Old Mutual Wealth Life Assurance will be closing its Protect products to new business, as it focuses on “other core priorities”.
But both the decision and the implementation will be subject to an internal consultation process, the firm added.
The move comes two months after Quilter sold the life arm to Reassure.
Window of opportunity
Existing policyholders will not be impacted, the firm said, and all the options on current products will still be available to them; including those with contractual right to increase, extend or renew their cover.
Old Mutual Wealth Life Assurance said that applications for new policies can still be made until 27 March 2020, and such policies will be issued until 15 May 2020.
“After careful consideration, we have made the decision to close the Protect products currently open to business,” the life company said.
“Any changes that will take place have been swiftly communicated to all those affected.”
