Canada Life Group Insurance has introduced a one-time underwriting policy on its group life schemes.
Members requiring underwriting need only be medically underwritten once, it says, regardless of increases in salary or benefits, adding the move follows the success of the scheme on its group income protection (IP) plans.
The benefit ceiling per member for one time underwriting will be £3.25m, and available to group life schemes of 20 lives or more, but Canada Life says a high ceiling may be considered on a case by case basis.
Existing schemes that satisfy Canada Life's criteria will also have one time underwriting automatically applied to their schemes retrospectively.
"Having seen how successful one time underwriting has proven to be with our group IP products, we have every expectation that this will be a welcome advancement for clients and intermediaries alike," operation director Jon Ford says.IFAonline
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