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
EXCLUSIVE: Swiss Re research: 18% of employers would remove group risk to mitigate costs of auto-enrolment
Just 18% of employers would consider removing group risk benefits from their reward package to help mitigate the costs of auto-enrolment, according to research by reinsurer Swiss Re.
02 Feb Ellipse launches new group income protection product
01 Feb Ellipse report: UK absence management approach is increasing risk
30 Jan Legal and General: A third of group income protection claims are for mental health issues
25 Jan Friends Life research: A third of respondents would rely on employers' sick pay if unable to work
28 Nov EXCLUSIVE: Aviva research: Return-to-work interviews most common rehabilitation support
Analysis
Will rebroking group risk save money?
Whether any savings can be won when rebroking group risk benefits is not an easy judgement call, says Edmund Tirbutt
03 Jan News analysis: New year rings in legislative changes
07 Mar Default retirement age to go: what will be the effect on benefits?
07 Mar Thought leaders: Academic insights: Unemployment can harm your health
01 Sep The impact of welfare reform on rehabilitation services
Case Studies
Case study: Retaining insurer slashes price for Geotechnical Instruments
Not all cost savings achieved through rebroking involve switching insurer. An employer often stays put because its insurer offers to reduce its price once it realises the intermediary has come up with more competitive quotes.
07 Mar Thought leaders: Academic insights: Unemployment can harm your health
07 Mar Case study: Nationwide embraces age diversity
07 Mar Case study: University of Lincoln studies retirement age implications for benefits
Research
Warner Goodman research: Default retirement age legislation tops HR agenda
The removal of the default retirement age (DRA) is one of the most important issues facing organisations in Hampshire, according to research by Warner Goodman.
01 Feb Ellipse report: UK absence management approach is increasing risk
30 Jan Legal and General: A third of group income protection claims are for mental health issues
25 Jan Friends Life research: A third of respondents would rely on employers' sick pay if unable to work
28 Nov EXCLUSIVE: Aviva research: Return-to-work interviews most common rehabilitation support
