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    Group Risk

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    Group Risk is the cornerstone of an Employee Benefits Strategy. It keeps your people and their families protected if they’re affected by illness or death, so it pays to work with consultants who truly understand the market.

    Group Risk policies don’t just benefit your employees, the company can also see increased productivity and reduced employee turnover. They can support you recruiting, retaining and engaging talent in your organisation. And we’re much more than brokers. We’re your Employee Benefits partner, from reviewing your Employee benefits, to strategizing and executing our recommendations.

    What are Group Risk benefits?

    Group Risk employee benefits provide financial protection to employees and their families in case of illness, injury or death. It can alleviate some of the anxiety during these times, providing financial support during tough times. The most common three Group Risk employee benefits are Group Life, Group Income Protection and Group Critical Illness.

    Our Workplace advisers can make a real difference when setting up or reviewing Group Risk benefits. We use market-leading flexible benefits technology to suit all budgets, ensuring that the right level of cover is provided to be valuable to employees, while also being cost-effective.

    Hear from our clients at the Box Factory about how Salary Sacrifice made a difference to them

    How does Group Risk work?

    Group Risk policies allow employers to offer financial protection against illness or injury. But rather than taking on all the risks themselves, insurers pool the premiums paid by employers to and provide cover that employees may not be able to afford or access themselves. This can help to keep staff healthy, reduce absences and help employees recover from illness and injury with fewer worries.

    1. Group Risk policies are put in place by the employer on behalf of their employees, often through an adviser to ensure the right level and type of cover.
    2. Group Risk policy premiums are paid by the employer, and can be funded through salary sacrifice.
    3. Any claims will be made by the employer on behalf of their employees, with payments usually passed on to the employee through their PAYE system.

    Advantages of Group Risk benefits

    Group risk benefits aren’t just about supporting the employee. There are advantages to the company too:

    • Improved productivity and engagement: Your people are at their best when they’re fit, healthy, and worry-free. When people are free to focus, this can lead to increased productivity and reduced stress, thanks to a group scheme that they may not be able to afford or access on their own.
    • Reduced employee turnover: The average staff turnover in the UK is 27.4% (cipd.org, 2024). Group Risk benefits can reduce recruitment and training costs, by ensuring your employees are financially secure in their current role with employee benefits more attractive than your competitors.
    • Improved employee financial wellbeing:  Providing Group Risk benefits can support employees with health and money worries, as they’ll know there’s help at hand during tough times. We can ensure your employees understand and value to benefits you provide by running educational webinars or face to face sessions.

    What our experts say about Group Risk

    Decoration
    • We have come across lots of clients who have a benefits strategy in place – but are still facing retention and sickness issues. We will help that employer understand more about how their benefits are communicated and how they are understood by employees.
      Paul Mitchell

      Paul Mitchell, 

    How Wren can help you with group risk benefits

    Deeply personal and bespoke approach

    Our recommended solutions will be bespoke to your company, after taking time to understand your challenges. We’re independent and can access the whole of the market. We’ll recommend the most appropriate and competitive solutions, not tied to any provider. And we’re will you all the way, from building your Employee Benefits strategy, to execution.

     

    Communicating benefits

    Your employees should be aware of the benefits put in place for them, how to access them, and how this supports their lives. We can run regular or one-off sessions to help employees on a number of topics, including understanding their employee benefits, how to prepare for retirement, taking control of their financial planning, and much more.

     

    One adviser for all areas

    Our Workplace team provides everything you need as an employer to review, select, launch and embed and employee benefits and wellbeing strategy for your employees. You’ll have a single point of contact, with everything handled by a lead consultant, while other consultancies will have contacts for each different service.

    Why choose Wren Sterling Workplace to support you with Group Risk

    • 450+

      businesses as clients

    • 600+

      workplace schemes advised on

    • 80,000+

      employees supported

    Not sure where to start?

    If you’d like to review your Employee Benefits and Group Risk offering or start from scratch, our Workplace team can help. We specialise in independent and impartial advice tailored to your business, your employees and your budget.

    We're here to help

    FAQs

    • Are group risk benefits a legal requirement?

      Are group risk benefits a legal requirement?

      Group Risk benefits are not mandatory (unlike holiday pay, statutory sick pay or workplace pensions), but they are commonly found in employee benefits packages offered by companies throughout the UK.

      Voluntary benefits aim to improve the wellbeing of your workforce, and help attract talent. Our Workforce Analysis can help you compare your business to your competitors, and find out what your employees will truly value.

    • What does Group Risk cover?

      What does Group Risk cover?

      Group Risk benefits provide financial protection to employees and their families in case of illness, injury or death. It can alleviate some of the anxiety during these times, providing financial support during tough times. The most common three Group Risk benefits are:

      • Group Life (sometimes known as Group Death in Service) provides a lump sum benefit to the employee’s beneficiaries in the event of their death.
      • Group Income Protection provides an income to the employee for a set length of time if they are unable to work due to illness or injury.
      • Group Critical Illness provides a lump sum to an individual following a diagnosis of certain medical events (specified in the plan details).

    • Does every employee have to sign on for Group Risk benefits?

      Does every employee have to sign on for Group Risk benefits?

      While it is not mandatory for employers to offer Group Risk benefits, once they are offered to employees, it can be mandatory for employees to participate. This ensures that the company can benefit from cost effective policies which spread the risk.

      When employer can choose which products to offer with Group Risk benefits, and will decide on any terms when taking out the policy. Other options include:

      • Flexible benefits – these offer the possibility for employees to choose the benefits they want and can manage this complexity on behalf of the employer.
      • Salary exchange/sacrifice is optional for employers to provide, but is often set as the default unless a member chooses not to use it.

    • Are Group Risk benefits expensive for the employer to provide?

      Are Group Risk benefits expensive for the employer to provide?

      Group Risk benefits are considered a cost-effective way to provide protection for your employees – especially those who may not be able to afford or access these benefits themselves.

    • How can healthcare benefits impact employees?

      How can healthcare benefits impact employees?

      We believe your people are at their best when they feel mentally, physically and financially fit to face the day. We help you select products and services for your people, and help your employees understand how to make the most of them. With greater financial peace of mind, we believe your employees will be more productive and engaged with the needs of your business.