Savvy Insurer Canada Life Secures Agreeable Deal
Today (May 16) Canada Life, one of the larger insurers in the country, has announced the sale of its individual onshore protection business to Countywide Assured. This agreement marks the completion of its exit from the individual protection market, announced last November. Taking into account that the completion of the Part VII transfer must be court-approved, this agreement provides a suite of attractive benefits.
Canada Life will be unburdened from the regulatory costs associated with providing protection as well as any further liabilities associated with the business. Canada Life customers aren’t left empty-handed, however. Their protection policies and terms will remain unchanged through the smooth transition between providers.
Providing assurance that your financial security is in safe hands is a priority for Canadians. That’s why Canada Life has chosen Countywide Assured as its successor in the protection space.
With a track record that includes dozens of successful policy transfers since its founding in 2011, Countywide has the experience and team necessary to make it a natural fit for the transfer.
The team at Canada Life is confident that this latest agreement is yet another step towards giving their customers and other industry participants the service and support that they deserve. In addition, home country focus for Countywide’s policyholders will guarantee suitable service provision and peace of mind.
By completing this sale, Canada Life is paving the way for further financial inclusion and stability for all onshore protection customers – a collective ‘win’ with long-term implications.
The move by Canada Life, whether viewed as progressive or conservative, is the result of rigorous and extensive analysis. This process has resulted in an acceptable and transferable deal to ensure continuity of service and security to its customers.
It goes without saying, customers have the right to expect the best. This divestment by Canada Life further demonstrate’s their commitment to putting customer needs first. It also offers an added incentive of free resources that emphasize the importance of protection and how to best utilize it.
The sale may be complete, but Canada Life’s responsibility as one of the few recognized financial protection insurers in the industry carries on, and their citizens can have confidence in their commitment to keeping them safe.