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Skandia adds to protection menu

Skandia is adding long-term care and stand-alone life cover options to its menu-based protection plan.

Skandia Protect will offer stand-alone life cover on either a rolling term, fixed term or whole-of-life basis.

As the whole-of-life option is not unit-linked, it offers policyholders the security of guaranteed premiums. The rolling term basis allows policyholders to extend their cover after 10 years without further medical evidence.

The plan will also offer the option to convert all or part of the life cover into LTC cover without charge before 65.

The LTC option pays a monthly income if the policyholder becomes mentally impaired or is unable to perform a preset number of activities of daily living. Policyholders can choose between two levels, Care Choice 2 or Care Choice 3, with benefits payable on failing two or three ADLs respectively.

The LTC policy is also available as a single-premium option.

Senior manager (life and investment marketing) Lynda Cox says: “In progressing to a menu-based product, we have stuck to the best-of-the-best concept with no product compromise. Adding long-term care and life cover builds on Skandia&#39s key strengths and enables IFAs to build a comprehensive protection package for clients where each element stacks up in its own right.”

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