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OmniLife Withdrawal from the Group Risk Market – July 2019
With effect from 1st July OmniLife have made the decision to exit the UK group risk market. New business applications are closed from this date. Existing business renewals will be invited by Legal and General prior to the renewal dates. If you have recently put a scheme on risk with OmniLife then this will be included in the transitional period. This is set to last 12 months.
As mentioned above OmniLife customers will be offered renewal terms by Legal and General at their normal renewal date. This may change and clients potentially will be offered favourable terms to move over midterm. This will be confirmed by Legal and General in due course.
If you have an OmniLife scheme or are about to start a policy and want to discuss the ramifications of this decision then please get in contact and we can explore the options available to you now or at your renewal date. This would involve looking at the options available to you with different providers as well as Legal and General. Details of our Group Life Assurance services can be found here.
Health Matters Group Life Assurance Services
The UK Group Life market has many different providers and options for you to consider. Using a specialist employee benefits consultant such as Health Matters will not only give you peace of mind that you are being given the right advice but will also ensure that your scheme is fit for purpose.
Our services include more than just finding the right cover at the right price but also include a full review service of your scheme set up and specification. Experience has shown that over time many scheme policy documents are not up to date with their current circumstances. This includes scheme eligibility, cease age (are you covered to the dynamic state pension age?) and trust documentation review.
Contact Health Matters to Discuss
Please get in contact if you would like to know more. You can use our contact page to get in touch.
This is a link to our services brochure for your interest.
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