Dean Lamble, previously managing director, has been appointed to the role.

The company, recently bought by The Phoenix Group, said it has “ambitious plans to expand its offering with new products, new value-added benefits for the over 50s” and a multi-million pound advertising campaign that introduces a ‘Welcome to life after 50’ positioning.

Mr Lamble joined SunLife four years ago having previously led businesses for Aviva and prior to that in technology with Hewlett Packard and Compaq Computers.

He said: “I am proud to continue to lead a unique direct marketing retailing business with such a high calibre team focusing on servicing the needs of the growing and exciting over 50s market.

“People over 50 make up a third of the UK population yet are still underserved by most financial services brands. With the average age of the UK population higher than it’s ever been, I believe SunLife’s deep understanding of our customers' positions us perfectly to support the protection and financial needs of this group.”

The SunLife business will report into Phoenix Life.

Andy Moss, Phoenix Life CEO, said: “We’re delighted to confirm Dean as the chief executive of the business. Dean has a clear vision for enhancing the offering to the over 50s population coupled with a unique blend of experience across insurance, direct marketing and technology which will enable SunLife to serve its current and future customers well in meeting their needs.”