As of the end of 2015, Bright Grey has been rebranded to operate entirely under the Royal London brand.
As part of the Royal London group Bright Grey was formed to be a forward thinking personal and business protection specialist working closely with the intermediary market.
A traditional income protection product which also offers both 12 and 24 month limited term benefit options which makes it very appealing for those looking for a more affordable option to to traditional full term payment period.
An overview of the key policy details of Bright Grey Income Protection Solutions proposition.
Overview of Key Policy Details
Maximum Claim Duration
4 / 8 / 13 / 26 / 52 weeks
Waiver of Premium
Max. Policy Cease Age
65 years old
Min. Policy Term
Min. Entry Age
18 years old
Max. Entry Age
59 years old
– Mortgage Increase
– Marriage or Civil Partnership
– Childbirth or Adoption
Cover is available overseas for a maximum of 12 months should the stay be temporary. If you become permanently resident outside of the United Kingdom, Channel Islands or Isle of Man, Bright Grey will cancel the cover and will not pay any claim.
– Self Inflicted Injuries
– Restrictions with regard to living abroad.
Bright Grey has a very reputable income protection policy (called ‘Bright Grey Income Cover for Sickness’) and overall protection insurance offering. Drewberry do not have any concerns recommending Bright Grey to our clients based on previous customer service levels and claims experience.
Although it would seem like an obvious and possibly understandable exclusion, unlike many other insurers Bright Grey do exclude self-harm (termed as a ‘self-inflicted injury’) from their policy
Also unlike many other insurers, Bright Grey will not allow the plan to continue (it will be cancelled automatically) for anyone who decides to move overseas permanently.
Although possibly not as well known as other insurers, Bright Grey is part of one of the largest financial services companies in the UK, the Royal London Group, which was formed over 150 years ago and has over 3 million customers.
Being a Mutual Society, Royal London (and therefore also Bright Grey) do not have shareholders to pay and is run for the benefit of their members.
A series of commonly asked questions with regards to the policy coverage of the Bright Grey permanent health insurance product.
A. No, insurers understand that circumstances can change over such a long time so you would only need to provide 30 days notice if you would like cancel the policy.
It is usually best to have a run through with an adviser before making any changes. For example, it may be the case that someone is moving to a company that provides a longer period of sick pay, in which case it may be more appropriate to adjust the deferred period so it aligns with the new sick pay entitlement rather than cancelling the policy and taking out a new plan.
A. Whether the insurer is able to increase your monthly premiums depends on whether you select ‘reviewable’ or ‘guaranteed’ premiums.
Policies with reviewable premiums usually have lower initial rates but the insurer does have the right to change how much they charge you over time (rates are fixed with guaranteed premiums). Usual reasons for insurers making premium adjustments include the following: changes in the number of claims made; increasing insurer costs; inflation; falling investment returns; and tax changes.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email email@example.com.
I’ve held a policy with Drewberry for several years now. They are always friendly, insightful and offer great service.