Canada Life Group Insurance has launched a group life assurance product using the Canada Life Automated Self Service System (CLASS) platform, and which is open to registered financial advisers.
The product is called ‘Simply Class’ Group Life Assurance and is available from 1 June.
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Canada Life said the cover has been designed to maximise the opportunity presented by the 1.1m new-to-pensions discussions as a result of the automatic pensions enrolment of sub-50 employee organisations from 1 June.
The product aims to grow the group life assurance market by 1% on the back of pension automatic enrolment, said Canada Life.
Using basic pensions data (name, sex, date of birth and optional salary), Simply Class automatically provides quotations for 1x and 2x salary and fixed benefits of £25,000 and £50,000 in just a minute.
Canada Life said each of the four quotation options provide clear ‘reasons to buy’ information to address what employers need to know before purchasing group life assurance.
This includes an explanation of the costs, taxation of premiums and benefits. It also illustrates all benefits are free from medical underwriting with full cover, regardless of pre-existing health conditions, as long as the employee is not absent from work when the policy starts.
These four quotes are provided in just a minute, while the full quotation and ‘on risk’ process will take under five minutes.
Simply Class Group Life Assurance is available for businesses with two to 50 employees and has a minimum premium of £480 a year, with flexible commission of up to 30% available every year that the contract remains in force.
It is written under a master trust arrangement for new-to-market schemes, and it also includes a bereavement counselling and probate helpline.
Commenting on the product launch, Paul Avis, marketing director, Canada Life Group Insurance, said: "On June 1st 2015 we have a once in a business lifetime opportunity to grow the group life assurance market as 1.1m new-to-benefits discussions start to happen.
As the war for talent begins to rage, and with every employer now offering a pension, staff retention and attraction is becoming ever more important. Group life assurance could therefore be the most important benefit an employer buys going forwards."
Avis added: "Having identified that cost (accompanied by tax benefit information), simplicity, administrative ease and reward for the adviser are the key factors for success, we have spent the last nine months deconstructing all of the traditional, technically-focused information we routinely provide."
