Group Risk is a broad term for three company sponsored employee benefits: Group Life Insurance, Group Income Protection and Critical Illness cover.
Often initially provided in isolation (as they are a perfect ‘first step’ into a broad employee benefits package), they offer the Employer an opportunity to provide a ‘paternal benefit’, whilst giving the employees access to insured protection cover either at a reduced rate or free of charge as they are covered under one “group” policy. This is often more readily available than individual cover since most employees do not generally need to provide medical details before cover is granted.
Group Risk benefits are highly valued as they provide financial protection for employees and their families, yet they are relatively inexpensive for employers compared with some other components of the typical benefits package.
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