What is Group Risk Insurance?
Group Risk Insurance refers to policies purchased by an employer to cover a group of employees, providing benefits in cases such as death, disability, and critical illness. This insurance typically includes:
- Group Life Insurance: Also known as death-in-service insurance, it pays a lump sum to the beneficiary of the employee if they die while employed by the company.
- Group Income Protection: Offers a replacement income if an employee is unable to work due to illness or injury.
- Group Critical Illness Cover: Provides a lump sum if an employee is diagnosed with one of the predefined serious conditions.
How does it work?
Employers choose the level of cover and pay the premiums. The policy is held in trust, meaning benefits can be paid quickly and efficiently without being subject to inheritance tax.
Choosing the Right Provider
At Cover Direct, we collaborate with top insurers to offer a range of Group Risk Insurance solutions tailored to diverse business needs. Our advisors are committed to finding the best fit for your company, emphasising quality advice over sales tactics.
Benefits of Group Risk Insurance for Employers
- Attract and Retain Talent: Enhances the employer’s package, making it attractive to potential and current employees.
- Supports Employee Well-being: Demonstrates a commitment to employees’ health and financial security.
- Financial Efficiency: Often more cost-effective compared to individual insurance policies.
- Peace of mind
- Doesn’t usually require a medical
- Access to additional support services (Like a private GP)
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Common questions about Group Risk Insurance
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