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R&SA critical cover sets sights on IFAs

Royal & Sun Alliance has set up a new group critical-illness product which it hopes to promote through IFAs.

R&SA says IFAs currently account for only a small part of the group critical-illness market but it believes this new product will change that.

The plan provides a lump- sum payment of up to seven times an employee&#39s salary compared with the market average of four times salary.

R&SA claims it is the first product to offer employers the option to remove the related conditions exclusion, which excludes people from claiming on conditions related to existing or previous illnesses.

The company has a 15.9 per cent share of the UK group life and income protection markets, with IFAs accounting for 99 per cent of its group risk business.

R&SA IFA corporate business leader Peter Anderson says: “The group critical-illness market grew by 75 per cent last year but it is still relatively underdeveloped in comparison with other employee benefits.

“There are excellent opportunities both for experienced employee benefit consultants and IFAs new to the corporate business market. R&SA has put together a package to make IFAs&#39 lives easier in promoting the benefits of group critical-illness cover to employers.

“As an integral part of employee benefit packages, both for executives and as a benefit for the whole workforce, IFAs have a key role to play in helping employers understand the impact on them, their business and workforce if critical illness strikes an employee.”

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