Bright Grey has extended its existing simplified product Lifestyle plan by introducing a ‘plus’ version of it. Effectively, the new plan adds TPD (total and permanent disability) and waiver of premium features to its existing life and critical illness (CI) proposition. The new plan features the following:
- Up to £500,000 life cover with or without CI benefit is available.
- The term of the policy can be between 5 and 40 years.
- 22 critical conditions are covered plus TPD. The 22 are: Alzheimer’s disease; aorta graft surgery; benign brain tumour; blindness; cancer; coma; coronary artery bypass graft; deafness; heart attack; heart valve replacement or repair; HIV infection; kidney failure; loss of hands or feet; loss of speech; major organ transplant; motor neurone disease; multiple sclerosis; paralysis of limbs; Parkinson’s disease; stroke; third degree burns, and traumatic head injury.
- Terminal illness is also covered (although not within the final year of the plan’s term).
- Waiver of premium, which Bright Grey has renamed as ‘Payment Cover for Sickness’. This has a 26 week deferred period.
- TPD is also covered and is subject to one of three possible definitions or may be unavailable for underwriting reasons. The three definitions are: own occupation, working tasks (being unable to do two from six tasks of walking; lifting; using a pen, pencil or keyboard; hearing; speech, and vision), and living tasks (failing three out of six tasks from washing; dressing; transferring; mobility; continence, and feeding).
- Cover can be level, increasing or decreasing.
- Premiums start at £5 a month.
- Customers can go on risk in 15 minutes, following a ‘quick and easy signatureless process’.
What They Say
Head of product development and technical support, Ian Smart, said: “There are a growing number of advisers selling protection who want flexible products without the intricacies of the menu product. The addition of TPD and waiver of premium gives them that added flexibility and protection for their clients.”
What We Say
Many clients won’t want more than this from their critical illness cover. For those that do, other (more expensive) solutions are available. Bright Grey has packaged this plan well and also made it as easy to buy (and therefore also easy to sell) as possible. It won’t win any prizes for the breadth of its cover, but then that’s not the point – think of it as being like a base model of car, with a few extra added luxuries at very little extra cost; or as a ‘bridge’ product. With many consumer products, that is the package that is most popular, rather than the all-singing, all-dancing version we techies tend to love.