Bright Grey Introduces the ABI’s Standard Critical Illness Definitions - and Adds in Four New Illnesses to its Critical Illness Cover
Tuesday, 10 April 2007
Bright Grey, the protection specialist arm of Royal London Group, is implementing the new ABI standard critical illness definitions from the start of next week. The new definitions aim to future proof critical illness products and make it even easier for consumers to see what is covered.
At the same time, Bright Grey is introducing four new illnesses to its Critical Illness Cover. These are:
• Open-heart surgery - with surgery to divide the breastbone
• Progressive supra nuclear palsy - resulting in permanent symptoms
• Severe lung disease - resulting in permanent symptoms
• Traumatic head injury - resulting in permanent symptoms
Commenting on the changes, Roger Edwards, Bright Grey's Product Director, says:
"The ABI definitions should bring greater clarity for customers through the revised headings. Like all providers, we've been through a reassurance re-broking process in order to introduce these new standard definitions, and we've taken the opportunity to investigate where we can include new illnesses and go beyond some of the definitions. For example, we've omitted the requirement for there to be typical clinical symptoms for the definition of heart attack.
"This means our Critical Illness Cover now covers 33 illnesses, including total and permanent disability. However, we firmly believe that the focus should not be on the number of conditions a critical illness product covers. There have been illness races in the past, with one provider adding an illness, then others trying to trump them. This makes it difficult for advisers to draw comparisons and has even added to the confusion about critical illness cover. It's the product as a whole that's important. Advisers should be looking for clear and simple literature; a comprehensive and sensible list of conditions; flexibility; and aspects such as practical and emotional support. This is how you find best value protection for clients. And the changes to critical illness definitions provide another opportunity for advisers to talk to their clients about protection."
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For further information please contact:
Bright Grey
Nicki Lundy
Nicki.Lundy@brightgrey.com
Tel: 0131 247 1677
Editors Notes:
• These changes also apply to Life or Critical Illness Cover available in Bright Grey's Menu Protection plan, which also automatically includes the ABI standard definition of terminal illness.
• The should also position the industry well to manage medical developments in the future.
• The four most common critical illnesses that people suffer are heart attack, stroke, cancer and multiple sclerosis (MS).
• Bright Grey's Menu Protection Plan, aimed at individuals, was launched to the market in March 2003. This includes a choice of life, waiver, critical illness and income protection covers.
• The Menu Protection plan also provides cover of up to £20,000 for each of the client's children when critical illness is included in the plan.
• Bright Grey has doubled the size of its face-to-face distribution team over the past year and now has 14 consultants. This is in addition to an office-based team of 13 consultants.
• Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
o Scottish Life - UK pensions market
o Bright Grey - UK protection market
o Scottish Life International - offshore investment markets
o RLAM - fund management
o RLAS - life and pensions administration.
• Royal London is one of the stronger life and pension companies in the UK, with a current rating of 7/10 from Cazalet Financial Consulting, and has a particularly strong track record for with profits performance. It is also the largest mutual life and pensions company in the UK with Group funds under management of £30.8bn. Group businesses serve over three million customers and employ 2,640 people. (Figures as at 31 December 2006.)
• Photo of Roger Edwards is available.