Skandia enters CI arena as advisers 'reprioritise' 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 ...