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Canada Life increases FCL to £1.25m

Canada Life has increased its free cover level maximum to £1.25m per member sum assured for group cover with over 63 lives.

The insurer says the enhancement, which see the FCL increase from £1m, will remove the need for medical underwriting for some members, meaning placing business with the firm will be both quicker and simpler.

All schemes with an annual revision date on or after January 1, 2009 will benefit from the new FCL formula, which hasn’t changed for nearly 10 years.

Canada Life Group operations director Jon Ford says: “We want to ensure our group life product is market leading and thus have enhanced it by increasing the FCL to a maximum of £1.25m and changing the FCL accrual to £20,000 as standard. We believe that this demonstrates our continued commitment to our intermediary partners and clients, making it easier to transact business with Canada Life.”

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