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Canada Life increases group life multiples

Canada Life has unveiled its plans to increase its group life product to offer eight times salary multiples.

The enhancement means the product, which forms part of the insurers business portal Class, is now available in 0.5 increments, as well as fixed lump sum benefits of £50,000 and £100,000.

Previously the product, which is positioning itself as an alternative option to death in service pension, had a maximum of four times salary multiples available and offered no fixed lump sum benefits.

Canada Life Class business development manager Daniel Stewart says: “These changes have been made as a direct result of intermediary feedback. Extended multiples of salary and flat lump sum benefits allow us to offer a much more competitive online offering for small scheme business and so we hope this in turn helps to provide intermediaries with products that suit their needs and the needs of their clients.”

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