Employers want to keep group risk premiums low; there
are various ways to achieve cost savings.
Group risk is an umbrella term that covers three
company-sponsored employee benefits: group life insurance, group
income protection and critical illness cover. Group risk benefits
are often (but not always) fully insured. Provided in isolation or
as part of a wider benefits package, these employer-sponsored
products can give employees access to valuable insured protection
cover under one 'group' policy.
Group life assurance is the most common employer-sponsored
benefit in the UK. It often represents the sole life insurance
provision for low to middle income individuals. Group income
protection provides a continuing income for employees if illness or
injury prevents them from working for a prolonged period of time.
Group critical illness cover pays a tax-free lump sum to an
employee on the diagnosis of one of a defined list of serious
conditions, or on undergoing one of a
