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Booklet will help IFAs into business insurance market

Canada Life is publishing a guide for IFAs looking to tap into the business insurance market.

The life office says penetration in this market is possibly as low as 5 per cent of the 1.5 million potential firms needing cover, offering a solid opportunity for IFAs looking to expand.

The guide, Protecting Business Wealth, includes details of keyperson, partnership and directors&#39 share purchase insurance with relevant tax implications.

Canada Life says this is an opportune time for IFAs to look to the protection market with reduced margins in other business areas. It says that while advisers are turning to the individual and group markets, they have yet to exploit this opportunity.

Other features of the booklet are draft approach letters for IFAs to use with potential new clients and Powerpoint presentations to help them close sales.

The leaflet points to Canada Life&#39s own range of protection products, including its term insurance and flexible offshore life plans.

Protection marketing manager Kevin Twomey says: “There are no firm statistics to show the number of companies without business protection but industry estimates suggest that the figure may be as high as 95 per cent. This is a tremendous opportunity for IFAs.

“Canada Life is well placed to help IFAs looking to address the needs of customers in the business insurance market.”

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