Skandia Protect

Skandia Protect is a flexible protection plan which allows you to tailor your insurance to your needs. 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 when your children are growing up), rolling term (renewable ten-year cover that can last indefinitely) or guaranteed whole life cover for the rest of your life.

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 old to 18 years old.

You can increase your cover 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 29 named illnesses, treatments and surgeries, such as cancer, stroke and heart surgery, Skandia Protect includes several benefits not available with most critical illness policies, such as:

• Low-grade cancer cover for prostate cancer at an early stage and cover for an early form of breast cancer called ductal carcinoma in situ. These types of cancer are not covered by most critical illness policies.

• 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.

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.

Who can take out Skandia Protect?

UK residents aged 18 or over. Any person covered under 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 60 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 70 years old.

Minimum payments

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

Term

Fixed term gives insurance for specific number of years that you choose. For life cover, this can be between 5 and 35 years. Critical illness cover can last between 5 and 25 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.

Whole life cover gives you guaranteed insurance for life, and is only available for life cover.

Guarantees

Fixed term – 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, or when you increase your cover, we will tell you how much your new payment amount will be for the next ten years.

Whole life for life cover – the regular payments for your selected cover are guaranteed for life, unless you change your cover.

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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Extranets

Information on this website is not intended for Hong Kong residents. Information on this website about Skandia Group Companies is intended for UK residents only, unless it relates to Royal Skandia, Skandia Life Norge or Suomen Sivuliike. Skandia Group companies do not offer investment advice and no information on this website should be construed as such.

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