Canada Life converts whole-of-life plan to pure protection product

From 31 December this year, when new rules following the RDR are implemented, it will no longer pay the surrender value of the fund in the investment element of the policy. Instead, the money will be used to continue to pay the policyholder's premiums, until the fund amount is exhausted. Canada Life said most consumers take out the plan on a maximum cover basis, meaning little is diverted into a fund for investment. Few policyholders have any surrender value on the fund, it said. Commission, though banned for retail investment products from next year, can continue to be paid on pur...