Group protection. The value for SMEs

Group protection. It doesn’t benefit employers. It’s simply products benefiting the employees. Right? Well, not quite and here’s why.

Author: Chris Morgan
Head of Group Distribution
Group Protection

Weds 9th August 2023

The need for group protection

For employers looking to give their staff financial employee benefits, group protection is a great low cost option. It’s also a great way for employees to access financial protection they might not otherwise be able to either afford or access themselves.

Those employers who do offer financial benefits to their staff will protect themselves from taking on all the risk. Many employers choose to take out group protection to cover some or all of their risk should they need to pay death benefits, long term sick pay or critical illness benefits.

In addition, our value added services, such as Smart Health, give insured employees the tools they need to manage their health and wellbeing from day one of the policy.

Comprehensive coverage, extra benefits

Group protection doesn’t just start and end with financial protection. We offer products that come hand-in-hand with our value added services - at no extra cost for employers and their employees.

Our award-winning Smart Health service is available with all of our group protection products from day one. From on demand GP appointments, to expert medical opinions, our Smart Health service puts employers and their employees’ health and wellbeing at the top of the ladder. And in case of injuries or illness that stop employees from working, our specialist vocational rehabilitation support helps get them back on track.

AIG’s critical illness cover gives insured employees access to RedArc’s nurse services. Facing a new diagnosis isn’t easy, so RedArc make sure every employee has a dedicated nurse at the other end of the line. Whether it’s practical advice or emotional support, they’ll be there for anything they need. It’s also there for the whole family, helping them cope with the impacts of a critical illness too.

But wait, SMEs can get more from group protection:

• Securing top talent: The power of employee benefits
  The job market. It’s competitive out there. We know. And replacing an employee can cost around six to nine months of an employee’s salary. So setting employers apart from the competition is so important when securing and keeping top talent. Offering comprehensive benefits, like group protection, does exactly that – providing valuable benefits for current and future employees.
• Keeping people healthy, happy and productive
  Ultimately an employer needs its employees happy, healthy and productive. Absences cost businesses £20.6bn in 2021 . So with the help of our group protection products, not only providing financial support, we also offer additional services like Smart Health. We make sure employees completely own their health and wellbeing and prevent these absences from day one.
• Putting employee wellbeing at the heart of the workplace
  Creating a welcoming, inclusive and collaborative working environment is important for business success . And with group protection you get just that. Demonstrating real care for employees, reinforcing their sense of wellbeing and contributing to a healthier workplace.

Should SMEs invest in group protection?

It’s safe to say group protection offers great employee benefit packages. It’s a strategic move for SMEs really.

If your clients are an SME who hasn’t invested in group protection benefits, or any employee benefits for that matter, what are they waiting for?

^{1 . Accounts + legal, Employee cost revealed: Average employee costs SMEs £12,000 to replace,2019}

^{2. £20.6bn: The Cost of Absences Due to Sickness in the UK Last Year (businessnewswales.com)}

^{3. gx-core-beliefs-and-culture.pdf (deloitte.com)}

Both Smart Health, provided by Teladoc Health, and RedArc are non-contractual benefits which can be withdrawn at any time.