To simplify its offerings ahead of plans to accelerate its pan-Canadian development, mutual company Beneva announced September 8 that it will cease new sales of Penncorp series products distributed by La Capitale Financial Security (LCFS), as of December 31, 2023.
“This decision is in line with the company’s strategic orientation,” they write. The company in a statement about the cessation of the product line, also says that it is “committed to being kind” to those navigating new circumstances. LCFS distributes Penncorp series products exclusively through independent agents.
“All customers currently holding Penncorp series products will continue to be protected and will receive the same level of service for the duration of their contract,” they state. “This business decision has no effect on the distribution of Pillar series products.”