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Skandia re-enters critical illness sector

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Skandia has today re-entered the critical illness sector.

Last week, Money Marketing revealed the provider was set to re-enter the sector more than two and a half years after pulling out of CI.

Today, the provider has announced details of its product range. Options include a term product and a 10-year rolling term product, which can continue for the person’s entire life but premiums are reviewed every 10 years. The plans are available consumers aged up to 65. Fixed term cover must end by age 76 but the rolling term option can continue for whole of life.

Skandia covers 44 CI conditions with 18 of the conditions at Association of British Insurers plus.

It also covers 12 partial payment conditions, which pay the lower of £25,000 or 25 per cent of the sum assured. Partial payments do not reduce the main sum assured.

The provider is also offering child cover which pays the lower of £25,000 or 50 per cent of the sum assured to age 21, however children are not covered for any of the partial payment conditions.

Skandia head of protection Ian Jeffries says: Many advisers are re-prioritising protection following the RDR and want more product choices for their clients. Our focus has been to provide a truly top quality product with innovative features that will make it stand out in the market.

For customers our priority is to help ease the financial burden that a serious illness can place upon them, and we have worked hard to make the criteria for pay-out clearer and fairer for them.”

CIExpert founder Alan Lakey says: “This is definitely a good plan. What is encouraging is that Skandia is coming in looking to offer a quality product rather than offering a cheap plan hoping people will buy on premium, because the truth is any serious protection adviser will sell on value for money and quality and not purely on premium.”

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  1. As Alan is quoted as saying this looks like a quality product and is certainly not aimed at the price driven end of the market, which is a very positive step.

    It was somewhat disappointing to look at the “Explaining Skandia Protect” brochure and see that the minimum premium is £25 per month. This forcibly filters out those clients with small mortgages or lesser needs and prevents advisers approaching a client scenario on a “some cover is better than none” basis.

    Also, the lack of an extranet link for electronic applications (via Assureweb at least) may, I feel, limit the number of distributors willing to recommend the product which would be a shame based on it appearing like a real quality proposition.

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