A large proportion (84%) of respondents offer employees life assurance, also known as death-in-service benefit, as part of a group risk offering, according to research by Employee Benefits and Xerox HR Services.
The Benefits research 2016 report, which surveyed a total of 338 respondents in May 2016, also showed that 87% of those which offer this include it among their core benefits package for all staff.
This is slightly higher than in 2014, when Employee Benefits’ Benefits research 2014, published in May 2014, found that 77% of respondents provide life assurance as a core benefit for all.
Fewer respondents (28%) provide life assurance to employees’ dependants and partners. This is a similar case across other group risk benefits: 30% offer personal accident insurance to staff and 12% to their partners and dependants, and 36% offer critical illness cover to employees, while 22% make it available to employees’ partners and dependants.
For those respondents that do provide cover to dependants and partners, the most popular method for doing so is as a flexible benefit. For example, 58% of respondents offer critical illness insurance, 50% provide personal accident insurance and 42% offer life assurance in this way.
Meanwhile, more than half (53%) provide group income protection, or permanent health insurance; 60% of which include this in their core offering to all staff and 36% as a core benefit for some staff.