Two-thirds do not receive group risk insurances as paid-for benefits

group risk insuranceMore than two-thirds of UK employees do not receive critical illness, income protection or dental insurance as a paid-for benefit, according to new research from Barnett Waddingham.

The employment consultancy’s survey of 3,006 UK employees found that almost three-quarters (72%) are not given the option of critical illness insurance, while just 25% receive income protection. Of those who were not offered income protection as a paid-for benefit, 61% said they would want to use it, while 62% of employees with disabilities were not offered it.

In addition, 72% do not receive dental insurance, while private medical insurance and life cover were not available for 68%, despite 40% stating that they would pay for these benefits if provided. More than half (58%) of men and 71% of women have not been offered private medical insurance.

Julia Turney, partner and head of platform and benefits at Barnett Waddingham, said: “Employers have a crucial role to play in supporting the wellbeing and financial security of their employees. In the aftermath of the Covid-19 pandemic and ongoing economic uncertainty, it is more important than ever for employers to prioritise the health of their workforce. By failing to offer critical illness insurance, income protection and dental insurance, employers are contributing to a widening insurance gap, leaving their employees vulnerable and unprotected.

“Providing these benefits can help employers attract and retain top talent, as employees now increasingly seek out employers that prioritise their wellbeing. Taking the necessary steps to ensure employees are protected and supported will also help to instil resilience into a business’ workforce, reducing potential future risks and ensuring longevity in an organisations future business plans.”