Provide group protection, reduce the risk and attract the best staff

How can you attract and retain the best talent possible?

That is a question haunting employers across the country. Everyone knows that people are the greatest resource a business has, and the team you get in place can propel your company towards greatness, or leave it malingering behind your competitors.

In the scramble to attract and retain the best talent possible, companies are rightly looking to offer outstanding employee benefits to their teams. It might seem that flashy benefits, such as free gadgets and vouchers might be the kind of thing applicants are looking for.

But, with £2.22 billion paid out in Group Risk insurance claims covering life cover payment, income protection and critical illness last year alone, it seems that employee benefits that provide a safety net for your team are well received and used by employees all over the UK.

Staggeringly, only 1 in 3 employers provide financial protection in the form of insurance to all their staff in the event of illness, injury or death in service. That’s based on recent research by the Group Risk Development trade body.

Those employers that provide these kinds of Group Risk insurance policies would really stand out to applicants.

And with the cost of living climbing, providing financial support for everyday expenses like dental and optician appointments to your employees can make you a very attractive potential employer for those looking to change jobs.

What do we mean by Group Risk?

But before we look at how Group Risk policies help your staff and describe some of these products that are available on the market, it’s important that we know what we’re talking about. So, let’s define our terms.

Group risk products are insurance policies that cover multiple people in a group, such as all the employees in a business. You can also take out corporate healthcare as a group arrangement covering Private Medical Insurance, and cash plans.  

How do Group Risk policies help your staff?

Group Risk policies provide a safety net should something unexpected happen. It might be that they suddenly become critically ill, or they unexpectedly pass away leaving behind the family who is dependent on their financial support.

In such instances, Group Risk policies would provide the financial support to get them fast access to medical help, or pay out lump sums that could help support their family financially.

They're often cheaper than individual policies because they offer lower premiums for each member of the group, so providing them for your employees means they receive benefits at a lower price. Group risk products also allow members to share costs when an event occurs that affects all members of the group.

What makes us different from other providers?

It can be difficult to find the best way to provide the insurance products that will deliver the assurance your team needs from the vast array of choices out there. What happens if you miss something? What happens if you find out after you signed a contract that the product you have chosen may not have an adequate level of cover for your industry?

Some employee benefits providers are only able to make suggestions on the best policy, and all of this generates a feeling of uncertainty that you have not reduced the risk of financial difficulties for your team as you want to.

Our qualified team of Group Risk Advisors eliminate that uncertainty by drawing on years of experience and a depth of knowledge about the products out there. We pay close attention to your team’s needs and can authoritatively recommend the best financial cover for your employees.  

‍Talk to our team

What different types of Group Risk products do we offer?

Let’s have a look at some of the products we offer:

1.    Group Life Insurance

What is it?

Group Life Insurance pays out a lump sum to a loved one if a team member passes away whilst employed at your company. You can select whether to set a specific amount or to set a multiple of your employee’s annual salary (any multiple up to twenty times their annual salary). The lump sum can be paid quarterly or annually depending on the insurer.

How does it help?

This scheme gives your employees the assurance their loved ones are going to be cared for, should the worst happen and they pass away in service. It provides an important financial safety net, allowing family members to pay off mortgages, debt and bills, giving them the chance of financial stability when a part of their household income has been lost unexpectedly.

‍Find out more about our Group Life Insurance

2.    Group Income Protection

What is it?

Group Income Protection gives your employees an income if they are seriously ill or injured and they are unable to work for a length of time. It helps you pay them a proportion of their income while they recover (normally 80%). The scheme can be expanded to include National Insurance and Pension contributions, meaning staff do not have to worry about suffering a financial impact later on in life.

How does it help?

Giving your employees a monthly income that helps them with their outgoings, enabling them to focus on their treatment and recovery. This can give them the best chance of returning to work in a timely manner. With the scheme covering your employee’s salary, it gives your business the capacity to pay your employees, should they be off work for a significant length of time. This allows you to afford to pay for someone to cover their workload, allowing business to continue unaffected.

‍Find out more about our Group Income Protection

3.    Group Critical Illness

What is it?

Our Group Critical Illness Cover allows you to give your employees a lump sum of up to £500,000 or five times their annual salary if they fall ill with a critical illness. This benefit covers critical illnesses such as heart attack, cancer and stroke, and the cover can be expanded to include other conditions. Group Critical Illness Cover is unique in that there are no restrictions on how your employees can spend their money.

How does it help?

This practical support gives your team the assurance they need that they will be supported financially during a challenging time in their lives. It allows them to focus on their recovery and gets them back to work faster.

‍Find out more about Group Critical Illness

‍Corporate Healthcare Solutions

4.    Everyday Health Cash Plan

What is it?

Our Everyday Health Cash Plan helps your employees save money on the cost of regular health expenses. From sight tests and dental appointments to consultations and scanning for early diagnosis, through to therapies for rehabilitation, this plan allows your team receive financial support towards the cost of everyday health outgoings. There are four levels of cover available, and this plan can be topped up with Private Health Insurance if desired.

How does it help?

The cost of living only keeps rising, and employees have to squeeze a lot more out of their existing salaries. Providing a plan that gives them vouchers towards the cost of outgoings helps them spread the cost of their everyday health expenses.

‍Find out more about Everyday Health Cash Plan

5.    Private Medical Insurance

What is it?

Our Private Medical Insurance allows your team speedy access to medical help at private medical facilities. It covers acute conditions, such as appendicitis, asthma attacks and broken bones. It is not designed to cover the cost of chronic, long-term conditions such as diabetes or arthritis.

How does it help?

Providing your employees with access to affordable Private Medical Insurance means they can avoid the queues and access medical care promptly. With a faster diagnosis and a quicker turnaround on treatment, you can reduce their suffering and help them get back to work in a timely fashion. Less stress on them, less stress on their colleagues and less impact on your business. Find out more about our Private Medical Insurance

Reduce risk, attract staff

People want to feel safe. It is a basic human need and one that always brings the best out of any individual. If you want to attract and build a great team that helps your business thrive, then help them feel safe by providing them with a financial and health safety net that they want to keep hold of for as long as they can.