Standard Life pulling out of the protection market

Commenting on Standard Life pulling out of the protection market, Louise Cuming, head of protection at price comparison site moneysupermarket.com, said: "Standard Life isn't a big player in the UK protection market, however it is significant that a well-known insurer should turn its back on such an important area of healthcare.

"With the protection black-hole estimated at £2,300 billion and half the UK population without any form of life cover, it is a body-blow that Standard Life is choosing not to play its part in narrowing this gap.

"Worryingly, this could be a sign of things to come with companies pulling out of this market because it is not an income generator. The protection market is very competitive, but the more companies that leave, the less choice consumers are given and this cannot be a step in the right direction."

moneysupermarket.com has the following tips when looking for protection:

Don’t always be lured by the lowest premium. Look at policy coverage and extras within the cover to make sure you are getting the best value for money

Make sure your answers are correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected

Always review cover at life-changing events such as a change of job, having children, a change in marital status, increased debt or moving house

When replacing a policy, always seek advice and compare like for like, as the premium may be cheaper but the coverage might not be as comprehensive. Never cancel anything until the new cover is in place

If the premium is too big for your budget, consider getting some initial critical illness cover that you can add to later.