Skandia Protect has revamped its critical illness (CI) policy to include low grade breast and p...
Skandia Protect has revamped its critical illness (CI) policy to include low grade breast and prostate cancer benefits.
The Association of British Insurers (ABI) changed its model cancer definition in May this year to exclude low grade prostate cancer. It has never covered non-invasive cancers, such as low grade breast cancer. Skandia is offering a lump sum payment of £10,000 or 20% of the sum assured ' whichever is less ' if Skandia Protect policyholders are diagnosed with either of these conditions.
The move by Skandia makes it the first UK provider to offer cover for these conditions since the ABI changed its model cancer definition. It also marks a significant move in the market as other providers gear up to develop the next generation of CI products.
The issue of current life threatening conditions bec- oming less aggressive in the future ' because of medical developments ' and the need for CI definitions to be narrowed accordingly is of great concern to product developers.
Shelley Robertson, protection brand manager at Skandia, said this approach to product design could provide a solution if medical developments dictate other definitions are narrowed in the future.
'Thanks to medical advances in treatments these cancers are no longer life threatening if caught in their early stages. However, with a maximum of £10,000 lump sum payment any financial burdens will be eased.
'The critical illness market is currently undergoing a radical overhaul. We strive to be at the forefront of this ever-changing market and so chose to enhance our cover in relation to the two most common causes of cancer,' she said.
The new benefits are now integrated into new Skandia Protect policies bought through IFAs. To qualify, pre-sale must be dated after 2 June, 2003.
