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Skandia re-enters critical illness sector

Skandia has today re-entered the critical illness sector.

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Last week, Mortgage Strategy’s sister title Money Marketing revealed the provider was set to re-enter the sector more than two and a half years after pulling out of CI.

Today, the provider has announced details of its product range. Options include a term product, 10-year rolling term product and a whole of life plan. The plans are available consumers aged up to 65 and must end by age 76.

Skandia covers 44 CI conditions with 18 of the conditions at Association of British Insurers plus.

It also covers 12 partial payment conditions, which pay the lower of £25,000 or 25 per cent of the sum assured. Partial payments do not reduce the main sum assured.

The provider is also offering child cover which pays the lower of £25,000 or 50 per cent of the sum assured to age 21, however children are not covered for any of the partial payment conditions.

Skandia head of protection Ian Jeffries says: Many advisers are re-prioritising protection following the RDR and want more product choices for their clients. Our focus has been to provide a truly top quality product with innovative features that will make it stand out in the market.

For customers our priority is to help ease the financial burden that a serious illness can place upon them, and we have worked hard to make the criteria for pay-out clearer and fairer for them.”

CIExpert founder Alan Lakey says: “This is definitely a good plan. What is encouraging is that Skandia is coming in looking to offer a quality product rather than offering a cheap plan hoping people will buy on premium, because the truth is any serious protection adviser will sell on value for money and quality and not purely on premium.”

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