Skandia has extended its protection offering with the launch of a new critical illness product, as it cites a “re-prioritisation” of protection by financial advisers in the wake of the Retail Distribution Review.
Among the 56 illnesses covered by the product, the firm said 18 offer protection that goes beyond that required by the Association of British Insurers standard definitions, qualifying them as ‘ABI+’.
The product also includes children’s cover starts from birth, which runs until age 21 and provides protection for some congenital conditions. Customers with joint life plans will receive a double pay-out per child, Skandia said.
It also includes serious accident benefit, meaning that if a customer has an accident that causes severe injury and results in immediate hospitalisation for 28 consecutive days they will receive a partial pay-out of up to £25,000.
Ian Jefferies, head of protection at Skandia, said: “Many advisers are re-prioritising protection following the Retail Distribution Review and want more product choices for their clients.
“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.”
