Bright Grey announces the launch of Guaranteed Life or Critical Illness rates
Bright Grey, the Edinburgh based protection specialist, today announces their plans to offer guaranteed rates on Life or Critical illness cover. The new rates will be available from 15 November 2004 as part of the Bright Grey protection menu.
When Bright Grey launched in March 2003 the product range did not contain a guaranteed rates critical illness product - IFAs and their clients could only choose reviewable rates.
“We launched at a time when medical advancements and early diagnosis techniques meant that many more critical illness claims were being paid earlier than had been anticipated in the pricing. As a result of this, reassurance companies increased the cost of the guarantees by over 100% and some withdrew from the market entirely. This created a lack of capacity for guaranteed rates, and whilst we wanted to give IFAs the guaranteed rates they were asking for we did not want to launch something that would be uncompetitive.” Said Roger Edwards, Bright Grey’s Products Director.
Roger continues: “The reassurance market has now settled down and we have secured reassurance terms that allow us to give IFAs the choice of reviewable or guaranteed rates they have been asking for.”
Bright Grey's rates are likely to be highly competitive for both level and decreasing covers for smokers aged 35 to 50, for terms of more than 20 years. For this section of the market, on comparison tables, you will be likely to find Bright Grey in the top 4 providers for guaranteed rates.
Roger concludes: “We will continue to offer a reviewable version. Indeed this has been very successful, but we are very pleased to be able to offer IFAs a choice now.”
The launch of guaranteed critical illness supports Bright Grey’s ambitious growth plans for 2005.
For further information, interviews and images please contact the Bright Grey press office:
help@brightgrey.com
tel: 0845 6094 500
