Follow us on:

CloseClose

Employee Benefits Magazine - How group risk benefits can support good mental health

By Julie Gilbert 21st May 2020.

Need to know:

  • Group income protection plans may include employee assistance programmes (EAPs), digital GP services and other mental health support at no extra cost to premiums.
  • Employers should familiarise themselves with, and communicate effectively, the add-on benefits a group risk plan may offer.
  • Employers need to re-communicate any mental health support services on offer during the Covid-19 (Coronavirus) pandemic.

There is more to group risk policies than the standard trio of income protection, life assurance and critical illness insurance of yesteryear. Group risk insurers now offer added-value products under each insurance policy including those that benefit mental health under the group income protection (GIP) umbrella.

Katherine Moxham, spokesperson at industry body Group Risk Development (Grid), explains: Over the years, providers have realised claims on these products are not made every day and some employees will never make a claim. Over the last 10 years, services have changed and provide extra services that compliment what [insurers] are offering, but also give employers, line managers and employees something they can use everyday.”

With mental health issues on the increase, it is no surprise that group risks providers are putting in preventative measures. According to the Mental health 2019 report by the Prince’s Responsible Network in sponsorship with Mercer Marsh Benefitspublished in November 2019, almost a third (30%) of the UK workforce have been formally diagnosed with a mental health condition at some point in their lifetime.

Please click here to view the full article.

Join now

If you are active in the group risk market and would be interested in gaining a greater share of voice and working more closely with your contemporaries in the industry please get in touch by completing this page.

Benefits of membership:

A STAKE IN POLICY

A STAKE IN POLICY

The opportunity to influence group risk policymaking.

VALUE BY ASSOCIATION

VALUE BY ASSOCIATION

GRiD is a respected voice in the protection sector – as such, membership enhances the status of member organisations.

ACCESS TO EXCLUSIVE INFORMATION

ACCESS TO EXCLUSIVE INFORMATION

Privileged access to output from the various working groups, including consultation responses, regulatory updates, employer research and pan industry claims data. GRiD members also gain exclusive access to industry speakers at member meetings.

Please enter your details:

Member register
  •     Already a member? Please login.