Life InsuranceAug 3 2015

Group life cover for Trust Pensions

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Group life cover for Trust Pensions

Canada Life’s Simply Class service has provided optional group life cover for Trust Pensions, aiming to help achieve automatic enrolment for over 1m small businesses in the next few years.

Purpose built for servicing small businesses with two to 50 employees, the service can be set up online by business advisers in under five minutes without details on employees’ job descriptions, locations or medical forms.

Simply Class is offering bereavement counselling and probate helplines for all employees, alongside their standard 24/7 life cover. Business advisers are therefore more able to get a broader range of benefits for employees.

Canada Life’s Paul Avis said: “We believe that we have a tremendous opportunity to engage with over one million business owners on how best to support their employees. Our aim is to make life really easy, both for advisers to sell and employers to buy Group Life Assurance alongside the auto-enrolment pension.”

In March this year, Canada Life added the master trust for group life cover to its Class administration system, to help advisers create a benefits package for smaller employers facing auto-enrolment.

At the time, Mr Avis said the master trust option, provided through independent trustee firm Trustee Solutions, would make it faster and cheaper for employers than setting up their own stand-alone trust.