Sun Life Financial of Canada (SLFoC) has launched a scheme which targets IFAs providing group benefi...
Sun Life Financial of Canada (SLFoC) has launched a scheme which targets IFAs providing group benefits to smaller companies. The new 'umbrella' scheme pledges to offer features which are not normally available to smaller companies, such as a higher free cover limit.
The schemes operate by enabling IFAs to service a number of clients under one group scheme.
By choosing various components of the product, IFAs are able to group together their smaller company clients into separate sectors, for example technology, or place companies with similar characteristics into a set group.
SLFoC believes this will enable those working with smaller companies to access benefits only usually available to larger companies.
Paul Davies, managing director of group life at SLFoC, said: 'IFAs need to be able to provide both their small and large clients with top quality products. Through SLFoC's umbrella arrangements IFAs are now able to do this with the minimum amount of fuss.'
IFAs can tailor the product to clients' needs as it comprises of a standard and a menu- based part.
The standard framework offers benefits such as a cost guarantee, day one cover, overseas cover and individual unapproved cover for group life.
With the menu-based range, IFAs are able to choose an 'umbrella' of tailored products to suit their clients' needs. An example of this is the salary used to calculate death benefit. This can either be the employee's salary at the date of death, or their salary at the last renewal date.
Bob Bowskill, underwriting and affinities director at SLFoC, said: 'We have built into this arrangement sufficient flexibility to provide a simple yet comprehensive plan for IFAs to offer employers in their client base. They can tailor the design to meet the needs of a specific industry sector, or to reflect their existing customer profile.'
For IFAs using the scheme, SLFoC guarantees to provide a same day response to all emails, notification of renewal and rate expiry dates eight weeks before they are due, turnaround on medical requirements within five working days and payment of death claims within 48 hours of receiving evidence.
