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Skandia to re-enter critical illness market

Skandia is re-entering the critical-illness market more than two and a half years after it pulled out of the sector.

The provider is expected to announce details of its new offering within the next few weeks.

Money Marketing revealed the provider was considering re-entering the CI sector in February 2012.

In July 2010, Skandia announced it was pulling its critical-illness product in September of that year as part of a strategy to move away from its older style policies to prepare for the RDR.

Skandia head of protection Ian Jefferies says: “We are looking to launch an exciting new critical illness product in the near future, which we believe will be of real interest to advisers.”

London & Country sales director Michael Aldridge says: “It is always good to have more competition and if Skandia can carve out a niche and offer something a bit different, the customer will benefit.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Why an “exciting” new product, how about a boring but well designed product? and why is going to be of interst to advisers? have they found ways of paying large commissions on it?

    what part of putting CONSUMERS first are Skandia having a problem understanding?

  2. @ Anonymous. Some people’s glasses are half empty and some are half-full.

    In your case it seems as if some bugger and slurped the whole lot!

    Surely you would welcome further competition and a new entrant?

  3. This is interesting and welcome.

    We don’t need another Critical Illness plan. To move the market forward we need something that is truely severity based. We only have the choice of one in this area.

  4. @ John Franklin.

    Really?

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