As entrepreneur and Dragon's Den star, Steven Bartlett, noted in this recent chat with us, building a successful business is fundamentally about putting together the right team. That means attracting the right people. And in today's competitive job market, offering insurance as an employee benefit plays a crucial role in that. But don't just take our word for it — according to a 2023 report by Zest, responding to the cost of living crisis, 42% of people and more than half (55%) of 18- to-34-year-olds say a good benefits package is the most important requirement in deciding whether to take a job. This report also revealed, however, that what candidates are looking for and what's actually on offer isn't matching up. For example, group health insurance was top of the list for prospective employees, with 32% saying it was their number one requirement. But it was provided by just 26% of businesses who responded to the survey.The good news is that businesses that can match these expectations can steal a march on their rivals and lure in the top talent. In this article, we'll look at why providing group insurance as an employee benefit is so important.1. Group health insuranceGroup health insurance provides coverage of medical expenses such as doctor visits, hospital stays, and prescription medications when staff are injured or get sick. Employers arrange policies to cover employees, often paying either a proportion or all of the monthly premiums. This gives workers the security of knowing they'll be able to access and afford healthcare without financial hardship. As healthcare costs continue to rise, this goes a long way in attracting top applicants to the business.2. Group dental insuranceGroup dental insurance helps employees pay for preventative, basic and major dental care. Cleanings, fillings, crowns, braces, and other expensive treatments are all common areas of coverage. With group rates and employer contributions, staff can access affordable dental benefits they'd likely forego otherwise.This is especially important because oral health is often seen as a "non-essential", and with NHS dentistry being hard to access in the UK right now, many are going without their yearly check-ups. This can lead to immediate dental problems such as toothache, but can also impact overall health and wellbeing. That’s why providing dental insurance can give an instant boost to morale, health and productivity among staff.3. Group life insuranceGroup life insurance provides financial protection to employees' loved ones in the event of their passing. It offers a lump-sum payment to beneficiaries, ensuring they are financially secure during a difficult time. Offering life insurance demonstrates a company's commitment to the wellbeing of its employees and their families. And it provides employees with considerable peace of mind, knowing their loved ones will be looked after in the worst-case scenario. Both factors encourage loyalty to the firm and help reduce the costs of employee turnover.4. Income protectionGroup income protection, also sometimes known as disability insurance, safeguards employees' income if they are unable to work due to illness or injury. This benefit typically provides a percentage of an employee's salary as regular payments until they can return to work or reach retirement age. Income protection offers peace of mind to employees, as they know they'll have a safety net to rely on in challenging times. It also benefits employers by reducing the financial strain on employees and fostering loyalty and productivity.5. Critical illnessGroup critical illness provides a lump-sum payment to employees diagnosed with a serious illness such as cancer, heart attack or stroke.This benefit helps alleviate the financial burden associated with illness, allowing employees to focus on their recovery without worrying about mounting expenses. This money can be spent where it’s needed, from living costs to medical treatment to necessary changes to people's homes.Group insurance plans are valuable benefits that existing staff will love, and prospective employees are seeking. Overwhelmingly, that's because they provide security and support for your staff in times of need, demonstrating how much you value their wellbeing — both inside and outside of work. Robust life insurance, income protection, critical illness cover, health insurance and dental plans provide peace of mind about important what-ifs in life. And that helps maintain productivity, morale and loyalty — even if an unexpected and serious illness or injury strikes.About YuLife.YuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.