Canada Life will launch into the individual protection market in the coming months, Money Marketing understands.
The company has previously offered only group protection products in the UK, where it has had a presence for more than 40 years, but sources say it is now eyeing the individual market.
Details of the product range are unknown at this stage but it is understood Canada Life will work in partnership with UnderwriteMe, a protection technology provider.
Canada Life and UnderwriteMe declined to comment.
Plan Money director Peter Chadborn says: “UnderwriteMe is a very exciting proposition for the insurance market and it’s great to see it is gaining some traction with a new protection entrant.
“Canada Life is a very well-respected name in the group protection industry and one assumes it will continue to be a top name within individual protection as well.”
ILC-UK director Nick Kirwan says: “Any time a new entrant joins a particular market, it pushes competition and that in turn leads to innovation, which can only be a good thing for the protection industry.”