Quality cover assured with product enhancements
Skandia is to reduce the average price of premiums on Skandia Protect policies by 17.5%.
The change, resulting from a new price structure, is set to come into force from the beginning of February.
In addition, Skandia announced a number of enhancements to the products in its Skandia Protect range including the addition of three more critical illnesses to its critical illness (CI) policies, improved definitions to make claiming for coma or heart valve replacement and repair easier and an improved range of seven rider benefits in addition to the existing low-grade cancer covers.
The provider has also removed the suicide exclusion from its life policies, meaning there are no longer any general exclusions on the policies.
Ian Brown, head of protection marketing at the provider, said: "We've used different methods of reducing cost. It is difficult to divulge much of how we've done it but you can see that our prices have been the same for at least the last four years, and it was time for us to look at them and bring them in line with the market. However, while we're not intending to be the cheapest, we are going to offer quality cover and keep on progressing with the way we deal with CI."
Skandia has also maintained the flexible inflation option, which it claims is the most adaptable in the market, meaning that consumers can freeze inflation-linked increases on the sum assured for as long, and as often, as required.
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