Canada Life has confirmed it is no longer accepting applications for onshore individual protection products following a review of its onshore individual protection business.
The products affected are its fixed term cover range consisting of life insurance and life insurance plus critical illness.
Canada Life says it will continue to support customers, honouring existing contractual obligations, and pay claims in line with their usual processes. It is entering into a period of consultation with impacted employees.
The business claims it remains committed to protecting its 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.
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 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.”
Phil Jeynes, director of corporate strategy at Reassured, commented: “In a market which has lost many high profile brands over recent years, it is disheartening to hear this news. It highlights the difficulty in making headway in a sector dominated by established, successful firms without a discernible USP.
“Differentiated treatment of vaping customers simply wasn’t enough for Canada Life, despite no shortage of effort from a team of impressive, experienced individuals.”