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Skandia adds to life cover in bond rebrand

Skandia is rebranding its bond range and offering enhanced additional life cover to investors.

Skandia&#39s onshore bond range which includes its investment, capital and income and distribution bonds, will now come under the “multi” banner within its multi-manager fund supermarket.

IFA clients can select life cover of up to 125 per cent of the initial investment with simplified underwriting.

The new underwriting process means clients can answer one health question and one smoker question. Existing bonds require full underwri-ting if the life cover is added, which is the same for all multibond contracts if the sum assured goes over 125 per cent of the amount invested.

Other product enhancements include reducing non-smoker rates by 15 per cent and smoker rates by 5 per cent. Skandia is also introducing an optional fund-based fee of up to 1 per cent for IFAs, which it says builds in a recognition that advisers provide ongoing investment advice to clients.

The rebranding is effective from November 12 to match Skandia&#39s multiIsa, multiPep, multifund and multipension products.

Skandia is also publishing an at-a-glance client guide to bonds as well as a technical guide allowing IFAs to compare the different products.

Marketing and technical manager Colin Jelley says: “In periods of market uncertainty, additional life cover can provide clients with certainty, providing comfort whether markets fall or rise as the fund value is protected in the event of early death.”

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