Group risk benefits allow employers to reinforce their position as a caring employer, throwing a financial lifeline to employees when they need it most.
Group risk benefits are a useful tool for managing and mitigating some of the risks associated with employing people and can also help recruit, retain and engage talent.
They are highly valued by employees as they provide financial protection and peace of mind for themselves and their families, which they may not otherwise be able to access or afford themselves, yet they are relatively inexpensive for employers to provide.
They form a core component of an employee’s package and includes life assurance, income protection and critical illness.
Group Life Cover
Also known as ‘group life assurance’ or ‘death in service’ cover), this provides money to the family and dependants of an employee in the event of the employee’s death.
Group Income Protection
This provides a financial benefit and rehabilitation support if an employee is unable to work because of long term illness or injury.
Group Critical Illness
This provides a lump sum benefit if an employee suffers a specified critical illness.