Less than half of the working population belong to a group protection scheme, meaning the industry can and must do more to tap into this huge market, says Graham Clark
The statistics make encouraging reading. Although there are millions of people already covered by group protection schemes, there are even more who are not. Of a total of just over 25 million in employment (excluding self-employed people), 7.9 million are in group life schemes, 1.7 million in group income protection (IP) schemes, and group critical illness cover is enjoyed by just over a quarter of a million people. These, and similar figures, suggest group risk insurance could extend its reach to far more people than currently have it. So, if there is a huge market ready and waiting to b...
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