Canada Life has improved its Flexible Life Plan to include a re-pricing structure and additional fea...
Canada Life has improved its Flexible Life Plan to include a re-pricing structure and additional features designed to improve flexibility.
The group examined its expense deductions and after realising it was within them, has reduced its premiums.
Several changes have also been made to the additional opt-ins including critical illness (CI), permanent disability benefit and waiver of premium cover.
Dr Andy Guy, chief underwriter at Canada Life, said after looking at the original version of the plan, the group felt it was 'too severe' and decided to include further opt-ins.
'We did not think the plan was hugely competitive ' it was not sitting alongside the leaders on the accelerated CI side. So we have reduced the price and the growth rate within the funds.
'You get the improved growth roll of funds offshore which makes it more cost effective. The flexibility is enormous and you can tailor the product to suit any need,' he said.
Further improvements to the plan include working life cover, family protection, key person cover and automatic policy level review.
Canada Life plans to introduce a standalone CI version of the product early next year.
