Research from Group Risk Development*, (GRiD) the industry body for the group risk protection sector, shows that employers lack knowledge about the inherent benefits of Group Life Assurance (GLA), including the circumstances in which employees would receive a payout.
- Fifty five per cent of employers do not accurately understand the circumstances in which a GLA policy would pay out – this rises to nearly three quarters (74%) for organisations with over 250 staff.
- Only 45 per cent of employers correctly understand that GLA pays out a benefit on an employee’s death for any reason, at any time whilst they are in employment with the sponsoring employer – whether or not this is while undertaking activities for the employer.
- Over a third (36%) of employers wrongly believe that the employee would have to be on company business or at work at the time of death, or die by accident while at work to be eligible for a payout.
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