Sun Life Financial of Canada (SLFoC) has launched a new flexible group life and income protection p...
Sun Life Financial of Canada (SLFoC) has launched a new flexible group life and income protection plan which enables intermediaries to cover both employees and business partners under the same plan.
Paul Davies, managing director of SLFoC, said: 'Our underwriting team will set up a plan that meets the particular requirements of businesses with a mixed workforce enabling the firm to give employees enhanced benefits and saving time and money for everyone concerned.'
It will be of particular benefit to companies, which not only have a set number of employees but also have a base of equity partners, which draw a monthly income from the business. Usually separate schemes are needed for the two groups for tax purposes.
Rebecca Pratley, head of marketing at SLFoC, said: 'The scheme is advantageous for IFAs as they can use just one provider rather than splitting the scheme and sending it to different providers.'
Linking the equity partner scheme to employees' cover also boosts the amount of free cover available on the scheme.
The free cover limit is beneficial to IFAs, according to Pratley, as equity partners usually have higher salaries.
'If you put an equity partner scheme and a main policy scheme with us, we look at the earnings in the equity scheme which would then change the free cover limit on the main policy scheme,' she said.
The policy is also flexible as additional features can be added and equity partners can be covered by a standalone scheme if required.
