Canada Life has confirmed it will no longer accept applications for onshore individual protection business, covering fixed-term life insurance and life insurance plus critical illness products.  

The financial services giant says the move comes after a review of its onshore individual protection range, adding it will enter a period of consultation with impacted employees.  

The firm says it “will continue to support customers, honouring existing contractual obligations, and pay claims in line with their usual processes”.  

Canada Life managing director, protection Tim Stoves says: “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.”  

“Canada Life has confirmed it 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.”  

Reassured director of corporate strategy Phil Jeynes adds: “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 unique selling point.   

“Differentiated treatment of vaping customers simply wasn’t enough for Canada Life, despite no shortage of effort from a team of impressive, experienced individuals.”