Old Mutual Wealth to close protection business

Old Mutual Life Wealth Assurance said existing policyholders will not be affected by the decision and the options available on existing policies, including those with the contractual right to increase, extend or renew cover, will remain in place. Applications for new policies can still be submitted until 27 March 2020, and the final date to issue a new policy is 15 May. The review of the protection proposition was undertaken following the sale of its life insurance division to ReAssure which completed earlier this year. Old Mutual Wealth Life Assurance commented: "After careful con...