Skandia says has witnessed record high-value critical illness sales for August.
Over a dozen CI policies were purchased at over 1m sum assured each, four of which has sum assured at 2m.
Skandia says moving towards reducing benefits in CI products to provide low-cost policies is not the answer for the wider market and could increase customer dissatisfaction with these products in the long-term.
Skandia protection marketing manager Alison Turner-Holmes says: “Our sales show that it is far from all doom and gloom in the CI sector, particularly for quality products that offer good benefits for the consumer.”
Low priced policies may appear attractive but we believe consumers want value for money and cheap deals often do not deliver that.”