Skandia Life has introduced some further enhancements to its critical illness policy, the Skandia Lifetime Plan.
All the changes will be applied retrospectively to existing policyholders at no extra cost.
The latest improvements to the policy are:
Children’s benefit increased from £15,000 to £20,000
Bacterial Meningitis cover has been included for adults as well as children
Failure of three, rather than four, ADLs will qualify the policyholder for payment under loss of independent existence
HIV/AIDS cover has been extended to all occupations
Joint life policies now benefit from a continuing cover option. This allows the partner of the person who has made a claim to take out a new Skandia Lifetime plan without further medical underwriting.
Additionally, Skandia has revised its illness definitions and exclusion wordings in line with the ABI’s standard definitions. Initially, while updating its literature, it will run the new definitions in tandem with its existing ones, although any claim made during that time will be judged on the more lenient definition.
Commenting on passing the changes on to existing policyholders, Lynda Cox, life marketing manager at Skandia said: “This is a real added-value benefit for IFAs when recommending a critical illness plan – a number of recent payments have been made for illnesses that were not covered by the plan when the particular policy was taken out.”
These changes represent the ninth time the plan has been enhanced since its launch in 1991.