Bright Grey launches a new low cost protection product

Bright Grey, a protection specialist within the Royal London Group, has launched a new simplified product aimed at consumers who choose to buy insurance without seeking professional advice first.
The new product called Lifestyle Protection will be available through the internet intermediary site, theidol.com.

The product is a low cost proposition with fewer additional features that offers the option of Life Cover and Life or Critical Illness Cover, but retains Bright Grey's signature speed of service and efficient online acceptance, allowing cases to be accepted online without further medical evidence.

Roger Edwards, Proposition Director at Bright Grey said: "We need to recognise that a certain segment of the population are using the internet to buy protection without professional advice. This group choose the internet-only approach to buy and wouldn't look to buy in any other way. Until now there hasn't been a product that offers Life or Critical Illness Cover specifically tailored to this group of people, where they can complete the whole process online.

"This proposition gives us proper access to that distribution channel, which runs in parallel to the advice-led IFA market, where we already have a strong menu proposition.

"The price and the fact that it is a simple product is an important combination for online consumers and one that will encourage more people to buy protection. We believe a good protection provider needs to offer a range of propositions - which support each other in different market segments. As an industry we've been talking about growing the market for a long time. A separate market segment needs a separate proposition, so it makes sense for us to expand in this way."