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Canada Life urges advisers to discuss group IP more

Canada Life is urging more advisers to discuss group income protection after research found one in five people would fall short if they were unable to work due to illness or injury.

Research by the life group found 87.5% of consumers are unaware of the Incapacity Benefit rates with only 19 per saying it was between £70 and £80, when in fact its is currently £75.40.

The same study found one in five people would fall short of £225 per week, while 17 per cent would need an additional £425 if they relied on state provision while off work.

Canada Life head of marketing Marion Ware says: “These results highlight that many consumers would not be able to maintain their current lifestyles if they were deemed unable to work and had to rely purely on incapacity benefits.

“With the proposed changes to the benefit system set to come into play in October, consumers may find it a lot harder to meet the eligibility criteria and receive maximum benefits.”

Ware says it is now time for more advisers to speak with their clients about their group IP needs to mitigate this potential shortfall.

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