Canada Life Group Insurance is increasing its group life product's free cover level (FCL), removing the need for medical underwriting for many members.
Maximum FCL is now £1.25m per member and will be reached as standard for all schemes over 63 lives, it says. The firm believes removing the necessity for medical underwriting for a 'significant' number of its members will also make the products simpler and quicker, with less administration for advisers and clients. The previous FCL maximum stood at £1m, with a FCL formula of £15,000 times the number of lives equating to free cover level. However, all schemes with an annual revision date after 1 January 2009, will use the new FCL formula of £20,000 times the number of lives, equating t...
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