Group risk products are an integral part of an employer’s benefits for staff. The main products are death in service, income protection and critical illness.
From a health insurance point of view, it is the latter two which are of most interest, and which are a growing business opportunity for many intermediaries who offer protection advice. The market is highly competitive, with rates under pressure. Certainly as far as employers are concerned, there has rarely been a better time to offer cover for their staff.
In the tables below, full details are supplied of the providers of group income protection and critical illness plans, including vital data on areas such as maximum benefit levels and the minimum number of lives necessary to arrange group cover.
The challenge now for insurers in the group risk field is to grow the market. Many would like to see the Government raise awareness of the need for benefits and encourage employers to provide for their staff.
And with state benefits always being a worse alternative to insurer-paid benefit, it will also be a challenge for underwriters to make products available to all sectors of the workforce. Currently attractive rates are almost always on offer to white-collar employers, leaving many workers without cover.
The tables below are supplied by The Research Department, a specialist in statistical information on the insurance market.
It will be providing us with regular research, which will be complementary to articles on key product areas. Together, these should help intermediaries become better informed about the marketplace and make their jobs easier.