Maximum age at commencement of insured for accelerated critical illness (CI) cover Maximum age when...
Maximum age at commencement of insured for accelerated critical illness (CI) cover
Maximum age when the cover can start is age 64 attained for reviewable rates and 54 for guaranteed rates.
Maximum expiry age for accelerated CI cover
The maximum expiry age for accelerated CI cover with guaranteed rates is age 64 attained, and 74 attained for reviewable rates.
Maximum term (yrs) for accelerated CI cover
The maximum term is 40 years for life with accelerated CI cover on a reviewable rate. For guaranteed rates, the maximum term available is 30 years.
CI cover as a percentage of life cover
Accelerated CI cover benefit is always 100% of the associated life cover. Under the menu plan, additional life cover or CI cover can be selected.
Guaranteed premium rates
Life rates are always guaranteed throughout the term for the life of the cover, however, accelerated life and CI cover are available on either a reviewable or a guaranteed basis.
Reviewable premium rates
Life or CI or stand-alone CI - the payments are guaranteed for the first five years and then reviewable each year after that.
Automatic sum assured indexation available
This only applies to any cover that is payable as an increasing lump sum or increasing regular payments.
Basis on which indexation increases are costed
Premiums are based on the age of the person covered at the date of increase.
Waiver of premium available
Yes
Payment cover for sickness
If the life or lives assured are unable to work because of an illness or injury, Bright Grey will pay the plan payments for them. Plan payments will commence once they have been sick for longer than the deferred period of either four, 13, 26 or 52 weeks.
Plan allows inclusion of income protection benefit
Available as an option at any time, providing cover up to a maximum of 50% of pre-tax earnings (overall max £6,250 a month).
Life cover reinstatement option
This only applies to life or CI cover policies. One year after a claim is paid as a result of a critical illness or total permanent disability, the planholder may take out a new life cover only on the life of the person covered who the claim was made for. If no cover remains under the original plan, a new plan may be taken out.
Joint life reinstatement option
This only applies:
n To a cover when more than one person is covered; and
n Bright Grey pays a claim for life cover, or for CI cover, or for life or CI cover (the original cover). In this situation, the insured may take out a new cover the same as the original cover, without further medical evidence. This new cover will be for only the person covered on the original cover who was not the cause of the claim (the relevant person covered).
Bright Grey will base the payment for the new cover on:
n The terms for the relevant person covered which applied at the date the original cover started;
n The payment rates and plan fee Bright Grey charged at the date the original cover started; and
n The age of the relevant person covered at the date the original cover started.
Option to vary term after start date other than by guaranteed insurability option (GIO)
Planholders can request increases and decreases to the term and many other alterations to the plan, other than through insurability options, at any time.
Plan permits variations to sum assured other than by GIOs
Planholders can apply to increase or decrease the sum assured at any time.
Cover can increase following any of these events:
n Marriage;
n Increasing one's mortgage either to buy a new home or for home improvements;
n The birth or adoption of a child.
Cover can increase on more than one occasion, but the maximum increase for each event is limited to whichever of the following amounts is lower:
n Half of the original amount of cover; or
n £50,000 for all covers payable as a lump sum; or
n £3,000 a year for all covers payable as regular payments.
The maximum increase for all events is limited to whichever of the following amounts is lower:
n half of the original amount of cover; or
n £125,000 for all covers payable as a lump sum; or
n £8,000 a year for all covers payable as regular payments.
If an individual has more than one cover or more than one plan with Bright Grey, these limits apply across all of those covers and plans and not separately to each of them.
Joint life separation option
This option can be used if the policyholder and their partner have taken out the plan on a joint life basis to cover a mortgage.
They can change your plan into two separate single life plans if they separate and as a result:
n Rearrange their mortgage to be in one of their names only; or
n Either of them take out a new mortgage on a new house.
The new plans must begin within three months of the mortgage being rearranged or taken out, whichever is appropriate.
The cover for each person covered under the new plans must be the same as the cover each person had under the old plan.
Lifestyle review
If any cover was accepted on non-standard terms or smoker rates were charged and the person covered makes a change to their lifestyle, which reduces the likelihood of a claim, the insured can ask Bright Grey to review their payments for that cover.
For example, if the person covered was a smoker when the plan started and they give up smoking, they can ask Bright Grey to review the payments. If Bright Grey is able to, it will reduce the payments to reflect the new lifestyle of the person covered. There will be times when Bright Grey are unable to reduce the payments even though the person covered has changed their lifestyle. It will explain the decision if this is the case.
Does the product offer access to support helplines
All Bright Grey customers get access to the following helplines:
n Medical and legal
n Career issues
n Personal helpline
Further details of what is available for each helpline, refer to product brochure details.
Plan includes a counselling service
Counselling service available throughout the life of the plan via a helpline if the planholder, their spouse or partner and children either:
n Die;
n Are diagnosed with a critical or terminal illness;
n Unable to work due to long-term illness or injury during the plan term.
They will be offered the services of their own personal nurse adviser who will contact them to see if they can help. The help can include counselling, therapy or visits in their own home from specialist nurses. All of this is included in the cost of the plan.
Children's benefit
Cover for children's CI is included as standard. For any main cover in force at the time children's CI cover becomes payable, Bright Grey will pay whichever of the following amounts is lower:
n If the main cover is payable as a lump sum, 50% of the amount of cover shown on the cover summary;
n If the main cover is payable as regular payments, 50% of the amount of cover shown on the cover summary, multiplied by the term of the cover;
n £20,000. Children covered - all natural, legally adopted or normally resides with and is financially dependant on the
person covered.
If the insured has more than one plan with Bright Grey on the lives of different people and these provide the same or similar cover the limits apply across all such plans, Bright Grey will then make a maximum of two payments for any child. The child must be over the age of 30 days or under the age of 18 years.
Exclusions applicable to CI cover
Bright Grey will not pay a claim if it is the result of intentional self-inflicted injury, if the claim is for critical illness or total permanent disability.
