Bright Grey Increases Maximum Term for Life Insurance
October 25th, 2006
Bright Grey, the protection specialist arm of the Royal London group, has today informed us that it is to extend the maximum term of its Life or Critical Illness Cover term assurance plans from 25 to 40 years. We have been campaigning for some time for a number of insurers to improve their products in this way, as we strive to meet the longer-term protection needs of our clients, particularly those taking out mortgages over extended terms.
The issue for our clients here is that many insurers limit the maximum term for plans including critical illness cover to 25 years, however this doesn’t meet the needs of many looking to buy their home, especially first-time buyers. We have seen the average mortgage term rise, as our clients extend the term of their mortgage from 25 to 30 years or more, in an effort to keep mortgage repayments affordable in the face of rising house prices in the UK.
Bright Grey will join Scottish Equitable, Scottish Provident, Bupa, Zurich, Friends Provident and Synergy on our online quotation engine for terms in excess of 25 years. Torquil Clark Life Insurance will continue to press other insurers for similar improvements.
Get an online life insurance quote.
Author: Jason King
October 25th, 2006
Category: Life Insurance.
