The firm said this would reach the high net worth individuals. It plans to specialise in guaranteed whole of life cover and rolling assurance through Skandia Protect.
The firm's protection arm Skandia Protect was recently updated to offer improved pricing, new online application process and more efficient underwriting process.
The new product will cover 56 illnesses and provide cover for 18 of these conditions at ABI+ standards. It also offers child cover which starts from birth until 21 and includes cover for congential conditions.
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For customers involved in an accident that causes severe injury and hospitalization for 28 days, the customers will receive a partial pay-out of £25,000.
Ian Jefferies, head of protection at Skandia, said the RDR meant advisers were looking to offer their clients a wider choice of products.
He said: "Many advisers are re-prioritising protection following the RDR and want more product choices for their clients. Our focus has been to provide a truly top quality product with innovative features that will make it stand out in the market. "For customers our priority is to help ease the financial burden that a serious illness can place upon them, and we have worked hard to make the criteria for pay-out clearer and fairer for them."

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