Following a thorough review of our protection market strategy, we have decided to stop manufacturing and selling Standard Life protection products in the UK. The last day for new business quotes will be 5 December 2007.
Existing protection customers are unaffected by this decision and all options available within current plans will be honoured. We remain fully committed - and sufficiently resourced - to provide ongoing servicing and claims handling throughout the lifetime of in-force plans.
This change only affects products from Standard Life Assurance Limited, namely life insurance, critical illness insurance and income protection products. This decision does not affect Standard Life Healthcare - all PMI products, and related benefits, will continue to be available.
Reason for change
The UK protection market continues to be fiercely price competitive. Despite a number of marketing initiatives our UK protection business has not made a new business profit for a number of years while our small market share does not provide a solid foundation for profitable growth.
Pipeline Business
Customers who have applied or been quoted for a protection plan but are not yet on risk can continue with their applications. We will be contacting advisers who have submitted applications that are still pending to let them know about today's announcement and the process in place for pipeline cases.
The relevant dates for pipeline cases are:
If you have any queries regarding an existing new business application, please contact our New Business Team on 0845 60 60 140. If you would like to discuss today’s announcement in more detail, please contact your usual Standard Life office.
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