Canada Life offers to maintain group risk terms for switches from Aegon

Canada Life Group Insuracne is offering special terms for advisers looking to transfer business from Aegon following its announcement that it is to withdraw from the group risk market.
Canada Life says it will seek to match or beat clients’ existing rates for group life lump sum and group income protection schemes until the end of the rate guarantee period.
Canada Life says it will also provide cover for individuals’ currently insured benefits up to the levels currently offered by Aegon and waive actively at work requirements for group life. Individuals who are absent from work at the time of the transfer will be covered subject to a maximum benefit of £1.25 million.
Ian McMullan, managing director at Canada Life Group Insurance says: “Aegon Scottish Equitable was an established brand in the group risk sector and it is disappointing that they have chosen to withdraw from the market. This announcement will leave a big gap for intermediaries and their clients who had group risk business with Aegon Scottish Equitable.”