According to latest figures from industry body Group Risk Development (GRiD), Legal & General accounted for a fifth (19.2%) of total claims value (£1.244bn) paid out by the group protection industry for group life, income protection and group critical illness in 2013 – providing support to over 3,950 families.
Commenting, Vanessa Sallows, Benefits and Governance Director, Corporate Business, of Legal & General Assurance Society, said:
“Last year we paid out on 99.3% of all group life and 95% of group income protection claims. These policies enable employers to offer staff a benefit that provides a significant amount of money when they need it most. For example GRiD’s figures show that the average group income protection annualised benefit in 2013 was just under £22,000*, a very useful financial safety net – but that is only part of what we do.
At Legal & General our key focus is helping employers and employees manage the sickness absence and supporting a return to work. For example, in 2012 we arranged and provided over 6,700 Cognitive Behavioural Therapy sessions as part of tailored return to work plans for employees with mental health issues.”
Vanessa added: “Employers want their employees back to health and work but don’t always know how to go about achieving this – and that’s where we can make a difference. This type of support can help employees get back to work faster than they would otherwise, which is good for business and good for employees.”
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