Skandia has announced it is cutting prices across its protection range by an average of 17.5% as well as making a number of product enhancements.
The new pricing structure on Skandia Protect comes into force in February but the firm says it is not its intention to be the cheapest provider in the market, "but to offer quality products that are good value".
Skandia Protect is Skandia's range of life and critical illness products that enables advisers to mix and match types and levels of cover under one plan.
Among the product enhancements, Skandia has added three critical illness conditions, taking the number of illnesses covered above 30.
Elsewhere, it says it is improving its definitions, beyond benchmarks set by the ABI, to make it easier for clients to claim for coma and heart valve replacement or repair.
It has also removed the suicide exclusion from all forms of life cover, leaving it with a single exclusion based on geographical location, and enhanced its range of seven rider benefits, which will be added to the existing low-grade cancer covers.
"While our new pricing structure will make Skandia Protect cover more competitive than it used to be, our primary goal is to ensure that the quality of our products remains high," says Ian Brown, head of protection marketing.
"To ensure that our products offer complete and flexible coverage to our policyholders, we've revised our definitions, rider benefits and exclusions and now cover more critical illnesses to a better standard than ever before, while also exceeding industry benchmarks."IFAonline
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