Canada Life closes doors to new customers
Our insurance partner, Canada Life, has announced today that it will no longer be providing individual protection from 9th November 2022. Policies affected will include traditional personal life insurance, as well as life insurance and critical illness insurance.
We understand that existing customers may be concerned about their cover, fortunately there should be little or no impact on current policyholders. Here we’ll explain the process for any Canada Life customers.
iam|INSURED is a TOP RATED life insurance and income protection expert and we’re here to help protect your family, home or business.
In this article, we’ll look at existing customers as well as potential new customers and what will happen with your policies.
Existing Canada Life customers
Our team have spoken to Canada Life this morning to understand how everything will work and what services are available to support you.
Anyone with an existing Canada Life insurance policy, you have nothing to worry about. Your policy will stay in place, and you will continue to receive the excellent level of cover you are used to.
You will still receive any pay out you are entitled to from your policies, as the provider has a contractual obligation to uphold any existing deals.
This includes traditional life insurance policies as well as any Canada Life group income protection, individual income protection or critical illness cover policies that are currently in place.
My policy is in underwriting – will I be affected?
Canada Life advisers have assured us that any policies currently in underwriting (where the application is already in process) will be honoured.
This means if your application has already been submitted and you still wish to use this insurer you can. If you are now reconsidering or have open applications with multiple providers, speak to our experts for further advice.
We can help you assess your application and the cover you need to determine if Canada Life is still the right choice for your policy.
Canada life group income protection
Canada Life has stated they wish to stop providing new individual policies so they can now put a greater focus into group protection policies.
This could be beneficial for anyone with a current group income protection policy for example or someone wishing to apply for a new policy. This greater focus in this area could potentially lead to more benefits or specialised deals when it comes to group protection in the future.
Canada Life pensions
Other products that this provider offers such as pensions shouldn’t be affected by this announcement.
If you have a pension with Canada Life or plan to put your pension with them in the future, you should still be able to do so.
The provider has also stated they will still offer group protection policies as well as other popular products such as Canada life offshore bonds and Canada Life home finance. This means if you currently have one of these products or were considering them, they are still accessible to you.
Life insurance advice
We know this announcement may have left many people with questions about their policy. Your policy terms and pricing should be unaffected but you can get in touch with Canada Life directly to double check the terms of your cover.
If you want further advice about your policy, don’t hesitate to get in touch with our team. We are here to answer any questions you may have.
If you are happy to stay with Canada Life (also known as the Canada Life assurance company), you will not need to do anything other than continue to pay your premiums. If this announcement has left you considering your options, you may wish to review your policy.
Our team can check deals and pricing across the UK’s top providers, to make sure you are paying the best price with terms to suit your needs.
Canada Life may still offer the best protection for you and your family but if not, we can help you to switch providers easily and hassle free. With life insurance being the #1 way to protect your family, you want to be sure you have the best cover possible in place.
About iam|INSURED
Here at iam|INSURED, we have a team of expert advisors with over 20 years experience in the life insurance industry.
We can find the most competitive rates and deals currently available on the market. If Canada Life no longer seems the right option for you, we can help you access great rates through a wide variety of other providers.
