Skandia Life is planning to take the protection market by storm with the launch of an innovative new...
Skandia Life is planning to take the protection market by storm with the launch of an innovative new critical illness product which combines elements of both term assurance and whole of life cover in a unique rolling term package.
The new product, Skandia Protect, claims to offer the clarity and guaranteed premiums associated with term assurance with insurability for life. The rolling term option provides indefinite cover with customers able to renew the policy every 10 years without providing further medical details. The package also offers fixed term for between five and 35 years.
The rolling term approach, developed by Skandia, guarantees a premium for 10 years. The policyholder has the option to renew the cover for a further 10 years and a new premium will be quoted without further underwriting. There is no maximum age for cover.
Policyholders can switch between fixed term and rolling term cover at any time, and both policies include a range of benefits including children's critical illness cover, serious accident benefit, surgery benefit and inflation proofing.
Lynda Cox, senior marketing manager at Skandia Life, said: "There are clear benefits to term assurance transparency and guaranteed premiums for a start but we have added the benefits of our whole of life heritage insurability for life. Skandia Protect is a unique package. It brings completely new features to the industry and improves on existing ones."
The package covers two illnesses not currently covered by any other insurer cardiomyopathy and progressive supranuclear palsy and offers free 'Best Doctors' provision, a service, which has been running independently for 10 years in the US, that aims to find the best available specialist to treat a particular illness.
