Canada Life has included deferred retirement for group life and group income protection insurance, as it accepts that employers will increasingly have employees who wish to continue working beyond their expected normal retirement age.
The changes come as the government’s current review of the default retirement age is expected to both increase the state pension age and scrap compulsory retirement ages.
Paul Avis of Canada Life says “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 can continue cover beyond age 65, at a time when retirement arrangements are undergoing rapid change.”
Life insurance: News update: 7 June 2010