As part of the Royal London Group, Bright Grey is a specialist insurance company offering only personal lines of protection insurance. They do not offer commercial insurance, investment advice, asset management, or any of the other products or services normally associated with large financial sector companies. Personal protection is all they do.
Bright Grey was established in 2003 to provide UK consumers with a different kind of insurance company. Royal London gave management the freedom to find out what consumers wanted and build an insurance company around those desires. The result is starkly different from what you normally find in the insurance market.
For starters, they make a point of using common, everyday language on their website and in their printed literature. Bright Grey knows people find protection insurance confusing because they do not understand all the terms and vocabulary. They keep it simple so you can understand.
Second, Bright Grey found out during their research that customers are worried about many things they weren’t necessarily concerned about a few generations ago. The company tailors their insurance products to meet those concerns. Today’s protection insurance is an entirely different experience because of it.
Insurance Products in the UK
As noted earlier, Bright Grey only offers protection insurance in personal lines. They currently offer five different types of cover at four levels. The four levels are singles, couples, families, and single parents. The four level system allows consumers to get affordable protection based on their life circumstances.
The five types of cover offered by Bright Grey are:
- Life Cover – You can purchase term life insurance with four different pay out options. You can choose a level lump sum, and increasing lump sum, a decreasing lump sum, or a monthly income option. Each has its pros and cons to consider.
- Critical Illness – The Bright Grey critical illness cover pays you in a lump sum or monthly payments should you be fully disabled or diagnosed with a qualifying critical illness. The money can be very valuable in helping you meet your obligations.
- Life or Critical Illness – This policy is one that combines the previous two together. It is designed for those who want both forms of protection and have a budget that can accommodate it.
- Income Cover – Sometimes individuals get sick to the extent that they are out of work for an extended amount of time. Income cover protects you by providing supplemental cash until you can get back to work.
- Payment Cover – Payment cover is similar to income cover except that money goes directly to pay the premiums on your other Bright Grey covers. With this protection, you will not lose your other policies if sickness does not allow you to work.
Bright Grey wants to make the protection insurance process as easy as possible. To do that they offer a number of tools on their website, including a calculator that helps show consumers just how affordable protection insurance really is. With this tool you can figure out how much you regularly spend on unnecessary things; money that could be put toward insurance.
If you need help determining what’s right for you, Bright Grey provides a link on their website enabling you to quickly find a local financial advisor. With the help of an advisor, you can take an honest look at your situation and decide what type of insurance is right for you.