A significant number of UK employees may be unaware of the full range of benefits offered by their employers, potentially leading them to pay for cover they already have. Research commissioned by Group Risk Development (GRiD), the industry body for the group risk protection sector, indicates that only 18% of employees whose company provides benefits are fully informed about what is available to them.
These overlooked benefits could include life insurance, often referred to as death-in-service cover, as well as income protection, critical illness cover, and private healthcare. Employees are advised to check their employment contract, staff handbook, or benefits portal, or to contact their HR team for a comprehensive list of available benefits.
It is also important to understand what each benefit provides, when it starts and ends, and if sign-up is required. For death-in-service payments, ensuring nomination or expression-of-wishes forms are up to date is also recommended.
While workplace cover can be valuable, it may not always provide sufficient financial support. Employees should compare the cover amount with their personal debts, household expenses, and how long their family might rely on their income. If workplace benefits fall short, individuals may consider taking out separate personal insurance policies.
Workplace benefits are typically linked to employment and may cease upon leaving a job. Before resigning, retiring, or changing jobs, it is advisable to check when existing benefits end and when any new ones begin to avoid gaps in protection.