group Risk Development (GRiD), the industry body for the Group Risk protection sector, the total amount of claims paid last year was £75m more than the year before, with cancer claims making up the majority.