Insurance provider Canada Life has set out plans to close its onshore individual protection business in the UK following an internal review.
As a result, it will no longer accept applications for individual protection plans.
The products affected are Canada Life’s fixed-term cover rage, which include life insurance and life insurance plus critical illness.
The firm’s group protection, home finance, annuities and international offshore protection will not be impacted by the decision.
Clients with existing individual protection plans will see no change, as Canada Life said it will honour its existing contractual obligations in line with its usual processes. Employees of the individual protection business will enter a period of consultation, the insurer added.
Tim Stoves, managing director of protection at 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.”
