Group risk insurance

Group Life Insurance, Group Income Protection, Group Critical Illness

Get in touch

Financial protection and peace of mind during illness, injury or should the worst happen

Business risk insurance, such as life insurance, income protection, and critical illness cover, can provide your employees and their families with a level of protection and financial support to help them during long-term absence or injury, critical illness, or in the event of their death. 

Group risk insurance is widely thought of as the foundation of any employee benefits package and is valued by employees. And it’s often much more cost-effective than you might expect. It demonstrates that you care about your employees and are invested in their health and wellbeing inside and outside of work. It gives your people peace of mind that support is in place during times of crisis. This can lead to improved engagement and boost employee morale, motivation and productivity. 

To succeed, businesses need the right people, which means attracting and keeping top talent. Offering group protection benefits is an effective way to stand out from competitors and strengthen employee retention.

Business risk insurance you can rely on

Expert guidance and support

If you're considering group risk insurance for the first time or seeking to optimise the benefits you currently have in place, our team of specialist consultants is here to help you. We understand that each business is unique, and that's why we provide independent and impartial advice tailored to the specific requirements of your business, your employees, and your budget.

With our experts guiding you, you can have confidence that you're making the right decisions for your employees' healthcare needs. Your wellbeing and that of your employees are our top priorities, and we are committed to ensuring you're in good hands every step of the way.

Our expert consultants can guide you if you're considering group private medical insurance for the first time or reviewing existing benefits. We ensure the chosen plan meets your employees' needs, considering factors beyond price and terms.

Get in touch with our friendly team of experts today for advice and to learn more about how Howden Group can support employee retention within your business. 

We are here to help

Get in touch

FAQ

A group risk benefits policy is aimed at providing financial protection to employees and their families in the event of death, disability, or illness. These benefits can therefore play a significant role in improving their overall financial wellbeing.

The most common group risk benefits are:

  • Group Life Assurance: This provides a lump sum benefit to the employee's beneficiaries in the event of their death.
  • Group Income Protection: This type of insurance provides income replacement to the employee in the event they are unable to work due to illness or injury.
  • Group Critical Illness: This aims to provide a lump sum to an individual should they survive a set period of time following diagnosis of one of several specified medical events. 
  • Private Medical Insurance (PMI): This type of insurance provides coverage for non-NHS medical treatment and expenses.

In addition to providing benefits, group risk insurers provide a range of associated value-added benefits that can help to improve employee financial wellbeing. These benefits can include:

  • Financial planning services: These services can help employees to create a budget, save for retirement, and make other financial decisions.
  • Employee assistance programs (EAPs): These programs provide confidential counselling and support to employees on a variety of topics, including financial wellbeing.
  • Discounts on products and services: These discounts can help employees to save money on a wide range of products and services, such as home insurance, travel, health & wellbeing, and food & drink.

When planned and delivered well, group risk benefits can prove just as beneficial to the organisation as to the employee.

  • Improved employee financial wellbeing: As mentioned, financial wellbeing is a critical component of overall employee wellbeing. By offering group risk benefits and promoting associated value-added benefits, employers can help to improve employee financial wellbeing, which can lead to several other benefits, such as increased productivity, engagement, and reduced stress.
  • Reduced employee turnover: Employees who are financially secure are less likely to leave their jobs. By offering group risk benefits, employers can help to reduce employee turnover, which can save an employer money in terms of recruitment and training costs.
  • Improved employer brand: Employers who are seen as being supportive of employee financial wellbeing are more likely to attract and retain top talent. By offering a good range of group risk benefits, employers can improve their employer brand to attract and retain the best employees.

Engagement is key. Establishing group risk benefits is one challenge, but communicating with and inspiring your employees to help them get the most out of their group risk benefits is crucial.

  • Encourage your employees to read your employee benefits handbook, visit your intranet pages or flex site. The information you provide should clearly explain all the benefits you offer, including the terms and conditions as well as the value-added benefits available.
  • Encourage your employees to talk to you about their benefits. Let them know that they can talk to you if they have any questions or concerns, fostering a culture where no one is afraid to ask you for help.
  • Tracking benefits expenses. If you offer flexible or voluntary benefits, make it easy for employees to see and understand how much they are spending on their benefits each year. Consider an employee benefits platform with easy-to-use dashboards.
  • Encourage employees to review their benefits regularly. An individual’s financial requirements change over time, so it's important that they review them regularly to make sure they are getting the most out of them.

Group risk benefits and their associated value-added benefits can play a significant role in improving employee financial wellbeing. That, in turn, can help to make a significant impact on your organisation's financial objectives.

By offering group risk benefits that resonate with your specific workforce, you can improve employee productivity, engagement, and reduce turnover. It can also improve your employer brand, and attract and retain top talent.