Group risk
Next to the pension, group risk benefits such as life assurance (a type of death-in-service benefit), group accident insurance, income protection (also known as permanent health insurance or PHI), and group critical illness are the backbone of the staff benefits package. These company perks protect and insure employees in the event of long-term illness or death. They can also be used to rehabilitate staff who are off work on long term sickness absence due to stress, an accident or other illness. Group risk benefits, especially critical illness and life insurance, can also be extended to employee family members as well as the employee.
Definitions of group risk benefits
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News
Canada Life Group Insurance expands claims management services
Canada Life Group Insurance (CLGI) has extended its claims management services, CMS+ ViP, offering the scheme to all customers as a matter of course.
15 Mar Aviva launches new group critical illness product
28 Jan Employers could save 35% on benefits costs by reviewing supplier contracts
19 Jan More than half of employers rely on statutory sick pay to support absent staff
11 Jan Aviva enhances group risk products
Analysis
Thought leaders 2010: The year ahead: Are employers ready for welfare reform?
The group risk landscape is changing, says Katharine Moxam, spokesperson for Group Risk Development
07 Sep Pensions legislation changes have big impact on group risk
03 Aug Group risk providers are offering improved products
01 Jul How to cut down on sickness absence
08 Apr Buyer's guide to group income protection (April 2009)
01 Dec How multinational pooling of insured risk benefits can deliver savings
Case Studies
Case study: Tullett Prebon reviews income protection annually
Wholesale financial markets intermediary Tullett Prebon has re-broked its income protection scheme annually since 2004. It began using Jelf Group for the exercise last year.
05 Oct Lloyds TSB tinkers with flex to meet age laws
05 Oct Bestinvest critical of delays in group risk implementation
01 Apr Employer profile: Chrysalis
Research
Employers must ensure staff value life assurance perks
Employers must ensure that workers value life assurance as a benefit, and should review their rates to ensure they are getting the best value cover.
11 May Medical inflation at 4% as insurance claims increase
24 Apr Attracting business is a challenge for group risk industry
28 Nov Welfare Reform Act prompts review of group income protection
01 Aug Employers think age legislation makes risk benefits less sustainable
