By Katharine Moxham 13 April 2017
Katharine Moxham highlights the opportunities and challenges for the group risk protection market and five recent changes that will affect employers.
Group risk insurance policies are used by employers to cover a promise to pay a benefit in the event of an employee’s death, illness or disability. These benefits go a long way towards protecting employees and their families from financial devastation if the worst happens.
Whether they are the only benefits on offer or provided as part of a wider benefits package, group risk benefits (employer-sponsored life assurance, income protection and critical illness benefits) can give employees access to insured financial protection cover they might not be able to afford or access for themselves (for example because they have a medical condition). Group risk benefits provide a business with a low-cost way of doing the right thing at a time when people need it most.
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