Bright Grey life insurance review

“Bright Grey” is one of the businesses of “The Royal London Group”. That group is the largest mutual insurance provider in United Kingdom founded in 1908. The group combines a number of businesses: “Caledonian Life”, “Ascentric”, “Scottish Life”, “Scottish Provident”, "Royal London Asset Management”, “Bright Grey” and others. “Bright Grey” offers life protection and critical illness cover that are tailored individually in order to match the lifestyle and budget of the clients.

The company was established in 2003 and despite fierce competition and crisis managed to maintain the market share. People can buy “Bright Grey” services from intermediaries: financial advises that give advice and Internet intermediaries that simply sell the services but do not give advise. “Bright Grey” uses menu approach, which means that the person can mix and match all the services according to his needs. This option is called Personal Protection Menu and allows combine up to 10 different types of covers. These covers can be with different time periods and different amounts of money protected. According to his needs the person can add or remove the covers, adjust them to the changed circumstances. 

Life insurance cover

Life insurance policy offered by “Bright Grey” pays out a lump sum of money if the person dies during the term of the policy or is diagnosed with terminal illness before 12 months are left until the termination of the policy. “Bright Grey” allows people to choose this cover for single or joint lives. Single life policy can be written for ones own personal life, the life of a partner or both lives separately. In the latter case, two possible payouts can be claimed. For people that chose joint life insurance, the lives of both partners are insured jointly and only one possible payout can be expected.  After a successful claim the dependents can choose which type of payout they would like to receive. 5 alternatives are suggested: a level lump sum, an increasing lump sum, a decreasing lump sum, a level monthly income and an increasing monthly income.

Critical illness cover

Although terminal illness cover is included in life insurance cover, Critical Illness Cover has to be bought separately. Critical illness cover is useful if a person was only partly cured or the illness left considerable traces on the health of the person. If a person has children, he will receive up to  £20,000 free Children’s Critical Insurance Cover for each child. “Bright Grey” offers the same 5 alternatives of payout as for life insurance as well as single and joint policy options.

Income cover for sickness

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This cover is designed to support the insured person financially if the individual is unable to work because of serious illness or injury. 50% of gross salary or up £12,500 of monthly income, whichever is lower, can be covered with this insurance. A huge advantage of this kind of insurance policy is that if a person makes a claim and then returns to the work the policy remains in force should anything happen again. “Bright Grey” allow people to choose two ways how the benefit will be paid out. The first option is to get level monthly income replacement whereas an alternative to this would be to get increasing monthly income. Income Cover for Sickness can be written only for single person and the deferred period can be chosen between 4, 13, 26 or 52 weeks. What is more, an individual can choose how long the insurance carrier should make the payments. “Bright Grey” offers 3 time periods to choose from: up to 1 year, up to 2 years and until the termination of the policy.

Payment cover for sickness

This cover is used when the person is unable to work because of an accident or illness and the payments from the insurance become due. Payment Cover for Sickness covers the liabilities and eliminates financial distress for the person who is unable to work. The first payments are made after the deferred period is over. A person can choose this period to be 4, 12, 26 or 52 weeks. Payment Cover for Sickness is always attached to Income Cover for Sickness but a person should consider buying this product if he buys other life insurance products from “Bright Grey”.

Helping hand

“Bright Grey” offers exclusive service for all people that have chosen at least one product from Personal Protection Menu. 24-hour helpline includes specialist physiotherapy, a personal cancer nurse, speech therapy and even bereavement counseling. As a result, a person can get a wide range of practical, medical and personal support from the professionals.