Group Protection Insurance UK
Often provided by employers as part of their company’s employee benefit schemes, group protection may consist of:
- Group Life Insurance – Providing employees with the peace of mind and comfort in the knowledge that their families will receive a lump sum payment in the event of their death. This type of group protection policy may allow employees to be more productive by taking the worry about their families’ future financial security off their minds. As such, policies of this type can be helpful in retaining key staff members.
- Group Critical Illness Protection – This type of policy provides employees diagnosed with a specified critical illness with a lump sum payment designed to protect them and their families against the potentially devastating financial impact developing a critical illness could have on their lives. Providing vital support when it is needed most, critical illness protection provides peace of mind for employees, which may increase productivity by removing nagging fears and worries and may also assist in retaining key members of staff.
- Group Income Protection – Offering an extensive range of benefits, group income protection is primarily taken out to provide employees with support and protection against loss of earnings due to prolonged absence from work because of illness or injury. Offering comfort & peace of mind to employees, this type of group insurance is also of benefit to employers, as it mitigates the cost and impact of an employee’s long-term absence by paying a percentage of the employee’s wages, which may have to be paid by the company.
Group protection insurance policies benefit employees by providing protection against the financial impact of long-term absence or injury, critical illness or death while giving employers a caring reputation, which may enable them to attract and retain first-class personnel and help with mitigating expenses.
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