Group Risk Development (GRiD) has calculated that Legal & General accounted for a fifth (19.2%) of total claims value (£1.244bn) paid out by the group protection industry for group life, income protection and group critical illness in 2013.
Commenting, Vanessa Sallows, Benefits and Governance Director, Corporate Business, of Legal & General Assurance Society, said:"Last year we paid out on 99.3% of all group life and 95% of group income protection claims.
"These policies enable employers to offer staff a benefit that provides a significant amount of money when they need it most."
GRiD's figures show that the average group income protection annualised benefit in 2013 was just under £22,000.
Legal & General added that, in 2012 it also arranged and provided over 6,700 Cognitive Behavioural Therapy sessions as part of tailored return to work plans for employees with mental health issues."
Vanessa added: "This type of support can help employees get back to work faster than they would otherwise, which is good for business and good for employees."
12 August 2021
•
1 min read
