Skandia revises Life insurance product suite

Tuesday, August 24, 2010

Skandia, the global insurance company, has announced plans to reevaluate and alter their Life Insurance product suite, towards the end of the year. In a bid to simplify their Life insurance products, Skandia will be assessing the insurance they provide to customers to make them more appealing.

Currently, the organisation offers critical illness cover in addition to managing savings and investments, and providing Life products. They have announced that they will no longer be providing critical illness insurance from September. Despite this, a spokesperson from the company has stressed that they will continue to offer high-quality products and an outstanding service to customers, and will maintain their Life insurance product suite. The move comes following a decision to focus all of their attention on providing an enhanced Life insurance service and investment solutions.

The move is thought by experts to be a response to the recent economic crisis, whereby the insurance industry has been forced to reconsider their products in an effort to maximise revenue and cut down on costs. The move follows competitors such as Axa, who recently sold the Life element of their insurance business. Lloyds have halted their payment protection products, and is seeking to sell Scottish Widows,. Similarly, Aegon has sold their reinsurance arm, and Zurich are looking ot enhance their Life business by focusing primarily upon that.

Customers with Skandia are advised to contact the firm to establish how the new decisions may affect their policies, although it is thought that the Life products supplied by the organisation can only be improved by the decision.