Review: Bright Grey Life Insurance

David Woodfield By David Woodfield

SUMMARY

Bright Grey is part of The Royal London Group and provides life insurance with the option to add critical illness cover.

The Royal London Group serve more than 5 million customers and is the largest mutual life and pensions company in the UK. Bright Grey was launched in 2003 and makes up one of the specialist businesses in The Royal London Group.

You can compare Bright Grey life insurance quotes with specialist comparison site www.activequote.com.

OVERVIEW OF LIFE COVER PROVIDED BY BRIGHT GREY INSURANCE UK

Bright Grey life insurance offers protection to your family and dependents by paying a lump sum of money if you should pass away. With Bright Grey life insurance you can also add critical illness cover to assist you and your family if you develop a serious illness.

Life insurance from Bright Grey is available to all UK residents aged 18 to 88 years old and provides up to £10 million cover.

You can buy Bright Grey life insurance with a choice of three different policy types. You can buy a level term, decreasing term or increasing term policy. With a level term policy the amount you are covered for remains the same during the length of policy.

Both decreasing and increasing term policies change their pay out value throughout the policy. A decreasing term policy has a payout that decreases during the term - i.e. if you died in the first year of the policy the payout would be larger than if you died in the 20th year. This can be useful if the policy is aligned to a mortgage so that over the years it only covers your outstanding mortgage payment.

An increasing term policy may be bought to keep in line with retail price index (RPI) and can increase between 2-10% to counter inflation.

You can buy joint life insurance with Bright Grey on what is called a "first event" basis. This means if you and your partner have a joint policy, the insurance will pay out the claim in the event of the first death, but that will end the policy and the death of the second person is not covered.

You can compare life assurance policies with activequote.com. They offer an online comparison and free advice from FCA-authorised advisors to find the right policy for you.

CAN I ADD CRITICAL ILLNESS COVER WITH BRIGHT GREY LIFE INSURANCE?

As part of your life insurance with Bright Grey you can include critical illness cover so that you are protected if you develop a serious illness.

Much like their term life insurance policies described above, there are three options available for critical illness cover including; level lump sum, increasing or decreasing lump sum. These behave in the same way, except that it is the diagnosis of a critical illness that triggers payout rather than your death.

With Bright Grey critical illness cover your children are each eligible for free critical illness cover worth £25,000.

WHAT ARE THE ACCEPTANCE CRITERIA FOR BRIGHT GREY INSURANCE COVER?

To apply for Bright Grey life insurance you need to be aged between 18 and 88 years of age and you must be a UK resident.

You can cover up to £10 million and your policy term must be no longer than 72 years long or cover you past the age of 89 years of age.

Get a quote for Bright Grey using activequote.com

WHAT HAPPENS IN THE EVENT OF THE DIAGNOSIS OF A TERMINAL ILLNESS?

If you are diagnosed with a terminal illness then Bright Grey will pay out your lump sum if you are not expected to live longer than 12 months. A terminal illness is described by Bright Grey as a fatal condition that has no known cure or has progressed to the point where it cannot be cured.

HOW MUCH DOES BRIGHT GREY INSURANCE COVER COST?

Bright Grey life insurance starts from £5 a month and you can combine your life cover with critical illness as well as income protection to make your finances more cost effective.

There are a few factors that may influence the cost of your monthly premium. For example the higher amount of cover you want and the longer the term is the more your insurance will cost. Your age, medical history and whether you smoke may be taken into account when you apply for Bright Grey life insurance.

You can get a quote for the cost of Bright Grey cover using activequote.com - they compare prices across a selection life insurers to help you get a better deal.

WHAT DO BRIGHT GREY INSURANCE REVIEWS BY CUSTOMERS SAY?

There are few customer reviews available online for Bright Grey. According to Money.co.uk customers Bright Grey has a 4.6 start out of 5 rating from seven customer reviews, all of whom would recommend Bright Grey life insurance.

WHAT DO BRIGHT GREY INSURANCE REVIEWS FROM THE EXPERTS SAY?

Fairer Finance, an independent analysis website that ranks banks and insurers, puts Bright Grey 27th out of 28 life insurance providers. According to Fairer Finance, Bright Grey score poorly on their perceived levels of transparency with a score of 40%.

Get a quote from multiple life insurers using activequote.com - the specialist comparison site.

According to independent financial product analysts Defaqto, Bright Grey’s life cover and critical illness cover both the maximum possible score five stars out of five.

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