Press release 10 May 2019.
Mental Health Awareness Week (13 – 19 May) is the perfect time for employers to look at how to support mental wellbeing in the workplace. Supporting mental health may be rising to the top of employers’ agendas when it comes to health and wellbeing, but not all know how to offer it. However, it may not be as difficult as many think.
Support for mental health is often built in to group protection policies (employer-sponsored life assurance, income protection and critical illness). While these policies are well-known for providing financial support when employees are unable to work due to ill-health or disability, they also increasingly offer much fuller support, including for mental health. This can include:
- An Employee Assistance Programme
- Fast-track access to counselling, or other treatment for mental health
- Bereavement support
And of course, as financial issues can be a great source of anxiety, the financial provision that’s integral to such benefits is also a great support to good mental health too.
Employees benefiting
Many employees are already benefiting from support for mental health via group protection. Indeed, mental health is the second most common reason for claims from group income protection*, with 24.1% of claims being for mental health; only marginally beaten by claims for cancer at 24.5%.
Katharine Moxham, spokesperson for GRiD, the industry body for the group risk industry, said: ‘The group risk industry is at the forefront of supporting mental health in the workplace, and the employers that utilise group protection to support the mental wellbeing of their staff are the winners. What’s more, this support is usually funded by the provider, at no extra cost to the employer or the employee. Employers looking for mental health support would be wise to put investigating group risk at the top of their list.’
- Ends –
* GRiD Claims Data
The GRiD claims data survey was undertaken among its provider members and the figures are an accurate representation of the current Group Risk market in its entirety. Respondents provided figures for Group Life, Group Income Protection and Group Critical Illness claims for 2018.
For further information please contact:
Sharon MasonÂ
SMUK Marketing and PR
smason@smuk.org.ukÂ
Mob: 07747 611773
Land: 01252 843350
Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
Mob: 07887 512508Â
Notes for editorsÂ
About GRiD Claims Data
The GRiD claims data survey was undertaken among its provider members and the figures are an accurate representation of the current Group Risk market in its entirety. Respondents provided figures for Group Life, Group Income Protection and Group Critical Illness claims for 2018.Â
About GRiD
Group Risk Development (GRiD) is the industry body for the group risk protection sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their wellbeing and improving employee engagement. Our membership includes insurers, reinsurers and intermediaries who have a collective wealth of experience built over years of operating in the group risk protection market. Under the chairmanship of Steve Bridger (Managing Director Group Protection, Aviva UK Insurance – Corporate) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.
GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry’s standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.
GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.
GRiD’s dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.
Follow Katharine Moxham on Twitter @KMoxham
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