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Canada Life wants protection pooling for multi-nationals

Canada Life has urged advisers to use pooling on group protection policies for multi-national firms to get a dividend of up to 20 per cent of pooled premiums.

National business development manager Bob Free says group schemes could see between 10 and 20 per cent of global premiums returned to them through a multi-national pooling contract each year under a profit-share arrangement which sees a dividend returned to the multi-nationals if an overall surplus is achieved from participating countries.

Free says: “Insurope and IGP, our multi-national pooling partners, try to actively manage pools and have many clients that obtain even greater returns. In terms of UK advisers, there are some that are very active.”

Highclere Financial Services partner Alan Lakey says: “No doubt, Free is right, although the potential savings are not really identifiable in advance and advisers and clients will not want to do additional work and provide documentation unless there is some calculable advantage.”

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