Benefits such as employer-sponsored life assurance, income protection and critical illness cover offer a financial lifeline to families when they need it most, at a time when the State is withdrawing support and UK household ‘saving ratio' is low.

However, according to the group risk trade body, employers are unlikely to allocate budget to them if they do not fully understand their value.

Education

According to GRiD research, only a third (32%) of business who currently offer group risk use all of the support available to them regularly and nearly three quarters (73%) said they were keen to be enrolled on a course to improve knowledge of their benefits.

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