Research from Group Risk Development (GRiD) shows that the majority of employers overestimate the cost of group risk financial protection for their staff. Katharine Moxham discusses this in more depth.
It typically costs less than 0.5% of payroll to offer group life assurance to an entire workforce, yet 70% of employers believe that it would cost them more than that, with 8% believing it will cost them more than 10%. It's a similar story for group income protection. Typical costs are less than 1% of payroll, yet 60% of employers believe it will cost them more, with 9% thinking it will cost them in excess of 10%. GRiD's research also shows that 60% of employers accept that they have a greater role to play in protecting the health and welfare of their staff, and providing financial re...
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