Canada Life re-enters individual protection market

Canada Life has returned to the individual protection market with the launch of four products under the new CanProtect brand.

The provider pulled out of individual protection sales back in 2006 but has now launched four new plans: life cover only, level term plus and decreasing term plus which includes additional critical illness cover.

The plans will initially be available through LifeSearch, which is trialling quote comparison software UnderwriteMe which Canada Life has linked to.

A total of 58 conditions will be covered under the plans, with 42 core conditions and 16 additional payment conditions.

All additional payment conditions will pay out either £25,000 or 25 per cent of the sum assured, whichever is lower.

CI Expert director Alan Lakey says: “This plan is a welcome addition to the market as it focuses on quality rather than being cheap and cheerful.

“Having aligned itself with UnderwriteMe, Canada Life is seeking to make advisers’ underwriting and processing journey speedier and less rocky.”