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Skandia cuts CI rates on menu-based plan

Skandia has cut critical-illness cover rates in its menu-based protection

plan by up to a fifth.

Skandia Protect was launched in January as a CI plan and expanded in May

to include stand-alone life cover and long-term care options.

The company says rates have been cut because sums assured are bigger than

anticipated and because of the high quality of business.

In April, Skandia cut charges on pension policies and at the end of May it

made a similar discount on its MultiIsa funds.

Its LTC and stand-alone life products are being reviewed to determine

whether to extend the move.

The company says 48 per cent of Skandia Protect policies have been sold on

a rolling-term basis which allows the policy to be renewed every 10 years

without further underwriting. A quarter of policyholders have taken out the

cover reinstatement option, which means the policy can be renewed after

making a claim.

Senior marketing manager Lynda Cox says: “The fact that IFAs can tailor

policies to suit each client&#39s needs means it could not be easier to get

comprehensive and affordable cover.”

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