Group Risk Cover
It is more cost-efficient for Companies to take out ‘Group Risk’ cover than a series of individual policies.
This is an important Employee Benefit that a number of big companies are taking out.
Group Death-In Service cover which will pay out a lump sum on the death of an employee. The Sum Assured will be a multiple of the Employee’s salary. 4x Salary is the most common amount
Group Income Protection will insure a percentage of the Employee’s salary. The maximum sum assured is 75% of the employee’s salary less Social Welfare
Every Group Policy will be renewed every 12 months. New joiners throughout the year will be automatically covered by the Group Scheme, so this cuts down on the ongoing administration for Companies.
The rate that a Company pays is usually guaranteed for 1 year (smaller schemes) or 3 years (larger schemes)