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Standard Life to Suspend GLWB Sales

Posted in GMWB, Standard Life  ·    ·  (permalink)

Standard Life anncounced that is is tempratily suspending new sales of its Guaranteed Lifetime Withdrawal Benefit Product (GLWB), the Ideal Income Series.  The suspension of sales takes effect April 16th, 2012.

Standard Life’s suspension of GLWB sales will “remain in effect untill the economic and regulatory environments improve”. 

 

Standard Life to Focus on Savings and Investment Activities

Posted in Standard Life  ·    ·  (permalink)

 Effective January 1 2012, Standard Life will no longer sell its line-up of individual life insurance and critical illness products. Applications received by December 31 2011 will be processed as usual.

Standard Life is committed to delivering the same level of service to you and their current policyholders. Standard Life will do their best to ensure that today’s announcement has as little impact as possible on your business as they still own the existing block of business after January 1 2012 and will continue to service it. Standard Life will still offer the possibility of increasing, adding coverage and converting these in-force policies.

This is a milestone in the strategy that started deploying in 2005. Standard Life will be focusing on activities in those areas of our business which have the best potential for sustainable growth – namely retail investments including Standard Life Mutual Funds, group savings and retirement plans and group benefits and disability management.