Previously the product had a maximum of four times salary multiples available and offered no fixed lump sum benefits. The provider says extended multiples of salary provide a alternative option to Death In Service Pension (DISP), and post A-Day, and are becoming increasingly popular. Daniel Stewart, CLASS business development manager says: “These changes have been made as a direct result of intermediary feedback. Extended multiples of salary and flat lump sum benefits allow us to offer a much more competitive online offering for small scheme business and so we hope this in turn helps to provide intermediaries with products that suit their needs and the needs of their clients.”
Canada Life Group Insurance has updated its offering through its online business portal CLASS with enhancements on its Group Life Product (eGLA). This now offers eight times salary multiples, available in 0.5 increments, as well as fixed lump sum benefits of £50,000 and £100,000.