Excepted group life insurance policies added to Canada Life Self Service platform (CLASS)
Advisers can now offer quotes for both excepted and registered group protection policies, including group life insurance, group income protection and group critical illness, using Canada Life's CLASS platform.
Canada Life's excepted solution is available to employers with all trust documentation with any claims being managed by independent trustees. Organisations can also establish and use their won excepted trust if they prefer.
The group protection insurer has also added WeCare, its range of support services introduced in April, for both registered and excepted scheme employees and families, whether insured or not.
Paul Avis, strategic proposition director, group insurance at Canada Life said: "The growth in popularity of excepted policies has been astonishing. In the last five years the number of people covered by an excepted policy has more than tripled from under 500,000 in 2015 to over 1,500,000 in 2020. In that time 5,000 excepted employer policies have also doubled to number over 11,000.
"We expect this popularity to continue growing and we know that benefits advisers want to manage all group risk products on a single platform. Therefore I'm really excited that we can now cater for this need as an integrated feature of our industry-leading group protection platform."
Group life insurance policies can be classed as either registered or excepted. Both are treated differently for tax purposes and have their own pros and cons to be considered. Excepted policies are increasingly being used to manage concerns around the lifetime allowance.
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