Bright Grey Insurance was set up by Royal London in 2003 with head office based in Edinburgh. Royal London are one of the UK's largest mutual life & pensions company and have been looking after the financial needs of their customers for more than 150 years.  

As well as Bright Grey, the Royal London Group also includes Scottish Life, and Royal London Asset Management. Royal London took over both United Friendly & Refuge Assurance in 2000 then Scottish Life in 2001.

At the end of 2008 Royal London acquired a range of businesses from Pearl Group Limited that includes Scottish Provident. In 2010 Bright Grey was then made the preferred provider for Santander Uk Life Insurance products.

 Bright Grey Royal London Life Insurance products were highly competitive in their marketplace with their Menu Protection product.
 

BRIGHT GREY LIFE INSURANCE - ROYAL LONDON REVIEW 2020

Note: The brand name 'Bright Grey' has now been dropped and rebranded into just Royal London. You can buy or compare some or all Royal London products in 2021 either via Independant Broker or direct. 

BRIGHT GREY - MORTGAGE PROTECTION 

Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

BRIGHT GREY - LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.

BRIGHT GREY - CRITICAL ILLNESS COVER  

Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by Bright Grey Royal london

BRIGHT GREY - INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

BRIGHT GREY - BUSINESS PROTECTION 

Offering company protection for a key person, loan cover, share protection, an employee dies or is diagnosed with a critical illness. Tax relief is available on relevant life policy.

BRIGHT GREY - Relevant Life Policy

Offering employee protection on death or is diagnosed with a terminal illness. Tax relief is available on relevant life policy.

BRIGHT GREY - WHOLE OF LIFE INSURANCE COVER  

A whole of life policy will always payout whenever death may occur. Premiums maybe reviewable in the future.

BRIGHT GREY LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Bright Grey life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via Royal London:

• reduce or perhaps extend the period of cover
• decrease or increase the amount of lifecover
• remove indexation option or any specific paid for policy features
• change the collection date of your usual premiums
• remove a life assured from a joint policy
• joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact Royal London claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Bright Grey Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out my Bright Grey Life Insurance - Do I need to now tell them ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise Royal London you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Article on: Bright Grey Insurance ~ for more information visit www.royallondon.com *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

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Bright Grey Insurance  Company Review 2021

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