How group risk cover could provide greater benefit than you think

While group risk benefits don't often feature at the top of most-desired employee perks, these days, life insurance, income protection, and critical illness policies offer far more than simple insurance.

And more employers are catching on to the benefits group protection can provide.

According to Group Risk Development (GRiD), an increasing number of employees now have group risk benefits through their employer. In fact, the number of people who have such workplace cover equates to almost half of the pay-rolled population[1].

Group risk cover benefits employees and employers alike

Of course, many of us prefer to avoid thinking about worst case scenarios, which perhaps explains why group risk benefits are often undervalued by employees. Yet group life, income protection, and critical illness can bring invaluable peace of mind to employees.

For employers, group risk can form a solid foundation to a comprehensive employee benefit package.

An array of value added services means that today, such insurance can often act as far more than a financial safety net.

Group risk cover can also be a great way to help improve employee health and wellbeing. Either helping them to remain fit and healthy, or providing support as they return to health (and work) following an illness or injury.

Additional group risk benefits on offer to employees and their families

Providers offer a wide range of added services that are freely available to your employees. Plus, some insurers extend the advantage to family members, too.

These include big ticket items like 24/7 access to GP services, as well as household savings through high street discounts.

Some of the most common value added services included in group risk benefits are:

Top health-related benefits

• Virtual GP services – Cover often provides 24/7 access to a virtual GP consultation lasting up to 30 minutes. With many people struggling to get an appointment with their NHS GP, this is a very popular benefit. Employees can request an appointment and be speaking to a GP within an hour. The GP can also issue a prescription and have it sent electronically to a local pharmacy.
• Second medical opinion service – Medical notes can be reviewed by a leading doctor specialising in the condition your employee is suffering from. The specialist can check the diagnosis, prognosis and treatment plan and advise if they think any alternatives should be considered.
• Mental health support  
• Personal nurse service
• Health check
• Dental app
• Dietary and fitness advice.

Financial and consumer benefits

• High street discounts
• Employee assistance programme – Giving employees access to legal, financial and consumer advice.

Family support

• Bereavement support
• Funeral concierge service – expert advisers provide help with funeral planning, empowering employee family members to make well-thought-out decisions
• Probate helpline.

Additionally, HR teams and line managers have access to a wide range of extra services. These include early intervention, rehabilitation support, and absence management advice.

Offering group risk benefits can help show you care

Ultimately, even without the long list of potential additional benefits, group risk insurance can be an opportunity to show that you really care about your employees.

Giving your employees access to a wide range of health and wellbeing support can also help drive up engagement, reduce staff turnover, and attract talent.

And, of course, healthy employees tend to be more productive and take fewer days of sick leave.

Aspira can help you map out the services you wish to offer, avoiding unnecessary overlap

If you offer multiple benefits to your employees, there may be overlaps in the additional services available.

We can help you to identify these by mapping out services offered by each provider and identifying any gaps and overlaps. We can also advise you which service to use depending on your situation. 

Here at Aspira, we work closely with you to ensure that you get the best possible return on your benefit spend.

Another important aspect of the work we do is in helping you to promote the benefits to your employees. In turn, this can help increase engagement and assist in recruitment and retention.

Get in touch

To learn more about how group risk insurance could enhance the benefits package you offer to your employees, please get in touch.

Email info@aspirafp.co.uk or call us on 01454 632 495.

Please note

This blog is for general information only and does not constitute advice.

Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions.

[1] https://www.grouprisk.org.uk/2023/04/13/grid-comment-on-swiss-res-group-watch-2023-good-news-for-employees-as-more-are-provided-with-group-risk-benefits