Mortgage News
Skandia enters CI arena as advisers ‘re-prioritise’ protection
Skandia has launched a critical illness (CI) product as many advisers “re-prioritise” protection following changes to retail investment advice made following the Retail Distribution Review (RDR).
The company, part of Old Mutual Wealth, has launched a CI product covering 56 illnesses and which it said “goes beyond” normal industry standards by providing cover for 18 of these conditions at the ABI+ [Association of British Insurers] standard.
Cover includes Serious Accident Benefit meaning that, following an accident that causes severe injury and results in a customer being hospitalised immediately for 28 consecutive days, they will receive a partial pay-out of up to £25,000.
The CI product is also available with rolling term assurance, while child’s cover – which runs until age 21 – is also available.
This is the first time Skandia has entered the CI market. It currently operates in the high net worth segment of protection with a guaranteed whole of life cover and rolling term assurance through Skandia Protect.
Ian Jefferies, head of protection at Skandia, said: “Many advisers are re-prioritising protection following the RDR and want more product choices for their clients.
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“Our focus has been to provide a truly top quality product with innovative features that will make it stand out in the market.”