Oh dear!  Standard Life has pulled out of the protection market which includes life cover insurance, income protection insurance and critical illness insurance.  In reality, this is bad news for you buyers.  You need good, financially stong companies competing for this business in order to keep the premiums down.

Firm spokesman Paul Keeble says: “This was a hard decision to make, but sometimes these decisions have to be made.

The UK protection market continues to be fiercely price competitive.

“It makes more commercial sense to focus our resource and investment on other lines of business which are able to generate more profitable returns.

“This is consistent with our corporate strategy of making the best use of capital in order to maximise shareholder value.

“Standard Life’s existing protection customers are unaffected.  Policies remain in-force and managed by Standard Life, who will continue to provide ongoing service, pay claims, and honour any existing plan options customers may want to exercise.