GROUP RISK INSURANCE
What is Group Risk Insurance?
Group Risk is the collective term for three insurances taken out by companies to provide protection for their employees, the insurances are Group Life Insurance (Death in Service), Group Critical Illness and Group Income Protection.
So, on top of the salary, paid holidays, pension and the joy of working for you why would you choose to invest further in the cost of your team?
1. Staff recruitment
2. Staff retention
3. Showing that you’re a caring employer
These benefits are commonly offered by the larger employers and increasingly in a competitive recruitment market place SMEs should also be investigating offering these benefits.
Group Life/Death in Service
Group life is a company policy that pays a benefit to an employees’ dependents in the event the employee dies whilst employed by the company.
Benefits can be a fixed amount or a multiple of the employee’s remuneration, typical amounts are 3- or 4-times salary but can go much higher.
An advantage of group life is the “Free Limit” which is the amount of cover the insurer will offer to each member without the need for any further medical underwriting. It means that for many schemes they can be set up quickly with no need to provide medical history.
We’d recommend taking tax advice as we’re not tax advisors, but our current understanding is that the premiums are fully tax deductible for the business and there’s no “Benefit in Kind” tax liabilities for the employees
The group risk market insures over 9.5 million people for death benefits valued at over a trillion pounds – Swiss Re Group Watch 2018.
The average claim was £113,479 and the main causes for claim were cancer (43%) and heart disease (14%) – GRiD 2018 Claims Survey.
Group Critical Illness
These policies are taken out by the employer and provide a lump sum payment to an employee in the event of a diagnosis of a serious medical condition or they’ve undergone a specific medical procedure. The condition must be one that is listed on the policy as not all illnesses will be covered.
Unlike Group Life insurance where there is no “Benefit in Kind” tax liability for the employee, Critical Illness premiums do incur a tax charge for the member, although premiums are fully deductible for the company.
The group risk industry paid out £84.3 million in critical illness benefits to 1,180 people during 2017 – GRiD 2018 Claims Survey.
Group Income Protection/Employee Sickness Insurance
A company’s employment contracts will lay out the employer’s commitment to pay an employee whilst off sick. Being signed off sick for a prolonged period could potentially leave an employee short of their monthly salary payments. Sickness insurance helps bridge that gap, by continuing to pay sickness cover for up to 2, 5, or 10 years, or even up until retirement in some cases, depending on the policy type.
Group Income Protection is a company policy which provides sick pay to employees if illness or injury leads to a prolonged period of absence.
The benefit is paid to the employer and paid through their PAYE mechanism, premiums are tax deductible for the company and there’s no P11D benefit for the employee, although of course payments are taxed like income.
Another advantage of this type of policy is that group income protection providers support employees to help them return to work.
The average new claim paid in 2017 was £24,257 pa and the main causes for claim were mental illness (24.5%) and cancer (24.2%) – GRiD 2018 Claims Survey.
2,989 people (33.1% of all claims submitted) were helped back to work in 2017 before they reached the point of making a claim – GRiD 2018 Claims Survey.
“ Lesson Moore have been helping us with our health insurance for a few years now and I can't speak highly enough of their service. Martin and his team excel at what they do. No pushing, helpful and informative. I highly recommend Lesson Moore. ”
- Ashley Lecky (Croydon)
Review from 14 Aug 2019
“ Excellent service from Martin and the team, no pushy tactics just open discussion about what we wanted, what was available and the benefits. Martin managed to improve our benefits whilst saving us money which was great! ”
- Matthew Jones (Clevedon)
Review from 25 Jul 2019
“ Martin and his team did a truly excellent and professional job on the renewal of our company Health Insurance at very short notice. Not only did they discuss our requirements in considerable detail, but finally recommended a product which gave us exactly the same cover benefits, and reduced our annual premium by a very significant amount. ”
- Alex Bevan (Pill)
Review from 23 Jul 2019
“ Spoke to Martin Blain today regarding our company health insurance annual review. Martin was fully prepared with quotes from different providers and was aware of our current circumstances and history of claims. All in all a very professional service, would strongly recommend. ”
- Peter Shanks (Borehamwood)
Review from 16 Jul 2019
“ Lesson Moore have obtained a significant saving on my health insurance premiums. I am very happy with their efficient and friendly service. ”
- Susan Thompson (Crowthorne)
Review from 08 Jul 2019
“ Tom Kingett recently reviewed our health insurance and managed to achieve a serious saving over the previous year. The service provided by Lesson Moore, whom we have used in previous years, has been very good. They have consistently achieved good terms for our insurances. ”
- James Slater (Craven Arms)
Review from 28 Jun 2019
“ Having paid for Health insurance directly for many years, these guys showed us that our so called top quality cover was NOT the case. They put us on the right cover and manged to save us some premium. ”
- James Chamberlain (Stroud)
Review from 27 Jun 2019
“ Lesson More did a great job in saving my company over 20 % against my previous supplier of Health insurance. The process was painless and simple with Martin and his team taking all the Strain out of the Procedure. Lesson More is a company that is a pleasure to do business with. . ”
- Don Grace (Christchurch)
Review from 31 May 2019
“ Always outstanding service year on year. Will always go the extra mile to obtain the best healthcare cover at the most competitive rate. Outstanding customer service at all times, not just at renewal. Highly recommended! ”
- Gail Smith (Shrivenham)
Review from 30 May 2019
“ I can't speak highly enough regarding the help and good service I have had from Lesson Moore; In fact each year thanks to them I seem to pay less rather than more in premiums. Add to this, always prompt and kindly service. Very highly recommended. . ”
- Angela Dennis (Coleford)
Review from 30 May 2019
“ Very happy with the service received from Lesson Moore, would recommend using these guys if you don't know much about this industry. Informed me well and covered most of the admin work in setting our Group Health Insurance Plan. *****. ”
- Nicola Wilson (Montrose)
Review from 28 May 2019
“ Once again we received a very professional and knowledgeable service, resulting in a great saving on our health insurance. Would highly recommend. ”
- Sarah Osmond (Wimborne)
Review from 20 May 2019
“ The team at Lesson Moore have always been extremely helpful, polite, and we would not hesitate to recommend them to any business. ”
- Sam Franklin (Shepton Mallet)
Review from 14 May 2019
“ I highly recommend the services provide by Lesson Moore. Always knowledgeable and they make the mine field of health cover easy to navigate. ”
- Antony (Basingstoke)
Review from 06 Mar 2019
“ I have to say that Less and More provide a very effective and helpful brokering service in the health insurance market which is a bit of a minefield to say the least. They can explain the pros and cons of the many different providers out there. I would recommend their service, and it is of no direct cost to you. ”
- James Suter (Crickhowell)
Review from 27 Feb 2019
“ I really trust Martin, looking after my healthcare policies, I know that everything has been considered and the best policy for me and my family put in place. ”
- Karen Dunn (Guildford)
Review from 22 Feb 2019
“ We have been working with Martin Blain and the team at Lesson Moore Limited for four years now and we are just renewing our company health insurance policy through them again. They have taken the headache out of trying to find the right insurance for our team and for our key workers. They have always recommended good policies which 'do exactly what it says on the tin', and we can be confident, whenever claims need to be made, that they will be trouble free. We have no hesitation in recommending Lesson Moore Limited. ”
- Jane Bowe (Wells)
Review from 15 Feb 2019
“ What a great company, Martin, Simon and the team go way beyond their duties to look after their clients and we got a big saving too. Could not rate them highly enough, I would definitely recommend Lesson Moore Ltd. Both professionally and personally. Thank you Team for your A+++ service. ”
- Julien Abbott (Reading)
Review from 17 Sep 2018
“ it is very rare that I will accept a cold call I am very pleased I did.Simon was my first account manager who was brilliant he moved on and up I was disappointed to loose that contact with him.Ashely then took over, HE HAS BEEEN BRILLAINT yes I am shouting thank you Ashley you are a great Lesson Moore ambassador. ”
- David J Marks (Hampstead)
Review from 30 Aug 2018
“ Simon Milner and all the team at Lesson Moore with whom I have been in contact with are always exceptionally helpful and efficient being very effective in finding the most relevant and cost effective health insurance packages for me and my company. In addition they are very pleasant, polite and friendly people to deal with. ”
- Carl Cullingford (London)
Review from 24 Apr 2018
“ Ashley was very helpful in recommending the right health insurance for my family. He has found a great new insurance company that covered all our needs and made a great cost saving from our existing scheme. In fact ever since I have worked with Lesson Moore I have found all staff to be friendly and very helpful. Keep up the good work! ”
- Kevin Hardy (Bedford)
Review from 01 Feb 2018
“ Ashley Woodrow is very knowledgeable about the health insurance industry. He immediately understood the cover I needed and gave excellent advice by phone and email. He then passed it over to Julie who processed the paperwork very efficiently. I definitely felt that they cared about me as a customer and gave excellent service. ”
Review from 01 Dec 2017
“ I have used Lesson Moore for a number of years. They have provided me with great advice and guidance to help find the right private health insurance cover. Without fail every year I get a review to ensure I am on the best policy and product. Making sure I am getting great value for money. I would high recommend their services to anyone seeking private medical insurance. ”
Review from 21 Sep 2017