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.