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Skandia Protect

Skandia Protect is a flexible protection plan which allows you to tailor your insurance to your needs, both now and in the future. You can choose life cover, critical illness cover, or both.

You also choose how long you want the cover to last. You can have a fixed term (for example, to provide protection for a mortgage or business loan), rolling term (renewable ten-year cover that can last indefinitely) or guaranteed whole life cover for the rest of your life (for example, as part of your planning for the inheritance tax that might be payable after you die).

Benefits

The policy can pay:

  • a cash sum on death (life cover)

  • a cash sum if you suffer one of the listed critical illnesses, or undergo one of the listed treatments or surgeries (critical illness cover). Your children are automatically covered, at no extra cost, from 30 days to 18 years old.

You can increase your cover, within limits, in certain circumstances as your lifestyle changes, without giving us more information about your health, even if it has worsened.

You can also add any of the following at an extra cost:

  • Total permanent disability benefit*

  • Premium protection benefit

  • Cover reinstatement option*

*not available with guaranteed whole life cover.

The policy can cover you alone, you and another person, or other people in whose lives you have a financial interest.

Critical illness benefits

As well as covering 31 named illnesses, treatments and surgeries, such as cancer, stroke and heart surgery, Skandia Protect includes:

  • nine additional critical illness benefits not available with most critical illness policies, paying up to £10,000 on each claim*

  • serious accident benefit – we will pay if you are in hospital for 28 days or more following an accident*

  • surgery benefit – to allow you to choose private treatment for serious heart operations.
*your cover will continue even if we pay a claim on these benefits.

Risks

Skandia Protect provides insurance only. It does not have a cash value at any time. As such, if you stop making payments, your cover will end.

If you make a claim and you don't give us the information we ask for, we will not pay out.

We may exclude certain conditions from your cover. For more information, ask your financial adviser for a copy of the Key Features Document and our explaining Skandia Protect leaflet.

Who can take out Skandia Protect?

The owner of the policy must be a UK resident, aged 18 or over. Any person covered by the policy must also be a UK resident.

How old must the people covered be?

When the policy starts, the minimum age of those covered is 16. The maximum ages at the start of the policy are 85 for life cover and 65 for critical illness cover.

If your policy has a fixed term, those covered must not be more than a certain age when the policy ends. For life cover the maximum is 100 years old, and for critical illness cover the maximum is 75 years old.

Minimum payments

Minimum monthly payment: £25
Minimum yearly payment: £250

Term

Fixed term gives insurance for a specific number of years that you choose. For life cover, this can be between 5 and 50 years. Critical illness cover can last between 5 and 40 years.

Rolling term gives guaranteed insurance for life, with payments guaranteed for ten years at a time. Just before the end of the ten years, you can renew the insurance ('roll the term') for a further ten years. You can roll the term as many times as you like without giving us more information about your health, even if it has worsened. 

Rolling term is available for life cover and critical illness cover. Whichever type of cover you choose, the benefits and options will remain the same as long as you keep the cover.

Guaranteed whole life cover gives you insurance for life, and is only available for life cover.

Guarantees

Fixed term or guaranteed whole life cover – we guarantee not to increase your payments unless you change your cover.

Rolling term – we guarantee your payments for ten years at a time, or until you change your cover if sooner. When you roll the term at the end of the ten-year period, we will tell you how much your new payment amount will be for the next ten years.

This web page is only intended as a general introduction to Skandia Protect. You can find full details of the product in the key features document and in explaining skandia protect, available from your financial adviser.

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