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Group Risk Development (GRiD) is the industry body for the group risk protection sector, promoting the value to British businesses of providing financial protection for their staff, enhancing their wellbeing and engagement.
Our membership has a collective wealth of experience built over years of operating in the group risk protection market.
What is Group Risk?
Employers may promise certain benefits (for example, occupational sick pay) to employees as part of the contract of employment. Rather than bear all of this risk themselves, many employers choose to take out group risk insurance policies to cover some or all of their liability.
Provided in isolation or as part of a wider benefits package, these employer sponsored products can give 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.
Provides a benefit on an employee’s death
Represents 40% of all insured life cover in the UK
Tax free lump sum up to Lifetime Allowance
Taxable dependants’ pension
Benefits over Lifetime Allowance through “excepted” route
Provides a continuing income during employee’s absence for illness, injury or disability
Represents 80% of all insured income protection cover in the UK
Used to cover employer’s promise of long term sick pay
Paid through payroll in normal way
Pays a tax free lump sum to employee on diagnosis of one of a defined list of serious medical conditions or on undergoing one of a defined list of surgical procedures
Can be extended to dependants
Increasingly popular under flexible benefits arrangements
Fastest growing group risk benefit
The opportunity to influence group risk policymaking.
GRiD is a respected voice in the protection sector – as such, membership enhances the status of member organisations.
Privileged access to output from the various working groups, including consultation responses, regulatory updates, employer research and pan industry claims data. GRiD members also gain exclusive access to industry speakers at member meetings.