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Bright Grey meets demand for simplified products

As part of the growing demand for simplified life cover and life or critical illness cover, Bright Grey has increased its range of low cost propositions with the launch of the Lifestyle Plus Protection plan.

Lifestyle Plus, an enhanced version of the protection specialist’s original simplified product Lifestyle, comes with TPD (Total Permanent Disability) as standard on Life or Critical Illness Cover and advisers can also elect to add Payment Cover for Sickness (Waiver of Premium).

 Ian Smart, head of product development and technical support, at Bright Grey 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. 

“We’ve already seen a marked increase in the number of advisers whose business model is more suited to going down the simplified products route.  And with RDR hitting, it’s a market that’s only going to get bigger.”

Lifestyle Plus is available on all main portals and offers efficient online acceptance.

Lifestyle Plus offers:

Up to £500,000 Life Cover/Life or Critical Illness Cover

The choice of level, increasing or decreasing cover

Payments from just £5 a month

Clients on risk in 15 minutes 

A quick and easy signatureless process

13 February 2012

Bright Grey pays out 91% of critical illness claims

The protection specialist Bright Grey has announced that it paid out 91% of critical illness claims in the last 6 months of 2011. Just 2% of claims were declined for non-disclosure. The average critical illness payout was £82,000.

Cancer remained the most common reason for a claim (55%), followed by heart attack (10%), stroke (10%) and multiple sclerosis (9%).

Nearly half (47%) of claims were made by people who were 40 or under and the youngest claimant was just 23 years old having suffered a stroke.

Roger Edwards, proposition director at Bright Grey said:

“Over half of our claims were for cancer which might appear to be a frightening statistic. But the good news is that with better screening and earlier testing, more people than ever before are surviving the disease. For many, chemo and other treatment means taking months off work and this is where the money from a critical illness policy comes into its own - easing any financial worries so they can focus on getting better.

“One consequence of better screening is that we're seeing more people being treated for earlier forms of cancer. So, last year we introduced two definitions that provide additional cover for ductal carcinoma in situ - an early form of breast cancer, and low grade prostate cancer.

“It's vital that we keep improving our critical illness cover to give clients even greater protection and to keep pace with medical advances.”

30 January 2012

Bright Grey's new research highlights the need for consumers to have a financial safety net

Over 16 million Britons have nothing left over from their monthly salary*

• A third of British adults say they have nothing left from their monthly salary, or are in debt
• On average Britons spend £1,315 a month
• Bright Grey calls on the UK to improve its ‘Financial Safety Net’ in 2012

One in three (33%) of us are spending more than our salary or just about managing to break even each month, according to Bright Grey's Financial Safety Net report.

The study found that over 11 million British adults (23%)** just about match their outgoings to their net monthly salary, with nothing leftover at the end of the month.  Worryingly, 4.9 million (10%)*** said that they spend more than their salary on a regular basis.

Roger Edwards, proposition director at Bright Grey, said: “There is no doubt that 2012 is going to be a tough year for consumers, and the fact that a third of people currently have no money left at the end of the month is a worryingly fragile situation to be in. At a time when money is so tight, consumers should really think about their outgoings, how they can support themselves and their families in the best way, and protect themselves against any future financial difficulties; as times may get worse.”

Our study found that the average Briton spends £1,315 a month, spending £30 on protection insurance products that could be vital to their finances in the future.  This compares to £56 on telephone bills and a huge £232 on supermarket and other shopping.

In terms of large ‘one-off’ products and services, adults in Britain spend an average of £885 on holidays a year; £214 on big ticket electrical goods such as TVs, cameras and iPods over the same period; and £151 on white goods such as fridges and freezers.

Roger Edwards added: “It is a false economy to believe that just spending on the here and now is going to keep Britons in good stead. By cutting back slightly on some of their outgoings, most adults should be able to find a small amount of money to help provide the ‘financial safety net’ they may need in an emergency situation. For just a few pounds extra a month, consumers can safeguard their financial future by investing in a protection product that will provide for themselves and their family should they lose their job or their health, for example.”

Source: Financial Safety Net report – consumer survey carried out by Opinium Research. Online interviews carried out amongst 2,012 UK adults aged 18+ between 16 to 19 December 2011

*33% of respondents described themselves as on average either just about breaking even or overspending their salary each month. The current adult UK population is 49,529,000. 33% of 49,529,000 = 16,566,850

**23% of respondents described themselves purely as just about breaking even each month. The current adult UK population is 49,529,000. 23% of 49,529,000 = 11,591,893

***10% of respondents described themselves as regularly overspending more than their monthly salary. The current adult UK population is 49,529,000. 10% of 49,529,000 = 4,974,956

16 January 2012

Bright Grey launches iPhone app

Bright Grey has today (9 November) launched ‘Bright Touch’, a free iPhone app that allows advisers to access product information wherever they are. The app gives detailed cover information for the provider’s personal and business protection menus. Advisers can also access interactive objection handling tools, information and videos on Bright Grey’s Helping Hand service and a list of FAQs.

Roger Edwards, proposition director with Bright Grey said:

“This is a great resource to have at your fingertips, whether scrolling through in preparation for meetings or using interactively with clients. ‘Bright Touch’ provides a great way of accessing key stats and information quickly and easily.

 “We deliberately didn’t include a facility to do real time quotes as advisers have told us they would prefer to do that from their desk. Where this app really stands out is in front of clients when handling objections. Advisers will be able to create a profile for their customers there and then which will give tailored answers to all the usual objections and will give an indication of how much their cover will cost.”

Commenting on the app, Peter Chadborn of Plan Money said:

“I can see this app being of tremendous benefit to advisers who want to access statistics and facts quickly when they are out of the office. And I’m pleased to see that Bright Grey has included case studies of plan holders who have used its Helping Hand service, as this is a great way to show clients the importance of selecting protection plans with valued features, rather than just the cheapest.”

The app is free to download and is available now from the app store or from www.brightadviser.co.uk/brighttouch

Bright Grey is currently looking at android, blackberry and other versions.

09 November 2011

Industry experts call for action to be taken to boost appeal of critical illness

• Six suggestions for improving the industry following key debate
• Call for an increase in education and communication
• ABI-led protection website one of the key recommendations

Industry protection experts have made some key recommendations on how to increase the appeal of critical illness products for consumers.

Following this month’s Future of Critical Illness summit, hosted by protection providers Bright Grey and Scottish Provident, a White Paper on how the industry can improve its critical illness offering is now available based on the suggestions made by the panel. The key call to actions include:

• Educate consumers as to the value of taking out critical illness policies
• Simplify the conditions that are covered and explain the likelihood of being able to claim
• Increased communication with charities, such as the Macmillan Cancer Charity, in order to raise awareness of the financial support that the product offers
• Greater use of social media to complement publicity that television campaigns will generate
• Production of a centralised protection information website, perhaps hosted by the ABI
• Selling of an additional smaller sum assured critical illness policy alongside a life policy

Commenting at the Future of Critical Illness debate, Roger Edwards, proposition director of Bright Grey and Scottish Provident, said: “Perhaps life insurance has been reducing in price so much that the choice people make in a recessionary environment is ‘I will go for the very cheap life insurance as opposed to the perceived very expensive critical illness’. Perhaps it should be routine to add £20,000 worth of critical illness cover to every life cover, to make it more affordable in the current economic climate.”

Commenting at the debate, Neil McCarthy, sales and marketing director, Direct Life & Pension Services, said: ““Consumers have a lot of priorities and they see protection in a much broader spectrum – from PMI cover, death cover, mortgage cover, to compulsory motor insurance for example. To a consumer, critical illness is just one part of the spectrum. They need to understand better the perceived value in critical illness.”

A full White Paper based on the findings of the event can be found at
www.uncovered-uk.com

03 October 2011

Bright Grey pays out 90% of critical illness claims

The protection specialist Bright Grey has announced that it paid 90% of critical illness claims in the first six months of the year, with only 4% of claims declined for non-disclosure.  The average pay out was £77,000.

The youngest claimant was 23 years old and a third of claimants were 40 years old or under. 61% of critical illness claims were for cancer, followed by heart attack10% and stroke 9%.

Roger Edwards, Proposition Director at Bright Grey said:

“Critical illness can happen to anyone at any time as the age of our youngest claimant shows. But while a financial payout is essential to help people to continue to make ends meet, practical and emotional help is also required.

“That’s why Bright Grey’s menu plan also includes its Helping Hand service available to plan owners and their immediate family.  Many claimants consider the emotional support they received through the service meant as much to them as their financial payout.”  

All customers are offered support by RED ARC nurses at the time of their claim and the value of that support is rated so highly that 9 out of 10 people who were contacted used the service.  

- Ends -

05 August 2011

Rates cut for Bright Grey reviewable plan owners

Bright Grey is delighted to announce that it has reduced payments for plan owners with reviewable life or critical illness cover. 

Payments for reviewable critical illness plans are guaranteed for the first five years, after which payments are reviewable. Reviews are carried out to determine whether the payment will be changed at the fifth anniversary and every year thereafter.

Ian Smart, Head of Product Development & Technical Support, at Bright Grey said:

"At a time when everything seems to be going up in price it is reassuring that reviewable rates for life or critical illness are actually reducing, especially as many people wrongly assume that reviewable rates automatically increase.  For consumers looking for a cost effective option, the reviewable premium represents excellent value for money and will provide peace of mind that loved ones will be looked after financially should the worst happen."

"These changes ensure that Bright Grey’s proposition continues to offer quality cover at competitive rates."

- Ends -

Editor’s Notes:

Over 1000 of Bright Grey’s plan holders will benefit from a reduction in their premiums of 3.2 percent.

21 July 2011

Bright Grey makes massive leap with its critical illness cover

Bright Grey has made significant changes to its critical illness cover by introducing seven new definitions, five of which will pay the full amount of the sum assured and two that will provide additional cover for early forms of cancer. The additional two definitions will pay 20% of the sum assured, over and above the original sum assured.The changes, implemented as of today (23 May), mean that Bright Grey now has a total of 43 critical illness definitions.

Introducing cover for ductal carcinoma in situ (DCIS), an early form of breast cancer, puts Bright Grey ahead of many of its competitors, who currently only offer cover for mastectomy. In addition, Bright Grey has upgraded the definition of stroke to ABI+ taking the total number of ABI+ definitions to nine.

The five new definitions are for:

• Pulmonary artery graft surgery - surgery to divide the breastbone
• Encephalitis - diagnosis of encephalitis resulting in permanent symptoms
• Intensive care 10 days - any sickness or injury resulting in a person requiring continuous mechanical ventilation for 10 consecutive days or more
• Multiple system atrophy - diagnosis of multiple system atrophy resulting in permanent symptoms
• Pneumonectomy - the undergoing of surgery to remove an entire lung.

The additional two definitions are for:

• Ductal carcinoma in situ (DCIS) – the undergoing of a mastectomy, partial mastectomy, segmentectomy or lumpectomy operation for early forms of breast cancer
  
• Low grade prostate cancer - tumours of the prostate classified as having a Gleason score between 2 and 6 inclusive.

Ian Smart, Head of Product Development & Technical Support, at Bright Grey said:

“With the treatment of illnesses such as cancer, stroke and heart disease constantly improving and with more people surviving conditions they would have died from 20 years ago, it is crucial that our critical illness cover keeps pace with these advances.“

“Introducing two definitions that will provide additional cover for people suffering from early forms of cancer is a big step forward in terms of offering IFAs even greater choice for their clients.”

23 May 2011

Let's (not) talk about sex

• Sex, death and money are least popular discussion topics in the home
• Ironing is the most hated day-to-day household chore
• But DIY and sorting out finances are put off the longest

Sex is the number one ‘life issue’ that British adults feel most uncomfortable talking about in the home according to a report from Bright Grey, the protection specialists. The Women and Protection report, which examines the levels of financial protection among women in Britain, reveals that some 22 per cent of people try to avoid talking about the ‘birds and the bees’ with their family, with this figure rising to 25 per cent of women, while talking about money ranks as the third least popular discussion topic in the home.

As well as avoiding taboo subjects, Britons seem to have ‘issues’ around household chores, particularly manual ones. A fifth of people listed ironing as the chore they most hate doing – rising to 28 per cent of women. This resulted in a quarter of people (25 %) putting off doing their ironing for at least one week.

While doing the washing up is the third least popular household chore, almost half of British adults (48 per cent) stated it was something that they tended to get done immediately. In contrast, sorting out their finances was described by just two per cent of Britons as their most hated chore, but this is also the task that they put off for the longest period.

Roger Edwards, proposition director at Bright Grey, said: “Sex, death and money are never popular discussion topics in the home - even today - and it seems people would rather leave some things unsaid than try and deal with the consequences. The downside of not talking about issues, or putting them off altogether is the equivalent to leaving the washing up in the sink – it all builds up until it’s a lot bigger than it was originally. In the case of the washing up it would probably just be a smelly house (or nothing to eat food off!) but in the event of a long term illness or disability the consequences of not having had these financial discussions could be far more serious.

“When financial conversations do happen it tends to be women that initiate them, with our research finding that 59 per cent of women are chiefly responsible for raising financial conversations in the home. But although women are looking out for their families they are not looking out for themselves and are leaving themselves under-protected.  Some 59 per cent of women do not have life insurance in place and over 84 per cent - some 21 million women*** – are without a critical illness insurance policy that could safeguard their finances and therefore their families in the event of a long-term illness or disability. Any women who are concerned about their protection levels should speak to an adviser or search this site for more information.


Top ‘life issues’ people feel most uncomfortable talking about in their family and want to avoid:

   
Top chores people most hate doing:

Top chores people put off:

- Ends -

* Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria.

** According to the ONS national statistics population estimates (2008) the UK population projection for 2011, there are approximately 49.529m adults aged 18+ in the UK. 8% of adults said that they avoid talking about money issues more than any other with their families. 8% of 49.529m is 3.96m

*** According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25.406m women aged 18+ in the UK. 84% of women said that they do not currently hold a critical illness product. 84% of 25.406m is 21.341m

21 May 2011

Women fail to protect themselves financially

• Over 21 million do not hold a critical illness policy*
• 53% say that protection products are an added expense they cannot afford

Women are leaving themselves seriously under-insured financially according to a report from protection specialist Bright Grey. The Women and Protection report** has revealed that while many women have increasing financial responsibility in the household, many are still failing to safeguard their financial security. Some 59% of women have no life insurance in place; while over 84% - some 21 million women – do not hold a critical illness insurance policy.

The majority (53%) of women state this is because protection products are an added expense that they cannot afford. Meanwhile, just 17% of women said that they didn’t envisage themselves or their family needing protection at any stage.

For many women, it appears that a lack of financial awareness around what protection products provide is a real barrier. Some 12% of women said that they were saving money for an emergency situation instead of taking out a protection product, while 11% said that they would consider taking out a product if they knew more about the products available and what they covered them for.

Roger Edwards, proposition director at Bright Grey, said: "It is worrying to see that a large number of women have overlooked a key element of their financial planning, leaving them and their families financially exposed.

"While nearly half of women are now the main household earner, many millions have not realised the benefits that protection can give - not least because in a number of cases, they do not know enough about the range of products available. Having protection in place gives peace of mind that women and their families will be financially secure if their income suddenly stopped because of a long-term illness or death."

Source:
* According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25.406m women aged 18+ in the UK. 84% of women said that they have no critical illness policy in place. 84% of 25.406m is 21.341m

** Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria.

28 March 2011