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Employee Benefits Magazine - Group Risk Week - Why group risk protection benefits tick all the boxes

By Katharine Moxham 30 April 2018.

Given that the government is drawing back, no one should be without a way to protect their own financial stability and that of their family, especially because according to the Office for National Statistics’ (ONS’) Quarterly sector accounts, UK: October to December 2017, published in xx the UK household’s savings ratio fell to an annual record low in 2017. Group risk protection benefits throw a financial lifeline to a family when they need it the most so it is easy to see why these benefits are of value to a workforce, but what do they do for employers?

In Group Risk Development’s (Grid) latest employer research published in November 2017, employers cite several key reasons for providing group risk benefits. These range from helping with recruitment, retention and differentiating their package, to being able to recoup the costs in improved productivity and team morale, as well as paternalism.

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