Canada Life is closing its individual protection business in the UK. The insurer confirmed it is no longer accepting new applications for either its life insurance or life insurance with critical illness products.
However it says this exit from the market will not affect its group protection business, where it is has a market leading position across a number of product lines.
This decision follows a review of its operations. Canada Life has has offered individual protection policies since 2016.
Canada Life managing director, protection, Tim Stoves says: ”It has become clear we need to make priority calls on where best to utlilise 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.”
Stoves says Canada Life 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.
The company added it will continue to support customers, honouring existing contractual obligations, and pay claims in line with their usual processes.