Group risk benefits such as life assurance (a type of death-in-service benefit), group accident insurance, income protection (also known as permanent health insurance or PHI), and group critical illness are the backbone of the staff benefits package.
These company perks protect and insure employees in the event of long-term illness or death. They can also be used to rehabilitate staff who are off work on long term sickness absence due to stress, an accident or other illness. Group risk benefits, especially critical illness and life insurance, can also be extended to employee family members as well as the employee. This makes the benefit even more attractive and even more valuable to both the employer and employee. Income protection or permanent health insurance (PHI) is one of the most commonly offered group insurances offered by UK employers.