We will ask your client for additional financial information in certain circumstances. The tables below show what we will ask for depending on the amount of cover asked for.
All of the figures below include any existing cover with Bright Grey, or other insurers.
Financial questionnaire
We will need your clients to complete a copy if we require further details of their financial circumstances.
Download 'business financial questionnaire'
Size A4 - 8 pages - 81kb
Online publication date: Jul 09
| Life Cover | |
|---|---|
| Up to £1,000,000 | No automatic evidence |
| £1,000,001 to £1,500,000 | Business financial questionnaire |
| £1,500,001 to £2,000,000 | Business financial questionnaire + copy loan offer for loan protection.* |
| £2,000,001 to £5,000,000 | Business financial questionnaire countersigned by bank manager/accountant /solicitor + 3 years' reports and accounts.** |
- the maximum amount of Life Cover available is £5,000,000
*Depending on the lender it may be possible to allow up to £2,000,000 Life Cover without a copy of the full and final loan offer. Please contact us for more details.
**We may require additional evidence such as:
Corporate Loan - copy of loan offer
Key Person - copy of company valuation report, copy of service agreement/CV
Partnership/Shareholder cover - copy of company valuation report, copy of double option or buy and sell agreement.
| Critical Illness Cover and Life or Critical Illness Cover |
|
|---|---|
| Up to £350,000 | No automatic evidence |
| £350,001 to £700,000 | Business financial questionnaire |
| £700,001 to £1,000,000 | Business financial questionnaire countersigned by bank manager/accountant /solicitor + 3 years' reports and accounts.** |
- the maximum amount of Critical Illness Cover and Life or Critical Illness Cover available is £1,000,000.
**We may require additional evidence such as:
Corporate Loan - copy of loan offer
Key Person - copy of company valuation report, copy of service agreement/CV
Partnership/Shareholder cover - copy of company valuation report, copy of double option or buy and sell agreement.
We will ask for evidence if the total amount of cover requested (including cover with other providers) is more than £350,000 for Critical Illness Cover on reviewable or guaranteed rates. The maximum Critical Illness Cover and Life or Critical Illness Cover we will offer (including cover from other providers) is £1,000,000.
| Income Cover for Sickness (based on yearly amount of income*) |
|
|---|---|
| Up to £50,000 | Completion of Section H of the Business Protection Menu application form |
| £50,001 to £150,000 | Completion of section H of the Business Protection Menu application form and 2 years' proof of earnings (P60 for employed people and self-assessment forms or accounts for self-employed people) |
- the maximum yearly amount of Income Cover for Sickness available is £150,000.
* which may include the following benefits in kind that are shown on a P11D tax form and would stop if they were unable to work:
- living accommodation where they live and pay Council Tax;
- company car when used for private use;
- car fuel which is provided for use with their company car;
- beneficial loans, excluding loans for travel tickets;
- insurance such as critical illness insurance, private medical insurance and accident and travel insurance.
| Key Person Income Cover for Sickness (based on yearly amount of income) |
|
|---|---|
| Up to £36,000 | Completion of the Section H of the Business Protection Menu application form |
| £36,000 to £75,000 | Completion of the Section H of the Business Protection Menu application form and 2 years' proof of earnings (P60 for employed people and self-assessment forms or accounts for self-employed people) |
| over £75,000 | Completion of the Section H of the Business Protection Menu application form, 2 years' proof of earnings (P60 for employed people and self-assessment forms or accounts for self-employed people), 3 years' reports and accounts and service agreement/CV (if available). |
- the maximum yearly amount of Key Person Income Cover for Sickness available is £250,000.
