Mr Self currently works as products and operations director at the firm, which is a corporate member of the Institute of Financial Planning.
He joined Suffolk Life in 2003 before becoming head of client services in 2008 and director of operations in 2010.
His appointment follows the news that current managing director David Hobbs will be taking up a new role at Cofunds business unit of Legal & General.
Both Mr Self and Mr Hobbs are expected to take over their new roles from 1 July, subject to Financial Conduct Authority approval.
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Mr Self said: "Having been with Suffolk Life for over 10 years, I have seen and been heavily involved in the growth plan and acquisitions. Taking the reins as managing director is a natural progression and the strong management team remains in place.
"David will be a hard act to follow but we will continue to work with him in the extended Legal & General business whilst we grow Suffolk Life both organically and through market opportunities."
Mr Hobbs said: "I am proud of what I have achieved at Suffolk Life but the time is right to hand over to Will who will continue to drive the acquisition processes and innovation in terms of the products being delivered and the continuing high level of service."

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