Group Risk - more affordable than employers think

clock • 4 min read

Research from Group Risk Development (GRiD) shows that the majority of employers overestimate the cost of group risk financial protection for their staff. Katharine Moxham discusses this in more depth.

It typically costs less than 0.5% of payroll to offer group life assurance to an entire workforce, yet 70% of employers believe that it would cost them more than that, with 8% believing it will cost them more than 10%. It's a similar story for group income protection. Typical costs are less than 1% of payroll, yet 60% of employers believe it will cost them more, with 9% thinking it will cost them in excess of 10%. GRiD's research also shows that 60% of employers accept that they have a greater role to play in protecting the health and welfare of their staff, and providing financial re...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

First Actuarial joins amii

First Actuarial joins amii

Employee benefits provider

Jaskeet Briah
clock 19 September 2025 • 1 min read
One in five SMEs offer employee assistance programmes

One in five SMEs offer employee assistance programmes

Canada Life research findings

Jaskeet Briah
clock 17 September 2025 • 2 min read
Nearly 70% of female workers welcome employer support for women's health

Nearly 70% of female workers welcome employer support for women's health

Physical health is the top barrier to staying in work

Jaskeet Briah
clock 12 September 2025 • 3 min read