Following a review of its onshore individual protection business, Canada Life has confirmed it it is no longer accepting applications for onshore individual protection products.
The products affected are its fixed term cover range:
- Life Insurance
- Life Insurance plus Critical Illness
Tim Stoves, Managing Director, Protection, Canada Life said:
“I’m proud of what we have achieved since 2016 in the individual protection market, but it has become clear we need to make priority calls on where best to utilise our resource as we continue to focus on our core areas of growth.
“Our exit from the onshore individual market allows us to refocus on other areas of our business, including group protection and the international (offshore) protection market.”
Canada Life has confirmed it remains committed to protecting its market leading position in group protection, building a customer-led lifetime wealth business which includes other areas of insurance including home finance, annuities and international (offshore) protection.
No impact on existing customers
Canada Life will continue to support customers, honouring existing contractual obligations, and pay claims in line with their usual processes.
Impact on employees
Canada Life has confirmed it intends to close to new business while it enters a period of consultation with impacted employees.
Press enquiries should be directed to:
Paul Keeble, Canada Life, 07833 085387, Paul.Keeble@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31.12.21).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (UK) Limited, and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.