Ordinarily, a new critical-illness cover product, entering an already competitive marketplace, could go by unnoticed. However, Skandia Life's latest offering Skandia Protect brings together the best of whole of life and term insurance together with some exciting and (currently) unique features.
One option, rolling term, provides cover for continuous 10 years periods, throughout life, with the option at the end of each 10 years to renew the original cover without medical underwriting.
The opportunity to reinstate cover after a critical-illness claim is rare. For an increased premium, Skandia Protect will allow the claimant to reinstate cover for a 10-year term, up to a maximum of £100,000, covering 12 conditions, regardless of what the previous claim was for,and without medical underwriting.
But the real jewel in the crown is called Best Doctors. A client with a valid critical-illness claim can be put in contact with the best doctor for their particular illness, either in the UK or worldwide.
This feature provides information and access when the client needs it most, and it could be the difference between coping and recovering.
Best Doctors will result in this product being chosen above another, and may be a benchmark against which other criticalillness policies will be judged.
Critical-Illness policies are self-evolving, and I hope the other companies, as they have done in the past, look to add these, and more innovative features, leaving IFAs no excuse not to talk about critical-illness cover.
Steve Petrie is a consultant at John Joseph Financial Services