The UK Group Risk industry paid out £2.21bn in claims in 2022: equivalent to £6.05m a day.GRiD research, May 2023
Regularly reviewing your Group Risk provision is good business practice to make sure you’re getting value for money from your investment. Our independence means we compare providers from right across the market to secure the most appropriate scheme for your business at the most competitive price.
But we’re much more than brokers. We’re your Employee Benefits partner.
We help our clients realise all the benefits of Group Risk schemes, which often go unused, including management training, Absence Management and Employee Assistance Programmes through our Financial Education services.
Our Group Risk Services
Group Death in Service
Death in Service benefit is a long-lasting feature of an Employee Benefits strategy. It’s not nice to think about but it’s one of the biggest gestures an employer can make to their employees to say that they will help look after their families if they’re no longer here. There are many providers of Death in Service policies and Wren Sterling’s consultants can help select the provider that best matches your employee demographic and offers you the most favourable terms.
We can also help you communicate this to your employees and ensure take-up, as well as reminding your employees to complete Expression of Wish forms on their workplace pension too.
Group Income Protection
Income Protection pays a proportion of an employee’s salary if they’re unable to work through illness or injury. Importantly, this often covers mental health issues too, so even if your industry might not physically exert your employees, you know that your employees will be covered to a point, enabling them to focus on recovery.
As you would expect, there are a large number of providers in the market and Wren Sterling’s consultants can work with you to match the right provider to your workforce demographic.
Group Critical Illness Cover
Critical Illness Cover pays a tax-free lump sum to your employee if they’re diagnosed with a critical illness. This can help greatly with the anxiety of a diagnosis and what might lie ahead and it supports your duty of care as an employer. Depending on the policy you choose to go ahead with, cover for eligible children is sometimes included, so there’s more to attract and retain employees with.