Employee Benefits, also known as Group Risk cover, allows companies to provide their employees with benefits that will financially protect them and their families in the event of illness, disability or death during their employment.
As Ireland’s only specialist Group Risk provider, Generali PanEurope currently protects over 200,000 Irish employees. We work in partnership with Irish employers of all sizes and across all industry sectors to put in place market-leading Group Risk solutions that meet the evolving needs of their businesses and their employees.
Relative to other types of employee benefits, Group Risk benefits are inexpensive for employers to offer. They are a key element of any remuneration package as they help to attract and retain high-calibre employees, especially in an active jobs market.
We provide three main Group Risk products:
This product is one of the most common benefits provided by employers. It pays a lump sum to the beneficiaries of an employee in the event of death. The benefit can be a multiple of salary or a fixed amount.
This benefit provides employees with a continued source of income if they are absent from work due to illness or accident. The benefit, which is usually expressed as a proportion of salary, becomes payable after a set period of time, usually 3 or 6 months. It is paid until the employee recovers, or, should the employee never be able to return to work it may be paid until the earlier of retirement or death.
Alternatively an employer may choose ‘Limited Term Disability’ cover which means that the benefit payments are paid until the employee recovers or for a maximum period of time.
An employer can also choose to further protect their employees by adding ‘Total and Permanent Disability’ to the plan. This pays a lump sum to an employee if they become totally, permanently and irreversibly disabled.
With the escalating costs of healthcare, dealing with a serious illness can be financially draining. Critical Illness cover is a very effective protection against these costs as it pays a lump sum to an employee upon diagnosis of one of a specified range of illnesses.
We also offer Additional benefits that can be built in to an employer’s Group Risk plan. These include spouse’s and children’s pension, lump sum benefits on accidental death and dismemberment as well as cover that ensures premium payments are continued in the event of an employee’s long term disability.
Voluntary Group Risk schemes
The majority of Group Risk benefits offered by Irish employers are compulsory for employees as the cost is paid by the employer, based on defined eligibility conditions.
However, Generali PanEurope can also arrange voluntary Group Risk schemes whereby employees or members of an affinity group can opt to join the scheme if they value one or more of the benefits on offer.
Global insight, tailored solutions
Generali PanEurope is part of the Generali Employee Benefits Network (GEB). GEB is a global leader in the employee benefits market, serving more than 1,500 multinational companies around the world.
Generali PanEurope is therefore uniquely positioned to meet the needs of employers with multinational Group Risk requirements. Our dedicated and experienced Group Risk team, coupled with the global strength of GEB, enables us to offer unparalleled solutions to our business partners and clients.
Generali PanEurope Employee Benefits –
Specialist Group Risk providers.
We work in partnership with Irish employers of all sizes and across all industry sectors. Contact us today.
Account Management Team