The Scottish Amicable brand will no longer exist
And parent company Prudential said the 175-year-old Scottish Amicable brand would no longer be used.
The move comes as Prudential announced plans to axe 2,100 jobs in the UK by 2003.
It confirmed that 430 Scottish Amicable jobs would go at Craigforth near Stirling, with 80 compulsory redundancies.
However, the Manufacturing, Science and Finance (MSF) union said it would fight any compulsory redundancies.
Prudential, Britain's second biggest insurance group, said thousands of jobs would go as part of a company-wide restructuring.
The jobs would go by the end of 2003, and 1,000 of them would be compulsory redundancies from back-office and support services.
These were in addition to 2,000 cuts already announced this year.
The job losses at Scottish Amicable will see 25% of the workforce cut, according to Roger Lyons, general secretary of the MSF.
Anne McGuire, Labour MP for Stirling, said it was "extremely regrettable" that the distinct Scottish brand name would be lost.
He said: "So what I'm committed to do, and I have spoken to the chief executive of the Pru about this, is to negotiate no compulsory redundancies.
"So, whilst we accept the restructuring, we want Craigforth, Stirling to be a major centre of the Prudential's operations in the future and want any retrenchment taking place over a period of 12 to 18 months with no compulsory redundancies."
Mr Lyons said efforts should be made to maintain the strength of the financial services sector in Scotland.
He said: "We believe that the Pru's commitment to Stirling in the future, albeit with a reduction in numbers employed, is a good sign that the Pru recognises the special skills of Scottish financial services staff."
Major strategic review
Earlier on Friday, the company also confirmed that it would pull out of general insurance, in a shake-up of the Pru's UK operations.
It plans to sell its general insurance arm for £353m ($518 million) in cash to the Swiss insurer Winterthur, the insurance arm of Credit Suisse.
The general insurance arm covers many household goods and motor insurance policies.
The changes came as the result of a major strategic review of the Pru's UK operations and plans to overhaul under-performing businesses.
The company said the Scottish Amicable brand would no longer be used, with all new business branded Prudential.
Mrs McGuire said: "Despite this set back Prudential have further stated their commitment to the workforce in Stirling and this has been welcomed."