People aged 50 and over on average believe they will live until around 80 despite official figures suggesting they will live for several years longer.

Financial provider Canada Life is to sell its individual onshore protection business to Countrywide Assured, a division of consolidator Chesnara Plc, for an undisclosed sum.

Four in five (83%) financial advisers say the high level of inflation is their clients main worry this year.

The marked improvement in annuity rates over the past 12 months has also had a positive impact on the cost of guarantees, according to Canada Life research.