The Value of Group Risk Benefits for Employers and Employees

In 2022, ‘group risk’ payouts reached an impressive £2.21 billion[1] benefiting employees - highlighting the significance and value of group risk benefits for both employers and employees.

‘Group risk’ benefits represent Group Life cover (sometimes known as standalone Death in Service), Group Income Protection and Group Critical Illness.  In addition to Healthcare and Wellbeing benefits, these are some of the most popular employee benefits offered to staff.

Average claim amounts

The average claim amounts for each group risk employee benefit shows that these benefits are a highly valuable benefit for any employee, regardless of their salary, age, or position.

• £121,655 for group life
• £26,755 p.a. for group income protection
• £72,427 for group critical illness

Group risk benefits provide financial support and protection in challenging times, such as death, critical illness, or long-term disability. These benefits not only offer financial security, but also contribute to employees' overall well-being and peace of mind.  Employers who prioritise group risk benefits demonstrate their commitment to employee welfare and can attract and retain top talent. The substantial pay-out figure emphasises the importance of incorporating group risk benefits into comprehensive employee benefits packages.

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[1]

Title: "Employees Benefit with £2.21bn Group Risk Payouts in 2022"

Website: Group Risk Development (GRiD)

Please note that the information provided is based on the article mentioned, and the content of external websites may change over time.