Bright Grey supports family campaign with prize draw
Wednesday, 15 August 2007
A chance for advisers to win £1,000 holiday vouchers whilst helping close the protection gap.
Bright Grey, the protection specialist arm of the Royal London Group, is supporting their family protection campaign which they launched in July with a free prize draw for advisers.
Research carried out for Bright Grey in May 2007 found that 1 in 3 families in the UK don't have any life, critical illness or income protection cover in place to protect their families in case something happens to them[1]. Bright Grey is working with advisers to raise awareness of the need for family protection, and to bridge the £2.3tr protection gap recently published by Swiss Re.
Bright Grey's Communications Director, Susan Sneddon, says:
"Our family protection campaign is well underway. We are working with advisers to grow the market and make sure their clients have enough insurance in place to protect their families. To raise awareness and help advisers see how simple it is to quote for Family Income Benefit (FIB), we have produced support material they can use to help sell the benefits of FIB."
"To keep the momentum of this important campaign, we have launched a prize draw on www.brightadviser.co.uk, which gives advisers the chance to win £1,000 worth of holiday vouchers."
"Our prize draw is open to all advisers who submit four or more Family Income Benefit applications by 31 October 2007. Once an adviser submits the four applications needed to take part, each application then counts as one entry. So, the more applications they submit the more chances they have of winning!"
"At Bright Grey we're very much aware of the need to treat customers fairly, so we only encourage advisers to take part in the prize draw if they have clients who have a need for family protection."
Robin Carr, Intermediary Development Manager, Bright Grey adds:
"Few people realise they can take out life insurance that pays out an income such as Family Income Benefit. It is important to raise awareness to help reduce the financial risk and devastation families could face if things go wrong."
-ENDS-
For further information contact:
Bright Grey
Amy Nixon
Tel: 0131 247 1566
Amy.Nixon@brightgrey.com
Editors Notes:
Key findings of our research into parents and what they protect[2]
1 in 3 families have no life, critical illness, income protection or mortgage protection in place.
About 1 in 3 families only have enough life insurance to pay off the mortgage if something happens to the main earner.
4 out of 5 families have no critical illness cover.
The vast majority of families (85%) have no life cover for the lower/non-earner – this person often provides a lot of support services within the family that can be costly to replace if something happens to them (looking after the children, cooking, cleaning, school run etc).
Statistics
The following figures show the risks families face during their working lifetime (before age 65) according to Munich Re (2007).
- Death: Male- 1 in 12; Female - 1 in 16
- Critical Illness: Male- 1 in 4; Female - 1 in 5
- IP (26 weeks): Male - 1 in 6; Female - 1 in 5
About Bright Grey
Bright Grey launched to the market in 2003, with its Menu Protection Plan. This is aimed at individuals and 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. Every plan owner and now their families also receive our Helping Hand Service at no extra cost. This is made up of three elements:
1.The specialist support of a personal nurse adviser from RED ARC Assured Ltd, an independent care advisory service. If a plan owner makes a claim or one of their family falls seriously ill, RED ARC will help them to navigate the NHS, arrange a visit from a specialist nurse or arrange a therapy or counselling to help them reach their fullest possible potential again. They also help in cases of bereavement.
2.Discounts and deals from a range of companies focused on your health, which include discounts on health screenings with BMI healthcare, no joining fee and a free week with Fitness First gyms; and 30% off the cost of Forever Living healthcare products.
3.A range of helplines offering quick and easy professional help. These include legal, medical, personal and career helplines.
About Royal London Group
Royal London Group is a specialist financial services provider. Its businesses focus on sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life - UK pensions market
- Bright Grey - UK protection market
- Scottish Life International - offshore investment markets
- RLAM - fund management
- 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.)