|Once again, the group risk industry provided financial support to a record number of families during 2018. Industry data compiled and published today by Group Risk Development (GRiD) shows that a total of over £1.68bn was paid out by the group risk industry during 2018, a £64.5 million increase on 2017. More UK families than ever (26,505) were helped to avoid financial hardship after the death, illness, accident or disability of a loved one.|
As well as making financial payments, group risk insurers help people in many other ways. David’s, Zoe’s and Will’s stories below give just a few examples of how group risk policies also provide practical support for people. A total of 5,595 people were helped back to work after a period of sick leave and there were a total of 75,466 interactions during 2018 with the additional help and support services that are funded by group risk insurers.
Total benefits paid
The average claim amounts (£114,691 for group life; £26,322 p.a. for group income protection; £66,824 for group critical illness) evidence the fact that these benefits throw a vital financial lifeline to people regardless of their salary, age or position and that they should not be seen as simply perks for the higher paid.
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