What is Group Risk?

Group Risk encompasses Group Life, Group Income Protection and Group Critical Illness cover.

At RAM, we focus on Group Life, otherwise known as “death-in-service benefits”. This cover provides a lump sum benefit upon the death of a member to their nominated beneficiary(ies). The amount is usually equal to a multiple of the member’s basic salary but can also be a flat sum.

For a Group Scheme to operate there must be a relationship between the group of people covered and the body insuring the benefits. Usually, an employer promises the benefit to its employees but then insures the liability to pay the benefits by setting up an appropriate Group Life Policy.