In the quest to offer a package that appeals to different generations and sectors of the workforce, there can be a tendency to over-focus on choice and flexibility, when there are some benefits that every member of the workforce needs. Take the case of a young unmarried person who might think there is no need to take up a flex choice for life assurance but forgets that their parents or partner might have to continue to pay their share of the rent after their death. Or the worker who still thinks ‘the state will provide’. Or the 2.5 million people currently living with cancer in the UK, according to the Macmillan Cancer Support statistics fact sheet, published in January 2015.
Death or disability has a life-changing impact on staff and their families irrespective of age, role or salary and everyone needs a way to safeguard their family’s financial stability. This is where employers can step in. Educating staff and facilitating affordable financial protection cover not only supports employees, but makes a huge difference to morale, staff retention and productivity – key business benefits – and enables an employer to position themselves as a caring organisation.
Death, illness, accident and disability are mostly completely random and can happen to anyone at any time. So, no-one should really be without group risk protection benefits; not the young, not the old, not management, not seasoned workers nor the most recent new, inexperienced recruit.
Group risk protection benefits cross all boundaries as a relevant and valued way to ensure that everyone in the company can be certain that their household finances are protected if the worst happens.
Katharine Moxham is spokesperson for Group Risk Development (Grid)