The redesigned product will offer 95% of clients an own occupation definition (based on a sample of previous applicants).
The product also offers two income protection definitions, an own occupation definition throughout the term and own occupation for one year, which will be offered to those working full time not eligible for the full own occupation definition.
The own occupation for one year definition is multi layered to make it easier to claim. If after a year the customer isn’t well enough to return to work they’ll be assessed against a list of seven serious illnesses including cancer and terminal illness.
If they don’t meet the definition for any of the illnesses listed they’ll then be assessed against 9 everyday tasks. If they’re unable to complete 3 of the 9 tasks, the payment will continue to be paid.
People not working or working for fewer than 16 hours a week will be offered cover against a list of serious illnesses and everyday tasks.
Income protection benefit pays out until the client recovers, they reach the end of their term, they reach the end of their payment period or they die.
As with other Bright Grey menu products, income protection offers practical and emotional support from independent care advisory service RED ARC and rehabilitation case management provider HCML.
Jennifer Gilchrist, senior product development manager at Bright Grey, said: “Unfortunately income protection is often a last consideration when reviewing a clients’ protection needs, but in order to protect their financial security if they’re unable to work because of illness, it needs to be the first thing on the list.
“By providing an element of own occupation, a serious illness list, as well as everyday tasks, we are making it easier for customers to claim and increasing consumer confidence in income protection.
“We recognise that recovering from illness or an accident often requires a mixture of emotional and practical support.
“That’s why having access to a personal nurse adviser and a rehabilitation case manager can make a real difference and help clients not only recover but get back into the swing of their daily routine following a traumatic time in their lives.”