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. This makes the benefit even more attractive and even more valuable to both the employer and employee. Income protection or permanent health insurance (PHI) is one of the most commonly offered group insurances offered by UK employers.
Definitions of group risk benefits
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News
Nutricia switches to GPP
Nutricia is to replace its self-administered, trust-based money purchase plan with a group personal pension (GPP), because of concerns about the increasing regulatory burden placed on trustees and age discrimination legislation.
09 May Unum launches new group income protection service
24 Apr Attracting business is a challenge for group risk industry
07 Apr Grant Thornton harmonises benefits plans post merger
26 Mar Cardif Pinnacle acquires Direct Life & Pension Services
Analysis
Reduce long term staff absence rates
The group risk market is adding new services to established products or developing new offerings to help employers reduce long-term absence rates, says Debbie Lovewell
03 Mar Buyers guide to Critical illness
27 Feb Making the most of multinational risk pooling
01 Oct New welfare reform will impact group risk benefits
01 Oct Early intervention services offer an alternative to group risk
01 Oct Weighing up options when picking critical illness and income protection
Case Studies
Bestinvest critical of delays in group risk implementation
As a financial services organisation, intermediary Bestinvest was aware of the importance of allowing adequate time for the implementation of its flexible benefits scheme on 1 January 2006.
05 Oct Lloyds TSB tinkers with flex to meet age laws
01 Apr Employer profile: Chrysalis
Research
Rise in corporate health spending
The amount employers spent on private medical insurance (PMI) for staff rose by 3.6% in 2005, according to analyst firm Laing & Buisson's Health & care cover: UK market report 2006.
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
01 Jun Law firms fail to track perks costs
