Why has Scottish Legal Life decided to cease to write new business?
Significant resources are spent each year with the aim of acquiring new business. Unfortunately, over recent years the volumes of new business have not been sufficient for the charges on policies to cover the new business costs. Therefore, after reviewing a range of strategic options, Scottish Legal Life has determined that it will be unlikely to write profitable new business in the foreseeable future. The Society has therefore ceased to write new business but will continue to manage members’ existing policies. This move protects with-profit members’ interests by eliminating any further new business losses in the future. What does a closed fund mean for members of the Society? The policies and plans of existing members will not be affected and all guarantees and options written into the plan provisions will be honoured. Both unit-linked plans and with-profit plans will continue to be invested as normal. Members with life cover will continue to be protected. As the costs required to acq
