Group life insurance and protections just like domestic life insurance pays money is we pass away, critically ill or can not work.

The big difference in Group Life insurance is not every employee is underwritten in the application (assessed on their health and lifestyle). The protection is built on the number of employees, their age and gender – that’s it! Whilst the company pays the protection monies after a claim would clearly go to the employee. 

A fabulous benefit of working for quality companies. In fact, this is why companies but these in place; as it attracts and retains the best staff as part of their employment package. Lowers their costs to hire and ongoing training costs.

Legal & General have just stated:

We’re pleased to announce our return to work and claims performance figures for 2022. In 2022 we paid Group Protection claims of around £320.4 million across group life assurance, group income protection and group critical illness cover.

Our products give employees and their families more than just financial help. Our approach of Be Well. Get Better. Be Supported. in particular with group income protection, gives employees access to holistic support services, that helps them manage their health and access quick, tailored support during their illness or injury.

In 2022, our active intervention through our Be Well. Get Better. Be Supported. framework enabled;

  • 854 employees to return to work within the deferred period
  • That’s 20% of the industry total 4,257 as reported by GRiD
  • A further 369 employees were able to return to work, following a period of benefit
  • We also arranged and paid for 3,219 psychological and physiotherapy treatments

Brilliant news for companies and employees; but its not just about Legal & General. Many companies offer group Life insurance and protection for the work force. Golden Rock as a FREE advisory service can give independent advice one which companies can support what illnesses? what their application and claim pay out rates are like and associated costs.

Please get in touch for free advice

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