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Critical cover combines term and whole of life

Skandia is is setting up a critical-illness cover plan which it says combines the benefits of term and whole-of-life insurance policies.

Skandia Protect has a roll ing term feature, which allows policyholders to extend their cover automatically for ano ther term at the end of the initial 10-year period without a new health examination.

Another option is a fixed term of between five years and 35 years, during which policyholders can increase their level of cover with no questions asked or medical evidence needed.

Customers can switch back and forth between the two types of plan.

A single plan can accommodate as many policies as a customer requires.

Optional extras include total permanent disability benefit, premium protection and cover reinstatement, which allows a customer to renew the policy after a claim with no further medical check for a limited number of illnesses. The product also offers access to Best Doctors, a US service which finds a specialist to deal with a client&#39s illness.

Senior marketing manager Lynda Cox says: “There are clear benefits to term insurance but we have also added the benefits of our whole-of-life heritage. The product brings completely new features to the industry and imp roves on existing ones.”

IFA Portfolio Insurance Consultancy principal Brian Lentz says: “It is a very large step beyond most other contracts on the market. It has some very special features, especially the cover reinstatement option and the serious accident benefit.”

IFA John Joseph Financial Services director John Joseph says: “I am very impressed with it. I think it has a lot of innovative features, particularly access to the Best Doc tors product.”

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