The following types of cover are available under the Menu Protection Plan: n Life cover n Life or ...
The following types of cover are available under the Menu Protection Plan:
n Life cover
n Life or critical illness (CI) cover
n CI cover
n Income cover for sickness
n Payment cover for sickness
Minimum acceptable age attained at commencement for insured: 18 years
Maximum age attained at commencement of insured for life cover only: 83 years
Maximum age at commencement of insured for accelerated CI cover:
64 years with reviewable rates, and 54 years with guaranteed rates.
Maximum expiry age:
84 years with life cover only, 74 years for CI cover with reviewable rates, and 64 years with guaranteed rates.
Maximum term for life cover only: 40 years
Maximum sum assured for life cover only: £100,000 a year
Maximum sum assured where accelerated CI cover is included: £17,500 a year
Guaranteed premium rates for accelerated CI cover:
Accelerated life and CI are only available on a reviewable premium basis if the life and CI benefit is payable as an annual income.
Reviewable premium rates:
For reviewable covers on life with CI or CI, payments are guaranteed for the first five years and then reviewable every year after that.
Number of years before the first premium review:
For reviewable covers on life with CI or CI, the payments are guaranteed for the first five years and then reviewable every year after that.
Subsequent premium reviews every 'x' years:
After the first review on CI or life with CI, cover is reviewable annually.
Automatic sum assured indexation available: Yes
Increasing cover:
Only applies to cover that is payable as an increasing lump sum or increasing regular payments. On each anniversary of the date the plan started, the amount of cover will increase by either:
n The retail price index (RPI). This means the percentage increase in the UK Government's RPI over the 12-month period ending three months before the anniversary of the date the plan started, subject to a minimum of 2% and a maximum of 10%, or
n A selected rate of between 2% and 10%.
If two consecutive increases are cancelled no further increases will be offered.
Basis on which indexation increases are costed:
Premiums are based on the age of the person covered at the date of increase.
Joint life first death plan available: Yes
Plan available on a life of another basis: Yes
Waiver of premium available: Yes
Payment cover for sickness:
If the life or lives assured are unable to work because of an illness or injury, Bright Grey will pay the plan payments for them. Plan payments will commence once they have been sick for longer than the deferred period of either four, 13, 26 or 52 weeks.
Plan allows inclusion of income protection (IP) benefit:
Available as an option at any time, this is an IP insurance rider providing cover up to a maximum of 50% of pre-tax earnings (overall max £6,250 a month).
Life cover reinstatement option:
This only applies to life or CI policies. 12 months after a claim is paid as a result of a CI or total permanent disability, the planholder may take out a new life cover only on the life of the person covered who the claim was made for. If no cover remains under the original plan a new one may be taken out.
Joint life reinstatement option:
This only applies to a cover when more than one person is covered. Bright Grey pays a claim for life cover, or for CI, or for life or CI (the original cover). In this situation, the insured may take out a new cover being the same as the original cover, without further medical evidence.
Option to vary term after start date other than by guaranteed insurability options (GIOs):
Planholders can request increases and decreases to the term and many other alterations to the plan, other than through insurability options, at any time.
Plan permits variations to sum assured other than via GIOs:
Planholders can apply to increase or decrease the sum assured at any time.
GIO:
Cover increase options are available. These apply to life, life or CI, CI or income cover for sickness, provided the plan was accepted on standard terms.
n The person covered must be under 55 at the time of the increase.
n They must exercise the option within three months of the event happening.
Joint life separation:
This option can be used if the policyholder and their partner have taken out the plan on a joint life basis to cover a mortgage. It can change the plan into two separate single life plans if they separate and as a result:
n Rearrange their mortgage to be in one of their names only; or
n Either of them take out a new mortgage on a new house.
The new plans must begin within three months of the mortgage being rearranged or taken out, whichever is appropriate.
The cover for each person covered under the new plans must be the same as the cover each person had under the old plan.
Lifestyle review:
If any cover was accepted on non-standard terms or smoker rates were charged and the person covered makes a change to their lifestyle, which reduces the likelihood of a claim, the insured can ask Bright Grey to review their payments for that cover. For example, if the person covered was a smoker when the plan started and they give up smoking, they can ask Bright Grey to review the payments. If it is able to, it will reduce the payments to reflect the new lifestyle of the person covered.
Does the plan include a counselling service:
Counselling is available throughout the life of the plan via a helpline or at claim stage via a link with RED ARC Assured.
Total number of CI conditions covered: 29
Does the product offer access to support helplines: Yes
Claims support:
The insured will always be speaking to someone who is up to date with their claim.
Care service - for life, CI and terminal illness claims:
Customers will be offered the services of a fully-qualified independent counsellor or nurse. Should they wish to take advantage of this service, the first face to face visit will be paid for by Bright Grey.
Subsequent visits can be arranged but these are paid for by the customer. However, they can still contact them by phone, for just the cost of a phone call.
Help with recovery:
If the insured is making a claim under one of Bright Grey's sickness or disability covers, when it assesses the claim it may recommend preventative treatment such as physiotherapy and Bright Grey will pay for this treatment to help the insured get back on their feet.
For some conditions, Bright Grey may offer this help even before it starts to pay the claim.
