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A menu of opportunities

A menu of opportunities. Flexible menu protection. Designed to adapt with your clients’ needs. Built-in flexibility Designed to grow with your clients’ needs A little bit of cover can be better than none at all Creates built-in review opportunities An ideal fit with LifeQuote.

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A menu of opportunities

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  1. A menu of opportunities

  2. Flexible menu protection Designed to adapt with your clients’ needs • Built-in flexibility • Designed to grow with your clients’ needs • A little bit of cover can be better than none at all • Creates built-in review opportunities • An ideal fit with LifeQuote.

  3. Flexible menu protection An example • Couple with a newborn son • Mr and Mrs Jones – 35 and 32 next birthday • Both non-smokers • Mortgage £120,000 over 25 years • Budget for protection is £50 a month.

  4. Flexible menu protection Stage 1 – cover the mortgage • Life Cover only • Should it be decreasing or level or even indexed? • Should it be joint cover or separate cover on each? • There are valid reasons to select single life covers.

  5. Flexible menu protection Creating individual protection solutions Life Cover Critical Illness Cover Life or Critical Illness Cover Income Cover for Sickness Payment Cover for Sickness Client needs Mortgage protection Joint life, increasing term £120,000 Life Cover, joint life, RPI linked 25 years Cost £15.93 Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge. The minimum premium for a plan is £10 a month including the plan charge.

  6. Flexible menu protection Creating individual protection solutions Life Cover Critical Illness Cover Life or Critical Illness Cover Income Cover for Sickness Payment Cover for Sickness Client needs Mortgage protection Separate covers, both increasing term £120,000 Life Cover, separate life, RPI linked 25 years £120,000 Life Cover, separate life, RPI lnked 25 years Total cost £19.70 Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge. The minimum premium for a plan is £10 a month including the plan charge.

  7. Flexible menu protection Stage 1 – cover the mortgage Cost Benefit £19.70 each month Mortgage repaid on either death, other cover remains in place Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge for each plan.

  8. Flexible menu protection Stage 2 – add some Critical Illness Cover • Cover the mortgage with Life Cover only • £120,000 life increasing term assurance over 25 years, on each life • Add some Critical Illness Cover – limited amount to keep cost affordable • Let’s look at a lump sum of £10,000 to start • Again rather than joint cover lets add the Critical Illness Cover to their single life death benefits.

  9. Flexible menu protection Creating individual protection solutions And double Children’s Critical Illness Cover! Life Cover Critical Illness Cover Life or Critical Illness Cover Payment Cover for Sickness Income Cover for Sickness 1 quote, 1 app, 1 plan charge and direct debit for each plan Client needs Mortgage protection Separate life, increasing term £120,000 Life Cover, separate life, RPI linked 25 years £120,000 Life Cover, separate life, RPI linked 25 years £10,000 Life or Critical Illness Cover, single, RPI indexed, 25 years £20,000 Life or Critical Illness Cover, single lifecover RPI indexed, 25 years £10,000 Life or Critical Illness Cover. Single, RPI indexed, 25 years £20,000 Life or Critical Illness Cover, single lifecover RPI indexed, 25 years Separate covers for each life Life or Critical Illness Cover Total cost £27.53 Total cost £35.36 Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge. The minimum premium for a plan is £10 a month including the plan charge.

  10. Flexible menu protection Stage 1 – cover the mortgage Cost Benefit £19.70 each month Mortgage repaid on either death, other cover remains in place £35.36 each month As above with additional Life or Critical Illness Cover (x 2) added Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge for each plan.

  11. Flexible menu protection Stage 3 – add even more value • Cover the mortgage with Life Cover only • £120,000 separate indexed term assurance over 25 years • Added Life or Critical Illness Cover to £20,000 indexed on each life • Now let’s add £10,000 a year family income benefit life cover for each of them • Provide cover until son reaches age 21 • Should it be level or indexed?

  12. Family income benefit example Benefit not indexed Sum assured Total income paid = £200,000 Cost = £7.78 each month £10,000 each year Death after 5 years 25 years Term Source: Bright Grey Personal Protection Menu, January 2014. Client aged 35 next birthday, non-smoker. Cost excludes £2.60 plan charge. The minimum premium for a plan is £10 a month including the plan charge.

  13. Indexation of family income benefit How does it work? • The client will be offered the option to increase cover • either RPI or fixed rate • Indexed family income benefit costs slightly more than non-indexed • We’ll stop offering the option if the client refuses the increase 2 years in a row • Let’s look at the situation again...

  14. Income in final year = £32,250 Death after 5 years Family income benefit example Benefit indexed Sum assured (assuming each increase is agreed as offered) Cost in year 1 = £8.33* Total income paid = £434,170 Income in year of death = £12,155 Extra £0.55 a month in year 1 £10,000 each year Source: Bright Grey, January 2014. Client aged 35 next birthday, non-smoker. Cost excludes £2.60 plan charge. The minimum premium for a plan is £10 a month including the plan charge. Term 25 years

  15. Income in final year = £25,270 Death after 5years Family income benefit example Benefit indexed Sum assured (assuming no increase accepted so option removed after 2 years) Total income paid = £330,660 Cost = £8.33* each month Extra £0.55 each month £10,000 each year Source: Bright Grey, January 2014. Client 35 next birthday, non-smoker, 25-year term, Life Cover only, indexed at 5%. Term 25 years *Doesn’t include plan charge and £10 a month minimum premium applies.

  16. Flexible menu protection Creating individual protection solutions Life Cover Critical Illness Cover Life or Critical Illness Cover Income Cover for Sickness Payment Cover for Sickness Possible solution Separate life increasing term Separate Life or Critical Illness Cover for both £120,000 Life Cover, separate life, RPI linked 25 years £120,000 Life Cover, separate life, RPI linked 25 years £20,000 Life or Critical Illness Cover, single lifecover RPI indexed, 25 years £20,000 Life or Critical Illness Cover, single lifecover RPI indexed, 25 years Total cost £48.50 Separate family income benefit for both £12,000 a year Life Cover, separate life, RPI linked 21 years £12,000 a year Life Cover, separate life, RPI linked 21years Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge.

  17. Flexible menu protection Protection menu Cost Benefit £19.70 each month Mortgage repaid on either death x 2 £35.36 each month As above but Life or Critical Illness Cover added for both lives for £20k, with an option to increase each year £48.50 each month As above but family income benefit added for each life, with an option to increase each year Source: Bright Grey Personal Protection Menu, January 2014. Couple aged 35 and 32 next birthday, both non-smokers. Cost includes £2.60 plan charge for each plan.

  18. Trust Bright Grey to make it simple One trust form and the right trust form • Five questions… • …selects one trust form… • …even if you have multi-benefits.

  19. Tools to help you Critical illness report www.brightadviser.co.uk/magic

  20. Tools to help you Critical illness report • Impact if client can never return to full capacity? • Impact on your advice?

  21. More tools and support To help you grow your protection business • Up-to-date product information and news • A broad range of tools and support to help you develop your protection business • Videos and learning support • Trust forms, help and support • Literature ordering • Online quote and apply www.brightadviser.co.uk

  22. Making it easier For you to do business with us • Case ownership model • One service point of contact for each case, throughout the process • One underwriter for each case, throughout the process • Direct access to the underwriter • Improved service levels • But don’t take our word for it.

  23. Service We make it personal “Thanks for taking the time to keep me informed. If Bright Grey has employee of the month you have my vote!” “Thank you for handling this so promptly and in a professional way. Brilliant!” “This is excellent client service. I am impressed with pro-active initiative.” “Got to say, I’m loving the personal service from Bright Grey.” “Excellent getting updates on cases.”

  24. Thank you

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