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
Friends Provident launches absence service for group risk customers
Friends Provident has launched a new group risk product that will offer help and advice for both employers and employees on sickness absence.
02 Aug Sanofi-Aventis changes group income protection providers
27 Jul Unum appoints Pitman Trustees to new group risk product
20 Jul One-fifth of staff have no financial protection if they cannot work
13 Jul Friends Provident research: 27% of employers provide long-term sick pay
24 Jun Resolution acquires Axa Life to integrate with Friends Provident
Analysis
The impact of welfare reform on rehabilitation services
Welfare reforms are pushing employers to play a more active role in getting sick staff back to work, says Edmund Tirbutt
01 Sep Buyer's guide to private medical insurance
05 Jul Group risk: Rising to meet the new challenges
05 Jul Group risk: Market is changing
05 Jul Group risk: Limited-term group income protection
Case Studies
Case Study: Leaseplan
Being an employee benefits provider means vehicle management company LeasePlan UK is very conscious of the service it receives on its own benefits package.
30 May Case study: Tullett Prebon
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
One-fifth of staff have no financial protection if they cannot work
One fifth (21%) of UK employees have no financial back-up plan in place in the event that something unpredictable happens, according to new research from Unum.
13 Jul Friends Provident research: 27% of employers provide long-term sick pay
08 Jun Employers face higher costs for providing group risk benefits
26 May Aviva research: Half of employers offer at least one group risk benefit
13 Apr More people planning to save for pensions, says research
22 Mar A quarter of employers fail to communicate sickness provision
