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Skandia re-enters critical illness sector

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Skandia has re-entered the critical illness sector with fixed-term and 10-year rolling options.

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.

Options include a term product and a 10-year rolling-term product, where the policyholder’s premiums are reviewed every 10 years. 

Both options are available to consumers aged up to 65. The fixed-term option must end by age 76 but the rolling-term option can continue for the whole of a person’s life.

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

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.

Children are covered to age 21 and Skandia will pay 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.

CIExpert founder Alan Lakey says: “Skandia is offering a quality product rather than a cheap plan, hoping that people will buy on premium.”

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