Another permanent life insurance product bites the dust

by Glenn on July 10, 2012

I’ve just received notice (July 17th) that Assumption Life is pulling much of their permanent life insurance products from the market – effective July 23rd.  That’s right, with less than a week’s notice they are pulling their level insurance cost universal life insurance and term 10 products (and a few others).

I don’t recall a time when insurance companies were actively withdrawing entirely from the marketplace rather than simply repricing higher.  And with only a week’s notice to brokers, what’s going on?

In any event, Assumption Life isn’t alone.  RBC and Equitable have both pulled some of their product lines from the market, and I expect more before the end of the year.

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