Norwich Union has announced that it will be withdrawing its Immediate Care Plan to new business. The decision will take effect on the 20th November 2006. The decision will not affect current Immediate Care Plan customers.
The head of annuities at Norwich Union, Scott Brown said in a statement, The growth we were anticipating in this market has not been realised over the last few years, meaning that it is no longer commercially viable to incur the cost of this product.
Any applications for Immediate Care Plans received before the close of business on 13th October will be accepted on the condition that they are accompanied by a new business illustration.
All applications received prior to the close of business on 24th December, with a valid quote or re quote will also be honoured according to a statement from Norwich Union