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Actuarial Post - Group Risk industry helped more families than ever in 2018

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
Group life assurance policies paid out total benefits to the value of £1.117 billion (an increase of £50.2m over 2017); group income protection policies paid out a total of £482.7 million p.a. (an increase of £16.2 million p.a. over 2017); group critical illness policies paid out benefits totalling £82.4 million (a decrease of 1.9 million compared with 2017).

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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