Record number of families helped by group risk policies

13 May 2019

Group risk policies offered by employers provided financial support to a record number of families last year, according to the latest industry figures.

A new high of £1.68bn was paid out by group risk insurers during 2018, an increase of £64.5m on 2017, with more families than ever (26,505) helped to avoid financial hardship after the death, illness, accident or disability of a loved one.

Of course, it's not just about financial payments: group risk policies also provide practical support including fast-track access to physiotherapy, vocational rehabilitation and help to overcome mental ill-health, as well as bereavement support and help with probate.

Last year, 5,595 people were helped back to work after a period of sick leave and there were 75,466 interactions with the additional help and support services that are funded by group risk insurers.

"It's always great to be able to demonstrate how employer-sponsored group risk protection benefits do what they say on the tin, not just in terms of financial payment but also by helping people through some really difficult periods of their lives," commented Katharine Moxham, spokesperson for industry body Group Risk Development (GRiD).

"Despite the uncertainty around Brexit, the health and wellbeing of staff -- particularly mental wellbeing -- continues to move up the Government's workplace agenda. Employers looking for help in how to support this will find that group risk protection products can provide a lot of answers as the inherent support services that come with them significantly extend the reach of the help employers can give to their people, especially for mental health.

"It's important to remember that every number has a person and a story behind it. We meet people's needs by treating them as individuals and tailoring support to their unique circumstances and, once again, these figures demonstrate the positive difference the group risk industry makes to people's lives every day."

Copyright © M2 Bespoke 2019