EXCLUSIVE: Omnilife closes to new business

A notice was sent out yesterday (1 July) by Omnilife to intermediaries explaining its decision to run down its book of group protection business.  COVER understands that Legal & General (L&G) has agreed to take on the existing book. Customers will be invited to renew policies and current contracts in place will be "honoured" by Omnilife, a source close to the firm said. It is understood that L&G intends to commit to no worse terms than those currently offered. Omnilife, L&G and intermediaries will be working over the next few days to ensure the transition is as "seamless as possible"....