Skandia is to stop offering multi-bond and critical illness policies from the end of September.
Skandia says the move is part of a strategy to move away from its older style policies in order to prepare for the retail distribution review.
Existing customers will still be able to top up their investments in line with their policy term and conditions.
Skandia has already to written to advisers explaining the changes and says it is working with IFAs to prepare them for the move.
Skandia’s maximum investment plan, the Skandia plan and other life cover products including level term, rolling term, and guaranteed whole of life all remain open.
Its unit-linked pension range remains open for fee-based sales but will be kept under review.
Skandia UK chief executive Peter Mann (pictured) says: “Our experience shows that financial advisers are already moving towards fee-based advice models in response to customer demand and the RDR will accelerate this change. To meet this evolution, we are determined to have one clear and simple proposition for customers so are focusing on the development of our Skandia Investment Solutions platform. We will ensure it continues to meet customer and adviser demand now, as well as being a high quality RDR-ready proposition for the future.”