What is group protection insurance?

Group protection insurance is the name given to a policy employers like you can offer their employees as a benefit on top of their salary. It can include group life insurance, group income protection, group critical illness cover, or any combination of the three.

It can make your people feel valued, giving them protection against illness and injury. And since these are types of insurance that your employees might not be able to afford on their own, it has extra value as part of their employment contract with you. So, it also benefits your business.

With many families currently struggling to make ends meet, group protection insurance is a welcome layer of cover against what life may throw at them. Offering these types of protection shows you care about the people who work for you, and understand the difficulties they might be facing. That’s why it can help your people feel valued, which also makes them more likely to stay with you.  

Group protection insurance doesn’t just benefit your employees – it benefits your business too.

Group protection insurance is a perk that can attract talented candidates, and may keep your current talent from looking elsewhere. If they enjoy that feeling of financial security, they’re more likely to keep working for you. And because it gives them some peace of mind, they may be less likely to have to take time off work with issues like stress and burnout.

The premiums you pay may be tax-deductible as a business expense as well. It’s also cost-effective, as it’s usually cheaper than buying individual policies. And, of course, your commitment to your employees’ welfare clearly shows your corporate responsibility.

You take out the policy to cover your employees. You can choose from a range of product options to fit your budget, who to cover and how much they are covered for.

As for who pays the premium, it could be you (the employer), your employee, or you might pay it between you. 

From giving your people peace of mind to helping attract and retain talent by boosting your reputation as an employer, group protection insurance benefits everyone.

So if you don’t currently offer group protection insurance, it’s well worth looking into.

You can get started by exploring our pages to find out more about group protection and even shape a benefits package that’s flexible to your business and employee’s needs.

Get in touch with your financial adviser or your usual Aviva account manager to get a quote for our Group Protection products for your business.

If you don’t have a financial adviser, you can find one through MoneyHelper.