Industry data compiled and published today by Group Risk Development (GRiD) shows that once again, employers utilised group risk protection to provide financial support to a huge number of employees and their families during 2019. A total of £1.76bn was paid out by the group risk industry during 2019, an increase of £75 million over 2018. Thousands of UK employees and families (26,433) were helped to avoid financial hardship during the worst of times for them – after the death, illness or disability of a loved one.
Group risk insurers help people in many practical ways as well as making financial payments as illustrated by Phil’s and Sue’s stories below. In total 5,248 employees were helped back to work after a period of sick leave and there were 74,707 interactions during 2019 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 £1.171 billion (an increase of £53.7 million over 2018); group income protection policies paid out a total of £492.98 million (an increase of £10.28 million compared with 2018); group critical illness policies paid out benefits totalling £93.6 million (an increase of £11.2 million over 2018).
The average new claim amounts (£125,762 for group life; £26,430 p.a. for group income protection; £69,411 for group critical illness) evidence the fact that these benefits should not just be seen as perks for the higher paid but that they throw a vital financial lifeline to people regardless of their salary, age or position.
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