Canada Life adds deferred retirement insurance to group risk products

Canada Life Group Insurance has introduced deferred retirement to both its group life and group income protection insurance, simplifying the requirements for organisations whose employees wish to continue working beyond their expected normal retirement age.

The changes come in light of the government’s current review of the default retirement age.

Canada Life has also added to its temporary cover arrangements to reduce the potential risk of under-insurance for employers.

Paul Avis, sales and marketing director at Canada Life Group Insurance, said: “We want to make it as easy as possible to provide cover for those who elect to work beyond expected normal retirement age, so we have greatly reduced our requirements.

“With deferred retirement, both employers and their employees will be in no doubt whatsoever about cover beyond age 65, at a time when retirement arrangements are undergoing rapid change.

“From now on, it will be entirely clear when temporary cover starts, and for how long it lasts. Moreover, the increased period for which it applies will make life easier for our clients, their advisers and the affected individuals.”

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